Real Estate Quiz: Capital Gains and Home Inspections
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Questions and Answers

What is the key requirement for homeowners to avoid paying capital gains when selling their property?

  • Living in the property for 2 of the last 5 years (correct)
  • Living in the property for 5 years
  • Living in the property for 7 years
  • Living in the property for 7 of the last 10 years
  • In a partially rehabbed property where walls were demolished, what material's presence led the buyers to cancel their purchase?

  • Area-foam
  • Asbestos (correct)
  • Perchlorate
  • Polychlorinate
  • When appraising a town library to ensure the proper insurance policy is in place, what approach is the appraiser most likely to use?

  • Data Analysis
  • Cost (correct)
  • Sales Comparison
  • Income
  • What type of interest do the property owner's children receive after the elderly relative's passing when a Life Estate is set up for the relative?

    <p>Fee Simple Absolute</p> Signup and view all the answers

    What is the most likely cause of unseen, indoor mold?

    <p>Moisture</p> Signup and view all the answers

    How can wetlands be best described?

    <p>Seasonally or permanently inundated with water</p> Signup and view all the answers

    Which legal concept determines how the property of an owner who died intestate will be distributed?

    <p>Descent and Distribution</p> Signup and view all the answers

    What is the primary purpose of an appraisal in real estate?

    <p>Establishing the most probable selling price of a home</p> Signup and view all the answers

    Which document can reveal a cloud on the title of a property?

    <p>Preliminary Title Report</p> Signup and view all the answers

    When a minor inherits a family estate and decides to sell it, what is the legal status of the purchase agreement once mutually accepted?

    <p>Valid and legally binding</p> Signup and view all the answers

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