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5 Cards in this Set

  • Front
  • Back
Which of the following is not an allowable expense in computing net income for income tax purposes?
A. interest on the loan
B. reserves for depreciation
C. vacancy factor
D. social security taxes paid for a manager
C. Vacancy factor
Person A deeds a property to Person B who takes possession of the property, but fails to record his deed. Person A then deeds the same property to Person C who bought the property without inspecting it. However, Person C recorded his deed. The end result would be:
Person B would have the valid title
Franklin was given real property for the term of his natural life. Which of the following statements is incorrect?
A. Franklin has a freehold estate
B. Franklin has an estate in fee
C. the duration of this estate is only for the length of the life of Franklin
D. The estate can be encumbered by Franklin, but only for the life of Franklin
B. Franklin has an estate in fee
If a subdivider grants an easement to a utility company, the utility company holds a:
an easement in gross
Alfred bought a piece of property for 20% less than the listing price. Later he sold it for the listed price. His gain was :
25%