Il Real Estate Ch# 3

Front 1

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?

Back 1

$5oo,ooo (if married),$250,000 if single

Front 2

Describe what the Army Corp of Engineers does

Back 2

prepares the flood plain maps

Front 3

Describe what FEMA does

Back 3

administers the flood program

Front 4

Describe what coinsurance clause is

Back 4

must maintain insurance equal to 80% of replacement

Front 5

Name 5 real estate tax deductions

Back 5

1)real estate taxes
2)mortgage interest payments
3)loan ogination fees
4)loan discount points
5)loan prepayment penalties

Front 6

Current market value -
property debt =
____________________

Back 6

equity

Front 7

4 basic costs of owning a home

Back 7

Principle
Interest
Taxes
Insurance

Front 8

Name 10 types of housing

Back 8

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

Front 9

Define equity:

Back 9

the interest or value that an owner has in a property over and above any indebtedness

Front 10

Define homeowner's insurance policy:

Back 10

a standerized package insurance policythat covers a residental real estate owner against financial loss from fire, theft, public liability, and other common risks

Front 11

Define replacement cost:

Back 11

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