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. The date of the home inspection

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

C. The loan approval disclosure statement

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

Question #2

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

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

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

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

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

Question #3

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

A. Property taxes

B. Fundraisers

C. Special assessments

D. Private donations

Question #4

Which of the following is a typical accrued adjustment?

A. Prepaid taxes

B. Utilities billed and paid in advance

C. Heating oil in the tank

D. Unpaid real estate taxes