Real Estate Math
A 1031 exchange in Mississippi requires that the replacement property be identified within how many days of the sale of the relinquished property?
A30 days
B45 days✓ Correct
C60 days
D180 days
Explanation
Under IRC Section 1031, the replacement property must be identified within 45 days of the sale of the relinquished property, and the exchange must be completed within 180 days.
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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
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