Chapter 3: Concepts and Responsibilties of Home Ownership Flashcards
A form of ownership of real property recognized in all states that consists of individual ownership of some aspects and co-ownership in other aspects of the property.
Condominium
A form of ownership in which stockholders in a corporation occupy property owned by the corporation under a lease.
Cooperative
A form of cluster zoning providing for both residential and commercial land uses within a zoned area.
Planned Unit Development (PUD)
Any urban, suburban or village development, or even a single building, that blends a combination of residential, commercial, cultural, institutional, or industrial uses, where those functions are physically and functionally integrated, and that provides pedestrian connections.
Mixed-use Property
A structure transportable in one or more sections, designed and equipped to contain not more than two dwelling units to be used with or without a foundation systems.
Mobile Home
A license or contractual or membership right of occupancy in a project which is not coupled with an estate in the real property.
Time-Share
4 types of Subdivisions
Condominiums
Cooperatives
Time-Shares
Cluster Housing
The profit realized from the sale of real estate or other investment. Capital loss occurs when an investment property or another type of investment is sold at a loss.
Capital Gain
For tax purposes, real estate taxes can be deducted from personal income…?
True
Tax deductions a homeowner can take advantage of…?
Mortgage interest payments
Real estate taxes
Loan origination fees
Tax benefits for homeowners are provided in part to…?
Encourage homeownership
The profit realized from the sale of real estate or other investment is known as…?
Capital Gains
A married couple is exempt from paying taxes on capital gains for up to how much in profit if they lived in their house for at least 2 of the last 5 years…?
$500,000
