Test yourself by answering these questions. If you do not know 80% of the below questions, let us help fast track your business success!
1) What is a 1031 exchange?
2) What is IRC section 121 vs 1031?
3) Can you exchange a rental income property for raw land? Any tax implication?
4) Do you need to add an exchange clause on your investor’s sale contract?
5) What is the 45 day rule and 180 day rule in an exchange?
6) How many ways to identify your replacement property in an exchange per IRS rule?
7) Can you revise your identification letter on your replacement property/ies after doing so?
8) What is a cash boot vs mortgage boot in an exchange?
9) Is it possible your 180 day timeline can end prematurely during a 1031 exchange?
10) What is considered “like-kind” property under the IRS rule in an exchange?
11) What types of exchanges are available to investors?
12) Can you transact a 1031 exchange on your primary residence?
13) Can you occupy your investment property after an exchange?
14) CAN YOU BE SUE BY YOUR SELLERS IF YOU DO NOT OFFER THEM AN EXCHANGE OPTION BEFORE ESCROW CLOSE?
15) Should you offer your investor loan services during the exchange process? If not, why? Is there a conflict of interest ultimately harming your client’s exchange?
16) When can you sell your new replacement property after completing an exchange?
17) If you buy, rehab and sell real estate, can you do an exchange?
18) Can the IRS audit your 1031 exchange?
19) Can you exchange into all 50 states?
20) Should you try to secure a purchase contract (replacement property) before escrow close on your relinquished property sale to beat the 45 day ID clock?
21) Are there vesting issues to consider in a 1031 exchange?
22) Can lending requirement harm a 1031 exchange?
23) How do IRS determine your property is investment vs a 2nd home prior to sale?
24) Should you refinance before or after an exchange?
25) How many exchanges can you do each year?
26) Can I exchange into my brother’s (or any family member) home? How do the IRS view related party transaction?
27) How do you promote your services to investors to capture more 1031 exchange business?
28) Can you earn double or more commissions in a 1031 exchange? How? and much more…
We offer the following classes:
a) 2 hour class (free), we come to your broker’s office – non-accredited
b) 4 hour MCE class ($30 per agent), all over greater Houston area. Contact us for locations and dates.
Wai-Yew Lam, Principal
TREC Certified Instructor
Adelphi Retirement Management, LLC.