Accommodator Finance Company 1031 Exchange Provider home  |  about us  |  news  |  contact us  | español   

Call to Exchange (866) 357-1031    
  HOME     EXCHANGE NOW    UNDERSTAND EXCHANGE   TOOLS & RESOURCES    ABOUT US     CONTACT US   I WOULD LIKE TO
We have included below a Self Quiz about the 1031 process so that you may familiarize yourself with the Exchange Procedure and better understand exchange terminology. Challenge yourself in a short quiz about 1031 Exchanges!
  1. An auxiliary party to a 1031 Exchange transaction is best described as :
    1. qualified intermediary
    2. realtor
    3. investor's financial consultant
    4. all the above
  2. In order to carry out a fully deferred tax exchange:
    1. the property exchanged must be of "like-kind" nature
    2. all proceeds from the relinquished property must be held by a qualified intermediary until a replacement property is identified and purchased
    3. the replacement property or properties is/are of equal or greater value than the relinquished property
    4. all the above
  3. A benefit of exchanging property over simply selling is:
    1. avoiding capital gains tax
    2. diversifying investment
    3. deferring capital gains tax
    4. you can use the replacement property as a residence
    5. 1 and 3
    6. 2 and 3
  4. When exchanging personal property, the "like-kind" regulation from IRC is more restrictive than for real property. The following is true about "like-kind" personal property:
    1. you can exchange any kind of livestock for other livestock
    2. you can exchange stock notes
    3. you can exchange a corporate jet for a helicopter
    4. you can exchange a bus for an automobile
  5. Vacation homes are exchangeable so long as:
    1. if the property is never rented
    2. the home is not used as a primary residence
    3. the property is never used by family members
    4. all the above
  6. United States property can be exchanged for property outside of the country if:
    1. if the property is used as a secondary residence
    2. if the property is bought within the 180 day period
    3. if the property is of “like-kind” nature
    4. property in the United States can never be exchanged for property outside of the United States
  7. The 180 day window for exchanging begins when:
    1. when title of relinquished property is transferred
    2. when the Qualified Intermediary identifies the replacement property
    3. when a buyer for the relinquished property is identified
  8. The personal property exchange, delayed exchange and reverse exchange are all examples of :
    1. a simultaneous exchange
    2. a non simultaneous exchange
    3. a deferred exchange
    4. Starker exchange
  9. How many replacement properties may be identified?
    1. one property
    2. up to two properties
    3. up to three properties
    4. any number of replacement properties may be identified
  10. The replacement property may be used as a primary residence if:
    1. only three family members other than the investor are living in residence
    2. replacement properties cannot be used for primary residence
    3. the property is valued at over $500,000
    4. other primary residences are identified as well
  11. The portion of the relinquished property sale proceeds which must go to the purchase of replacement property is:
    1. 50% of proceeds must go to the purchase of replacement property\
    2. two thirds of all proceeds must go to purchasing replacement property
    3. 100% of the relinquished property sale proceeds must go to the purchase of the replacement property
    4. no set amount is stated by IRS regulations
  12. To avoid having boot in a 1031 Exchange, an investor must:
    1. exchange property which is of “like-kind” nature and use all sale proceeds
    2. identify more than one replacement property
    3. purchase less than three replacement properties
    4. transfer the deed of the replacement property through the use of an additional independent party
  13. The investor's intent to enter an exchange is demonstrated by which of the following:
    1. a completed client information sheet
    2. exchange agreement
    3. assignment of a qualified intermediary
    4. both b and c
  14. Which of the following is a related party?
    1. a trustee and grantor of the same trust
    2. an individual and a corporation in which the individual owns more than 50% of corporation's stock
    3. 2 partnerships having at least 2 partners who own 75% or more of each partnership
    4. all the above
  15. The importance of the Tax Reform Act of 1984 was:
    1. it established a time interval of 180 days for the exchange to be completed
    2. required ell exchanges to be forward
    3. permitted non-simultaneous exchanges
    4. required the replacement property to be equal or of greater value than the relinquished property
  16. To meet product class requirements, the personal property should be within the same…
    1. standard industrial codes
    2. appropriate general asset class
    3. 6 digit product class
    4. none of the above
  17. An exchange agreement is used in order to:
    1. protect all properties from inconsequential litigation
    2. simply create one more step in the already long and difficult exchange process
    3. familiarize the investor to the IRC regulations
    4. clearly state in writing any obligations, duties or responsibilities of both parties
  18. The 45 day identification period and 180 day exchange period can be extended if:
    1. if the investor has experienced financial difficulty
    2. if the investor has suffered a death of a family member
    3. if the real estate market has experienced severe detriment in the course of the 6 month period
    4. none of the above, IRS almost never give extensions for 1031 Exchange deadlines
First Name*
Last Name*
Phone Number*
Email*
City*
State*
Best time to call you*
 

Home | 1031 Exchange Rules and Timelines | F1031 Exchange Fees | Begin 1031 Exchange | Types of 1031 Exchange |
Why 1031 Exchange? | 1031 Exchange Glossary |  FAQ | AFC Advantages | Accommodator Management Profile |
Our Affiliates | 1031 Exchange Tools and Resources | Press Releases | About Us | 1031 Exchange News | Contact Us

Contact our team:  Eli Tene | Gil Priel | Kevin Levine | Pamela Baldwin-Flores | Brenda Rosado
© 2008 Accommodator Finance Company, Inc.
22837 Ventura Blvd. Suite 110 | Woodland Hills, California 91364 Photo Credit: www.bluejake.com | Website by Aixen