10 Questions
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
In a partially rehabbed property where walls were demolished, what material's presence led the buyers to cancel their purchase?
Asbestos
When appraising a town library to ensure the proper insurance policy is in place, what approach is the appraiser most likely to use?
Cost
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?
Fee Simple Absolute
What is the most likely cause of unseen, indoor mold?
Moisture
How can wetlands be best described?
Seasonally or permanently inundated with water
Which legal concept determines how the property of an owner who died intestate will be distributed?
Descent and Distribution
What is the primary purpose of an appraisal in real estate?
Establishing the most probable selling price of a home
Which document can reveal a cloud on the title of a property?
Preliminary Title Report
When a minor inherits a family estate and decides to sell it, what is the legal status of the purchase agreement once mutually accepted?
Valid and legally binding
Test your knowledge on real estate concepts related to capital gains and home inspections. Questions cover the requirements for avoiding capital gains tax and common issues discovered during home inspections.
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