52) Which of the following would not qualify as a like-kind exchange? - Personal...
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52) Which of the following would not qualify as a like-kind exchange?
- Personal primary residence for a personal automobile.
-Apartment building for a ranch.
- Gas station for a vacant lot.
- Retail store for a warehouse.
53) What takes up much of the day of a real estate agent?
- Waiting on hold for MLS information
- Registering properties online
-Driving
- Drinking coffee
55) Jack purchased a shipping warehouse which has an initial tax basis of $680,400. What is his monthly depreciation allowance?
$990.75
$1,453.85
$2,061.81
$3,780
57) Under federal income tax law, the basis for a personal property is which of the following?
-The purchase price
-The purchase price, plus improvements
-The fair market value at the time of sale
-The appraised value prior to sale
58) There are a number of ways a prospect can fill out an Identification form. Which of the following is NOT a valid option?
-By fax
-By email
-Have a friend sign the form
-In person
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