50 Most Asked Questions on the Sales Associate State Exam


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1.

Which expenses related to a principal residence are deductible for income tax purposes?


Mortgage payments, property taxes, and mortgage loan origination fees, and points.


Interest rate and amount of debt


Points and depreciation


Property taxes, mortgage interest, points, and mortgage loan origination fees

2.

Which requirement is not applicable to dwellings built before 1978?


Sellers and landlords are required to disclose the presence of known lead-based paint in residential properties.


Buyers are responsible for having the property inspected for lead-based paint.


Buyers and tenants must acknowledge receipt of the warning and disclosure.


Sales contracts and leases must include specific lead-based pain warning and disclosure language.

3.

The rights flowing through your property, specifically referring to water rights associated with a body of water like a river or stream bordering your land, are called?


Accretion


Littoral


Reliction


Riparian



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