How Smart a Home SELLER Are You?

Question 1 of 10

1

In most states, you must disclose any known defects of the house to potential buyers.

Select one of the following:

True
False

Explanation

Question 2 of 10

1

For single taxpayers, how much profit from a home sale is tax-free if you've lived in the home at least two years before selling?

Select one of the following:

none
100,000
200,000
250,000

Explanation

Question 3 of 10

1

Which home repairs produce the greatest return at sale?

Select one of the following:

Update bathroom
update kitchen
clean and declutter
paint exterior

Explanation

Question 4 of 10

1

If you sell your residence and lose money, you cannot write off those losses on your taxes.

Select one of the following:

True
False

Explanation

Question 5 of 10

1

When potential buyers and their agents come to see your house, it's best for you to:

Select one of the following:

stay
leave

Explanation

Question 6 of 10

1

Once you commit to a real estate agent, you have to keep him or her until you sell.

Select one of the following:

True
False

Explanation

Question 7 of 10

1

Your father bought his home in 1950 for $15,000. When he died, he left you the house, which is now worth $315,000. Do you have to pay taxes on the $300,000?

Select one of the following:

True
False

Explanation

Question 8 of 10

1

Who typically pays a real estate agent's commission?

Select one of the following:

buyer's ageny
buyer
seller's agent
seller

Explanation

Question 9 of 10

1

If you already own a home and are looking to move up, where can you get the money to cover a down payment and closing costs until your previous home sells?

Select one of the following:

You can borrow it from a home-equity line of credit secured by your current home.
you can borrow the money from your IRA.
you can borrow the money from your 401k.
all of the above.

	Created by Jay Gray about 7 years ago

Quiz on How Smart a Home SELLER Are You?, created by Jay Gray on 25/03/2017.

How Smart a Home SELLER Are You?

Question 1 of 10

In most states, you must disclose any known defects of the house to potential buyers.

Select one of the following:

Explanation

Question 2 of 10

For single taxpayers, how much profit from a home sale is tax-free if you've lived in the home at least two years before selling?

Select one of the following:

Explanation

Question 3 of 10

Which home repairs produce the greatest return at sale?

Select one of the following:

Explanation

Question 4 of 10

If you sell your residence and lose money, you cannot write off those losses on your taxes.

Select one of the following:

Explanation

Question 5 of 10

When potential buyers and their agents come to see your house, it's best for you to:

Select one of the following:

Explanation

Question 6 of 10

Once you commit to a real estate agent, you have to keep him or her until you sell.

Select one of the following:

Explanation

Question 7 of 10

Your father bought his home in 1950 for $15,000. When he died, he left you the house, which is now worth $315,000. Do you have to pay taxes on the $300,000?

Select one of the following:

Explanation

Question 8 of 10

Who typically pays a real estate agent's commission?

Select one of the following:

Explanation

Question 9 of 10

If you already own a home and are looking to move up, where can you get the money to cover a down payment and closing costs until your previous home sells?

Select one of the following:

Explanation

Question 10 of 10

Setting a fair price and refusing to bargain is the best pricing strategy.

Select one of the following:

Explanation