Each room of a house was preassembled at a factory, driven to the building site on a truck, and then lowered onto its foundation by a crane. The structure was then completed when workers connected the plumbing and wiring. This is:
answer
Modular
question
Theft, smoke damage, and damage from fire are covered under which type of homeowner’s insurance policy?
answer
Basic
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In determining whether a prospective buyer can afford a certain home purchase, lenders will consider
monthly incomedebtcredit score
answer
monthly incomedebtcredit score
question
An unmarried homeowner has $60,000 in equity in his primary residence of three years. The owner sells the residence for $125,000 The broker’s commission was 6%, and other selling expenses amounted to $1,000 What is the owner’s taxable gain on this transa
answer
$0. Taxpayers who file singly are entitled to a $250,000 exclusion
question
Which clause is found in MOST homeowners insurance policies?
answer
Coinsurance clause
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What is a Coinsurance clause?
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This provision usually requires that the owner maintain insurance equal to a specified percentage (usually 80 percent) of the replacement cost of the dwelling (not including the price of the land).
question
The portion of an owner’s property value that exceeds the amount of their mortgage debt is called
answer
Equity
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A community that merges housing, recreation, and commercial units into one self-contained development is called a
answer
Planned Unit Development – PUD
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Which of these is not covered in either a basic form or broad from homeowners insurance policy?
answer
Fire and lightning Explosion Windstorm and hail Flood
question
A single woman bought a home 18 months ago and is now selling because she found a new job in another city. Independently, a married couple filing joint taxes has owned a nine-bedroom home for three years. Now, the couple wants to move to a small condomi
The married couple
answer
The married couple
question
What is Comprehensive Loss Underwriting Exchange (CLUE)?
answer
a database of consumer claim history that enables insurance companies to access prior claim information in the underwriting and rating process.
question
Which of these are not considered applicable Tax deductions.
answer
1. Real estate taxes 2. Loan prepayment penalties 3. Loan discount points in the year of purchase (whether paid by the buyer or the seller) 4. Interest on overdue taxes.
question
Owner buys shares of stock, it’s a:
answer
Cooperatvie
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Groups of units usually rented by tenants:
answer
Apartment
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Retirement communities are usually structures as these
answer
PUD
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Each room is preassembled and driven to the property site.
answer
Modular
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Homeowners own a particular unit and a portion of common area.
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Condo
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High-rise developments combining different elements into a community
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MUD
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Falling objects is covered under basic or broad type of insurane
answer
Broad
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Windstorm or hail is covered under basic or broad type of insurance
answer
Basic
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Vandalism is covered under basic or broad type of insuarance
answer
Basic
question
Fire and Lightning is covered under basic or broad type of insuarance
answer
Basic
question
Freezing of Plumbing is covered under basic or broad type of insurance
answer
Broad
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