Post License Course (Barney Fletcher) Exam Questions And Answers

Which of the following items NOT would be tax deductible on a small rental property? Select one: a. Property taxes; b. Depreciation; c. Special Assessments related to the installation of a sidewalk in the neighborhood; d. Operating costs {Ans: c. Special Assessments related to the installation of a sidewalk in the neighborhood;}According to the State Building Code Occupancy Standards, if a couple had triplets, the minimum square footage of a bedroom for the triplets would be: Select one: a. 70 square feet; b. 120 square feet; c. 150 square feet; d. 210 square feet. {Ans: c. 150 square feet;}Which of the following statements is true regarding recourse loans? Select one: a. In general, commercial mortgage loans are more likely to be recourse loans than are residential mortgage loans. b. A lender can foreclose against the property only if the loan is a recourse loan. c. Recourse loans are permitted for mortgages used to purchase a personal residence in all 50 states. d. None of the above. {Ans: Commercial loans are far more likely to be recourse loans (where the lender can get a deficiency judgment against the borrower if the foreclosure sale does not generate enough money