Which type of property does NOT qualify for a 1031 exchange?
Correct Answer
C) Primary residence
1031 exchanges are only available for property held for investment or business use. Personal residences, including primary homes and vacation homes used primarily for personal use, do not qualify. The properties must be 'like-kind' investment or business properties.
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Related Concepts
Actual notice means a person has direct, personal knowledge of a fact or interest in real property. This can come from being told, seeing something firsthand, or any form of direct awareness.
Adverse possession is a legal doctrine that allows a person to claim ownership of land by occupying it continuously for a statutory period under specific conditions, without the true owner's permission.
A bargain and sale deed implies that the grantor holds title and possession of the property but does not include warranties against encumbrances or title defects.
More Transfer Of Property Questions
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In probate of an estate, which of the following is the last to receive payment, if any?
Assume the contract for the sale of real property includes the sale of certain removable items, such as paintings and furniture. Upon delivery of the deed, the seller also should deliver
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When the administrator of an estate sells a parcel:
- → Kevin buys a home in Oakland and takes a CLTA standard coverage owner's policy at closing. Eight months later a contractor who had finished work for the prior owner before the sale records a mechanic's lien against the property. Nothing about that work or the contractor's claim appeared in the public record on the date Kevin's policy was issued. How is Kevin's claim under his policy most likely to be treated?
- → Owner A received a deed to a California property in January 2024 and recorded it that same month. In March 2024 the same grantor deeded the property to Owner B, who paid fair market value, searched no records, and recorded immediately. Under California's race-notice recording statute, which owner prevails?
- → Under California law, what is the consequence when a property buyer fails to file the Preliminary Change of Ownership Report (PCOR) at the time the deed is recorded?
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