Real Estate Closing & Settlement Procedures Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. What is the withholding rate for real estate sellers subject to FIRPTA?

Question 2 2. Other than deeds, what is another type of document may be recorded?

Question 3 3. When is a HUD-1 form required to be used?

Question 4 4. What money is capital gains tax paid on?

Question 5 5. How much in capital gains can a married filing jointly couple exclude from taxation?

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Question 6 6.

The following information is filled in for lines 100-112. Lines not mentioned are blank. What is the gross amount due from borrower (Line 120)?

Line 1 - $125,000

Line 103 - $3,500

Line 106 - $250

Line 107 - $99

Question 7 7.

What is the difference between an actual notice and a constructive notice:

Actual notice means that notice was provided when a deed was recorded. Constrictive notice means that someone informed a person about a deed.

What is the difference between an actual notice and a constructive notice:

Question 8 8. In a state where the law is 'race statute'

Question 9 9. Once a deed is recorded it becomes:

Question 10 10. What is the minimum real estate ownership period to qualify for long term capital gains tax rates?

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Question 11 11. Which of the following describes short term capital gains tax rates?

Question 12 12. If the gross amount due to the seller (Line 420) is $100,000, and the total reduction amount due to the seller is $23,000 (Line 520) what is the amount on line 603 and is it to or from the seller?

Question 13 13. Which of the following is the definition of a credit?

Question 14 14. The place where real estate documents are recorded may be called:

Question 15 15. What does HUD stand for?

Real Estate Closing & Settlement Procedures Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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