Sunday, May 5, 2024
Difficult Property Gifts
5.5.2 Basic Quiz -- Real Estate Sales
There are only three strategies for charities wishing to sell donated real estate.
True
False
The no-negotiation strategy involves a donor listing the property for sale, selecting a buyer and then gifting the property to the charity.
True
False
An offer by a buyer precludes transferring the property to a charity or charitable remainder trust.
True
False
If the property has been listed by the donor and offers have been made before the property is transferred to the trust, it is acceptable for the trust to accept one of the offers.
True
False
The four-day process establishes that there is no binding agreement between the prospective buyer and the donor.
True
False
A more aggressive strategy is for the charity to list the property for sale not subject to any contingencies regarding receiving the property.
True
False
Using the anticipatory listing strategy does not create a binding agreement.
True
False
The next most aggressive strategy is for the charity to enter into a sale agreement with a prospective buyer where the sale is contingent upon the charity's receiving the property in trust.
True
False
There is some risk associated with the transfer of real estate in return for a gift annuity.
True
False
Discounted charitable gift annuities, deferred payment gift annuities and "unprearranged" prearranged gift sale gift annuities are good strategies for charities to reduce risk.
True
False
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