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SBTS "Tax & Real Estate" Quiz

Property taxes are usually assessed by which entity in the United States?

A) The Federal Reserve

B) The Department of Housing and Urban Development (HUD)

C) Local governments or municipalities

D) The Internal Revenue Service (IRS)

What is the term for the increase in a property's value due to changes in the real estate market or other external factors?

A) Amortization

B) Appreciation

C) Escrow

D) Depreciation

What is a 1031 exchange in real estate?

A) When a property is exchanged for stocks or bonds.

B) A tax-deferred exchange of investment properties that meet certain criteria.

C) The exchange of residential properties only.

D) When a property is exchanged for a business or commercial property.

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