Question

The cost of land includes all of the following except

a)real estate brokers' commissions.
b)closing costs.
c)parking lots.
d)accrued property taxes.

Answer 1

The cost of land includes real estate brokers' commissions, closing costs, parking lots, and accrued property taxes.

Step-by-step explanation:

The cost of land includes all of the following:

1. Real estate brokers' commissions: The cost of land does not include commissions paid to real estate brokers.
2. Closing costs: Closing costs are fees paid at the closing of a real estate transaction and are included in the cost of land.
3. Parking lots: If a property includes parking lots, the cost of land would also include the value of those parking lots.
4. Accrued property taxes: Property taxes may be included in the cost of land, depending on the time of purchase.