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52) Which of the following would not qualify as a like-kind exchange? - Personal...

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Finance

52) Which of the following would not qualify as a like-kind exchange?

- Personal primary residence for a personal automobile.

-Apartment building for a ranch.

- Gas station for a vacant lot.

- Retail store for a warehouse.

53) What takes up much of the day of a real estate agent?

- Waiting on hold for MLS information

- Registering properties online

-Driving

- Drinking coffee

55) Jack purchased a shipping warehouse which has an initial tax basis of $680,400. What is his monthly depreciation allowance?

$990.75

$1,453.85

$2,061.81

$3,780

57) Under federal income tax law, the basis for a personal property is which of the following?

-The purchase price

-The purchase price, plus improvements

-The fair market value at the time of sale

-The appraised value prior to sale

58) There are a number of ways a prospect can fill out an Identification form. Which of the following is NOT a valid option?

-By fax

-By email

-Have a friend sign the form

-In person

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