Unit 3: Real Estate (19)

Front 1

The basic cost of owning a home include mortgage, principal, interest, taxes, and insurance

Back 1

PITI

Front 2

Current market value

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Property debt

Back 2

Equity

Front 3

Sales price

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Purchase price

Back 3

Gain

Front 4

500,000 excluded from if married

250,00 excluded on the sale of a principal

Back 4

Capital gains exclusion

Front 5

The profit made when a an asset is solid

Back 5

Capital gains

Front 6

Must be “like kind” properties to exchange.

Back 6

1031 Exchange

Front 7

The most common homeowners policy

Back 7

Basic form

Front 8

Most homeowners insurance policies contain this

Back 8

Coinsurance clause

Front 9

are groups of apartment buildings with any number of units in each building

Back 9

Apartment complexes

Front 10

is a popular form of residential ownership, particularly for people who want the security of owning property without the care and maintenance or house demands

Back 10

Condominium

Front 11

is similar to a condominium in that it also may offer units with your common facilities

Back 11

Cooperative

Front 12

is similar to a condominium in that it also may offer units with your common facilities

Back 12

Cooperative

Front 13

is also called master-planned communities, merge search diverse land, uses his housing recreation, facilities, and commercial concerns in one self-contained development

Back 13

Planned unit development PUD

Front 14

also called active adult communities often are structured SP Utes

Back 14

Retirement communities

Front 15

also called Highrise developments mods combine search elements his office, space, stores, theaters, and apartment units into a single vertical community

Back 15

Mixed use development

Front 16

properties are factories, warehouses, office, buildings, hotels, schools, places of worship for churches, and other structures that have been converted to residential use

Back 16

Converted use

Front 17

are factories, warehouses, office, buildings, hotels, schools, places of worship for churches, and other structures that have been converted to residential use

Back 17

Converted use properties

Front 18

, including mobile homes was once considered useful only as temporary residences

Back 18

Manufactured housing

Front 19

is preassembled at a factory driven to the building site on the truck and then lowered onto its foundation by cream.

Back 19

Modular homes

Front 20

allow multiple purchasers, cashier ownership or use of a single property. Usually a vacation home in intervals.

Back 20

Timeshares

Front 21

Mortgage interest (up to 750,000 mortgage)

Real estate taxes

Improvements in the year of sale

Closing costs

Back 21

Tax Deductions