ACC250 Chapter 14 Flashcards
1
Q
Property that provides a place suitable for people to occupy (live and sleep).
A
DWELLING UNIT
2
Q
A term used to describe the real estate investment practice of acquiring a home, repairing or remodeling the home, and then immediately, or soon thereafter, selling it.
A
FLIPPING
3
Q
The main place of residence for a taxpayer during the taxable year.
A
PRINCIPAL RESIDENCE
4
Q
A loan for which property is used as collateral for the loan. If the loan goes into default, the lender is only allowed to take possession of the property securing the loan.
A
SECURED LOAN
