Real Estate Exam - Chapter 3: Concepts Of Home Ownership

9 cards

Real Estate Exam - Chapter 3: Concepts Of Home Ownership


 
  
Created May 25, 2010
by
jsimon05

 

 
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  Side A   Side B
1
Condo - what do you own?
 
Own the studs in of single. Has shared / common areas. 
2
Co-op
 
Do not actually own the unit. Own an Interest / Stock in the unit. 
3
PUD
 
Planned-Unit Developements i.e. Retirement Community 
4
MUD
 
Mixed-Use Development i.e. High rise with stores / cinema in it / combo of things
5
Converted-Use Properties
Manufactured Housing
Modular Homes
Time-Shares
 
1) Something thats been converted into residential i.e. Warehouse, School, Factory etc
2)...
6
Basic costs of owning a home: PITI
 
Mortgage Principle and Interest, Taxes, Insurance.
Remember 28% - Housing allowable
36%...
7
Tax Benefits oh home ownwership: 
 
$500,000 excluded from capital gains tax on proftis of sale by Married taxpayers filing jointly
$250,000...
8
Equity is:
 
Increasing ownership interest and Represents the paid-off share of a property, not mortgaged....
9
Homeowners Insurance:
Basic Form
Broad Form
Flood
 
Basic: Fire, Riots, Smoke etc
Broad: Frozen Pipes, Ice, Snow
Flood: Separate Insurance...


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