Chapter 3 Quiz Flashcards
Most homeowner’s policies cover:
A. The dwelling
B. Personal property in the dwelling
C. Other structures on the property
D. All of the above
D. All of the above
Many homeowners’ insurance policies can also cover:
A. Personal liability
B. Loss of Use
C. Medical payments
D. All of the above
D. All of the above
The information contained in the Comprehensive Loss Underwriting Exchange is reported by:
A. Homeowners
B. Real estate agents
C. Insurance companies
D. Buyers
C. Insurance companies
If the property is in a flood zone, flood insurance will be required by the:
A. Lender
B. State
C. Seller
D. City
A. Lender
Can mortgage interest be deducted on an owner’s federal tax return?
A. Yes
B. No
A. Yes
How long does an owner have to stay in a property to take the capital gain exclusion?
A. One year
B. Two years
C. Five years
D. Ten years
B. Two years
The amount of capital gain exclusion on a residence for a single person is _____________.
A. $500,000
B. $250,000
C. $100,000
D. There are no capital gains exclusion for single persons.
B. $250,000
What is a ‘CLUE®’ report?
A. It is a report of all insurance claims made on a property.
B. It is a way for the appraiser to make an accurate valuation of the property.
C. It is an acronym for Client Loan Underwriting Evaluation.
D. It is the term used to convey title to the new owner.
A. It is a report of all insurance claims made on a prop
Who usually manages a condo and is responsible for making sure the property is well maintained?
A. The condo owner
B. The city
C. A homeowners association (HOA)
D. The building manager
C. A homeowners association (HOA)
Easements, rights-of-way, and condominium parking stalls are examples of:
A. Emblements
B. Trade fixtures
C. Riparian rights
D. Appurtenances
D. Appurtenances
