Homeownership Flashcards
0
Q
These taxes are easy to administer because they are imposed on a known stable tax base.
A
Property Taxes
1
Q
Primary Homeownership expenses can best be summed up with this apropos acronym…(what does it stand for?
A
PITI
Principal
Interest
Taxes
Insurance
2
Q
The increase in the value of a property due to changes in market conditions or other causes.
A
Appreciation
3
Q
The taxable profit derived from the sale of a capital asset, the difference between the sales price and the adjusted base of the property.
A
Capital Gains
4
Q
Is responsible for the administration of licensing, examinations, education, and compliance provisions of article 12-A.
A
Secretary of State
5
Q
The New York State border of real estate has how many members?
A
13
