SC SALESPERSON 60 HOUR EXAM PROBLEM
QUESTIONS AND ANSWERS 100% CORRECT!!
, The local tax assessor is responsible for which of the following? - ANSWER
Establishing assessed values
How is the National Do Not Call Registry enforced? - ANSWER The Federal
Communications Commission enforces the DNC list. Violations can trigger fines of up to
$11,000 (Dollars) per incident.
The income method is commonly used to assess what property types? - ANSWER
Commercial properties
What is a tax rate? - ANSWER The amount of tax levied on a home
What defines how much the tax rate is? - ANSWER The amount the taxing jurisdiction
needs to fund necessary services
What happens if there is a tax for the city and the school district? - ANSWER The tax
rate is equal to the city tax plus the school tax
............ cover the costs to the lending of funding the loan. - ANSWER Loan origination
fees
Which statement is true of PMI? - ANSWER PMI is usually only required on
conventional loans with a down payment less than 20%, or if the buyer wants to
refinance a home with less than 20% equity built up.
The most common type of depreciation is the ............. You calculate the annual
depreciation by dividing the value of the home by......? - ANSWER The straight-line
method, 27.5.
Jason owns a piece of land without improvements. How does he calculate annual
depreciation? - ANSWER You cannot depreciate unimproved land.
What type of real estate transaction allows owners to swap property under certain
conditions without creating a capital gain tax liability? - ANSWER Business to business
1031 Exchanges for like-kind properties
Katlin told her real estate agent that she is looking for an investment property. She
recently took a class on buying low and selling high, so she plans to buy a home in a
low-income neighborhood, furnish it with high-end appliances and all the latest in home
QUESTIONS AND ANSWERS 100% CORRECT!!
, The local tax assessor is responsible for which of the following? - ANSWER
Establishing assessed values
How is the National Do Not Call Registry enforced? - ANSWER The Federal
Communications Commission enforces the DNC list. Violations can trigger fines of up to
$11,000 (Dollars) per incident.
The income method is commonly used to assess what property types? - ANSWER
Commercial properties
What is a tax rate? - ANSWER The amount of tax levied on a home
What defines how much the tax rate is? - ANSWER The amount the taxing jurisdiction
needs to fund necessary services
What happens if there is a tax for the city and the school district? - ANSWER The tax
rate is equal to the city tax plus the school tax
............ cover the costs to the lending of funding the loan. - ANSWER Loan origination
fees
Which statement is true of PMI? - ANSWER PMI is usually only required on
conventional loans with a down payment less than 20%, or if the buyer wants to
refinance a home with less than 20% equity built up.
The most common type of depreciation is the ............. You calculate the annual
depreciation by dividing the value of the home by......? - ANSWER The straight-line
method, 27.5.
Jason owns a piece of land without improvements. How does he calculate annual
depreciation? - ANSWER You cannot depreciate unimproved land.
What type of real estate transaction allows owners to swap property under certain
conditions without creating a capital gain tax liability? - ANSWER Business to business
1031 Exchanges for like-kind properties
Katlin told her real estate agent that she is looking for an investment property. She
recently took a class on buying low and selling high, so she plans to buy a home in a
low-income neighborhood, furnish it with high-end appliances and all the latest in home
