chapter 3 Flashcards
Most homeowners policies cover:
The dwelling, personal property in the dwelling, and other structures on the property
Many homeowners insurance policies can also cover:
Personal liability, loss of use, and medical payments
The information contained in the Comprehensive Loss Underwriting Exchange is reported by:
Insurance companies
If the property is in a flood zone, flood insurance will be required by the:
Lender
Can mortgage interest be deducted on an owners federal tax return
Yes, mortgage interest as well as property taxes may be deducted on the federal tax return
How.long does an owner have to stay in a property to take the capital gains exclusion?
Two years- you must have lived in the home 2 out of the past 5 years to obtain the exclusion
The amount of capital gains exclusion on a residence for a single person is?
$250,000. Its is 500,000 for a married couple
What is a CLUE report?
It is a report of all insurance claims made on a property- CLUE stands for the Comprehensive Loss Underwriting Exchange. Report includes the name of the insurance company, type of policy and date of claim as well as the amount paid and cause of loss.
Who usumanages a condo and is responsible for making sure the property is well
A home owners association or HOA.
Easements, right of way, and condominium parking stalls are examples of:
Appurtenances- a right of way or privilege attached to the land and passes with the land when the land is conveyed.
