1.
When closing on a property, which of the following is true?
2.
The primary source of tax shelter in real estate comes from which of the following accounting concepts?
3.
How many square feet are there in three acres?
4.
You find a wholesale property, and your intention is to assign your contract quickly for a $10,000 profit. You do not want to purchase the building. In your purchase contract you should include which of the following clauses?
5.
Property repair and renovation is a natural part of real estate investing. You plan to install a new air conditioning unit into an apartment measuring 1,200 square feet. You should buy a unit of how many tons?
6.
You are negotiating to purchase a property, and the seller agrees to take back (finance) part of the purchase price. Which instrument would benefit you the most?
7.
You encounter an owner in a foreclosure situation. Unfortunately, the property will be auctioned in two weeks. What would be the BEST way to delay the foreclosure in order to negotiate with the bank?
8.
A property owner is in a desperate situation. He desperately needs money for an operation, but he does not want to lose his rental property. How could you structure a transaction so everyone wins?
9.
An property on Main Street is worth $200,000, the sellers owe $200,000. Although there is no equity, there is a cash flow of $400. What is the best way to handle the situation?
10.
You arrive at the settlement table, ready to purchase an investment property for all cash. On the HUD-1 settlement sheet, you notice several line items. Which of the following can NOT be negotiated?
11.
You encounter what looks like a profitable transaction. The seller is flexible, but there is a tax lien on her property held by the City. How should you proceed?
12.
A property goes to tax sale if the owner fails to pay which of the following?
13.
Knowing the capitalization rate helps determine a good deal. As a buyer, is it better for the rate to be:
14.
You receive a contract from a seller with the following clause, "Property to be sold with a ground rent T.B.C." What does T.B.C. mean?
15.
You are negotiating the purchase of a warehouse. Your research tells you that the building was in service as an auto repair shop 75 years ago. What should you do in order to prevent the seller from passing on an environmental hazard to you?
