Episode 058 - State Exam Questions 12

Going through more exam questions to help real estate students pass their state exam.

01:45 – What is depreciation?

05:12 – How does a life estate work? Daughter owns a property pur autre vie with her mother. What happens when the daughter passes before the mother?

07:42 – Capital gains exclusion rule. $250,000/$500,000 capital gain exclusion for any owner occupant if they occupied the home as their personal residence for 2 of the past 5 years.

11:38 – What qualifies as a fixture? Are ceiling fans a trade fixture even if they were not in the contract to stay?

14:10 – Disclosure of property defects even if a report says something different. Does the seller have to disclose a defect, even if it doesn't present as an issue often?

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