Real estate Chaper 3

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Question 1 of 1

Time Left

2066

120

block

Which of the following is NOT a cost or expense of owning a home?

Select the correct answer(s).

(0/0)

2067

120

none

Homeowners mya deduct all of the following expenses when preparing their income tax returns EXCEPT

Select the correct answer(s).

(0/0)

2071

120

none

A building that is remodeled into residential units and is not longer used for the purpose for which it was onriginally built is an example of a(n)

Select the correct answer(s).

(0/0)

2074

120

none

A high-rise development that includes office space, stores, theaters, and apartment unit is an example of which of the following.

Select the correct answer(s).

(0/0)

2077

120

none

Each room of a house was preassembled at a factory, driven to the building site on a truck, and then lowered onto its foundation by a crane. Later, workers finished the structure and connected plumbing and wiring before the owners moved in. Which term BEST describes this type of home?

Select the correct answer(s).

(0/0)

2080

120

none

Five years ago, a woman bought a home for $250,000. Home values in her area have improved, and the current market value of her house has increased by 15%. If she has $95,875 left to pay on her morgage loan, what is her current equity in her home?

Select the correct answer(s).

(0/0)

2083

120

none

For which of the following risks would a homeowner have to purchase a special policy in addition to a typical basic or broad-form homeowners' policy?

Select the correct answer(s).

(0/0)

2084

120

none

A man wants to buy his first home but doesn't know how much he can afford to pay. He has a gross monthly income of $3,000. According to the traditional lender's rule of tumb formula, what is the total housing expense (principal, interest, taxes, and insurance) he can bear?

Select the correct answer(s).

(0/0)

2138

120

none

A married couple bought their house ten years ago for $150,000. Last week, they sold their home for $225,500. Based on these facts, how much capital gains tax will the couple have to pay this year?

Select the correct answer(s).

(0/0)

2140

120

none

Which of the following BEST expresses the concept of equity?

Select the correct answer(s).

(0/0)

2142

120

none

a couple bought a house in 1968 (when they were 21 years old) for $25,000 and have lived in it ever since. Today, the neighborhood is very fashionable, and the house sells for $450,000. How much of the gain is taxable on the couple's joint return this year?

Select the correct answer(s).

(0/0)

2145

120

none

A married couple files joint income tax returns and has lived in their home for 20yrs. A single homeowner has lived in a home for five years. A father and daughter bought their home together last year. Based on these facts, which statement is TRUE if all three homes are sold today?

Select the correct answer(s).

(0/0)

2156

120

none

A community that merges housing, recreation, and commercial units into one self-contained development is called a

Select the correct answer(s).

(0/0)

2158

120

none

Theft, smoke damage, and damage from fire are covered under which type of homeowners' insurance policy?

Select the correct answer(s).

(0/0)

2159

120

none

Real estate Chaper 3

Question 1 of 1

Time Left

Which of the following is NOT a cost or expense of owning a home?

Select the correct answer(s).

(0/0)

Homeowners mya deduct all of the following expenses when preparing their income tax returns EXCEPT

Select the correct answer(s).

(0/0)

A building that is remodeled into residential units and is not longer used for the purpose for which it was onriginally built is an example of a(n)

Select the correct answer(s).

(0/0)

A high-rise development that includes office space, stores, theaters, and apartment unit is an example of which of the following.

Select the correct answer(s).

(0/0)

Each room of a house was preassembled at a factory, driven to the building site on a truck, and then lowered onto its foundation by a crane. Later, workers finished the structure and connected plumbing and wiring before the owners moved in. Which term BEST describes this type of home?

Select the correct answer(s).

(0/0)

Five years ago, a woman bought a home for $250,000. Home values in her area have improved, and the current market value of her house has increased by 15%. If she has $95,875 left to pay on her morgage loan, what is her current equity in her home?

Select the correct answer(s).

(0/0)

For which of the following risks would a homeowner have to purchase a special policy in addition to a typical basic or broad-form homeowners' policy?

Select the correct answer(s).

(0/0)

A man wants to buy his first home but doesn't know how much he can afford to pay. He has a gross monthly income of $3,000. According to the traditional lender's rule of tumb formula, what is the total housing expense (principal, interest, taxes, and insurance) he can bear?

Select the correct answer(s).

(0/0)

A married couple bought their house ten years ago for $150,000. Last week, they sold their home for $225,500. Based on these facts, how much capital gains tax will the couple have to pay this year?

Select the correct answer(s).

(0/0)

Which of the following BEST expresses the concept of equity?

Select the correct answer(s).

(0/0)

a couple bought a house in 1968 (when they were 21 years old) for $25,000 and have lived in it ever since. Today, the neighborhood is very fashionable, and the house sells for $450,000. How much of the gain is taxable on the couple's joint return this year?

Select the correct answer(s).

(0/0)

A married couple files joint income tax returns and has lived in their home for 20yrs. A single homeowner has lived in a home for five years. A father and daughter bought their home together last year. Based on these facts, which statement is TRUE if all three homes are sold today?

Select the correct answer(s).

(0/0)

A community that merges housing, recreation, and commercial units into one self-contained development is called a

Select the correct answer(s).

(0/0)

Theft, smoke damage, and damage from fire are covered under which type of homeowners' insurance policy?

Select the correct answer(s).

(0/0)

All of the following damages would be covered by a basic-form homeowners' insurance policy, EXCEPT

Select the correct answer(s).

(0/0)

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