The CE Shop » Sales License » 45-HR. CA REAL ESTATE PRACTICE COURSE » Summer 2021

Question #1

What must be reported to the Internal Revenue Service on Form 1099-S after a real estate closing?

A. Sale price of the property and the date of closing

B. Record of title transfer at the county clerk's office

C. The loan approval disclosure statement

D. The date of the home inspection

Question #2

How are accrued real estate taxes that have been assessed but not yet due handled in a real estate transaction?

A. The tax bill will be prorated to the day of closing.

B. The buyer is responsible for all taxes accrued in the year of purchase, and will pay the tax bill when due.

C. Typically, the seller pays the full assessed tax for the year on the day of closing.

D. The assessment amount is split evenly between the buyer and seller and is paid on the day of closing.

Question #3

The income from what reliable source benefits the entire community by funding essential services and public works?

A. Fundraisers

B. Property taxes

C. Private donations

D. Special assessments

Question #4

Which of the following is a typical accrued adjustment?

A. Heating oil in the tank

B. Utilities billed and paid in advance

C. Prepaid taxes

D. Unpaid real estate taxes