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10 Cards in this Set
- Front
- Back
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What is an abstract? |
A condensed summary of all recorded documents affecting the properties title, showing recorded conveyances, transfers and encumbrances. The HISTORY of the chain of title. |
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Who is in charge of the licensing exam? |
The Department. |
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Which of the following is a tax deductible expense resulting from home ownership? |
MORTGAGE INTEREST |
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Discount Points paid by a borrower to obtain a conventional mortgage loan to purchase a principal residence: |
Are deductible by the borrower as interest |
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A mortgage prepayment penalty paid by a borrower as a requirement for early loan payoff: |
May be deducted as interest in the year paid. |
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How long must you live in your principal residence to take advantage of the universal exclusion? |
24 of the past 60 months. |
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You may never deduct interest on your home mortgage above the:
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Value
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A duplex in which the owner or a member of his or her immediate family occupies one of the units, is exempt from which of the following laws?
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The Michigan Persons with Disabilities Civil Rights Act and the Michigan Elliott-Larsen Civil Rights Act
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The Fair Housing Act of 1968 (as amended in 1988) prohibits discrimination on the basis of:
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Race, religion, color, national origin, sex, handicap, and familial status.
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What is a violation of the 1968 Fair Housing Act? |
Advertising real estate only in minority newsletters and newspapers. Refusing to sell to a buyer because the buyer adopted a Mexican child. Discrimination on the basis of color. |
