Florida Real Estate Practice Exam

Curtis wants to do a 1031 exchange. He just closed on his property. How many days does he have to identify a new property?

1. 180

2. 30

3. 45

4. 60

The correct answer is: 45

A 180-day timeframe is the total amount of time that Curtis has to complete the 1031 exchange process, including the identification of a new property and completing the purchase. Therefore, it is not the answer to the specific question asked. A 30-day timeframe is too short for Curtis to identify and purchase a new property in a 1031 exchange considering the amount of time it takes to find and close on a property. Similarly, a 60-day timeframe may also be too short for Curtis to find and purchase a new property in a 1031 exchange. 45 days is the correct answer because it is the amount of time that Curtis has to identify a new property in a 1031 exchange. After that, he has an additional 135 days to complete the purchase of the identified property, for a total of 180 days. This timeline allows Curtis to have enough time