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11 Cards in this Set

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The federal goverment excldes $__________ from capital gains tax on the sale profits from principal residence as long as the taxpayers are married, filing jointly. How much if single?
$5oo,ooo (if married),$250,000 if single
Describe what the Army Corp of Engineers does
prepares the flood plain maps
Describe what FEMA does
administers the flood program
Describe what coinsurance clause is
must maintain insurance equal to 80% of replacement
Name 5 real estate tax deductions
1)real estate taxes
2)mortgage interest payments
3)loan ogination fees
4)loan discount points
5)loan prepayment penalties
Current market value -
property debt =
____________________
equity
4 basic costs of owning a home
Principle
Interest
Taxes
Insurance
Name 10 types of housing
1)apartment complexes
2)condominium
3)co-op
4)planned unit developments(PUD)
5)retirement communities
6)high-ride
7)converted-use properties
8)mobile homes
9)modular homes
10)time-shares
Define equity:
the interest or value that an owner has in a property over and above any indebtedness
Define homeowner's insurance policy:
a standerized package insurance policythat covers a residental real estate owner against financial loss from fire, theft, public liability, and other common risks
Define replacement cost:
the construction cost at current prices of a property that is not necessarily an exact duplicate of the subject property but serves the same purpose or function as the original