Real Estate Math
A 1031 exchange requires a replacement property to be identified within how many days after the sale of the relinquished property?
A30 days
B45 days✓ Correct
C60 days
D90 days
Explanation
Under IRC § 1031, the taxpayer must identify replacement property within 45 days of selling the relinquished property and must close on the replacement within 180 days.
People Also Study
Related Arizona Questions
- In Arizona, earnest money deposits must be deposited into a trust account within how many business days of acceptance?Arizona License Law
- Which federal law requires lenders to provide borrowers with a Loan Estimate within 3 business days of receiving a loan application?Finance
- Under Arizona law, a seller must respond to a buyer's repair request within how many days under the standard AAR purchase contract?Contracts
- In Arizona, the notice of trustee's sale must be published and posted at least how many days before the sale?Finance
- Under Arizona's RLTA, a landlord must provide the tenant with a written move-in inventory within how many days of occupancy to be able to make deductions from the security deposit for pre-existing conditions?Contracts
- In Arizona, a lender must provide a Loan Estimate to a mortgage applicant within how many business days of receiving a complete application?Finance
- An Arizona investor wants to exchange a property worth $550,000 (original cost basis $200,000) in a 1031 exchange. The replacement property costs $620,000. How much additional cash ('boot') must the investor contribute?Real Estate Math
- An Arizona property has an annual property tax bill of $3,600. The tax is paid in two installments. The seller is closing on October 1. Using a 365-day proration, how many days of taxes has the seller already 'used' (January 1 through September 30)?Real Estate Math
Key Terms to Know
1031 Exchange
A tax-deferred exchange allowing investors to sell one investment property and reinvest proceeds in a like-kind property while deferring capital gains taxes.
AmortizationThe gradual repayment of a loan through scheduled periodic payments that cover both principal and interest.
Adjustable-Rate Mortgage (ARM)A mortgage with an interest rate that changes periodically based on a financial index, usually after an initial fixed-rate period.
Loan-to-Value Ratio (LTV)The ratio of a mortgage loan amount to the appraised value or purchase price of a property, expressed as a percentage.
Math Concepts
Study This Topic
Practice More Arizona Real Estate Questions
1,500+ questions covering all exam topics. Start free — no signup required.
Take the Free Arizona Quiz →