How Smart a Home SELLER Are You?

Description

Quiz on How Smart a Home SELLER Are You?, created by Jay Gray on 25/03/2017.
Jay Gray
Quiz by Jay Gray, updated more than 1 year ago
Jay Gray
Created by Jay Gray about 7 years ago
8
0

Resource summary

Question 1

Question
In most states, you must disclose any known defects of the house to potential buyers.
Answer
  • True
  • False

Question 2

Question
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?
Answer
  • none
  • 100,000
  • 200,000
  • 250,000

Question 3

Question
Which home repairs produce the greatest return at sale?
Answer
  • Update bathroom
  • update kitchen
  • clean and declutter
  • paint exterior

Question 4

Question
If you sell your residence and lose money, you cannot write off those losses on your taxes.
Answer
  • True
  • False

Question 5

Question
When potential buyers and their agents come to see your house, it's best for you to:
Answer
  • stay
  • leave

Question 6

Question
Once you commit to a real estate agent, you have to keep him or her until you sell.
Answer
  • True
  • False

Question 7

Question
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?
Answer
  • True
  • False

Question 8

Question
Who typically pays a real estate agent's commission?
Answer
  • buyer's ageny
  • buyer
  • seller's agent
  • seller

Question 9

Question
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?
Answer
  • 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.

Question 10

Question
Setting a fair price and refusing to bargain is the best pricing strategy.
Answer
  • True
  • False
Show full summary Hide full summary

Similar

Memory Key words
Sammy :P
To Kill A Mockingbird Complete Notes
jessica.moscrip
Abnormal Psychology Chapter 3
shattering.illus
Language Over Time
ekimlauretta
Philosophy
Rebecca Harbury
GCSE Science - B1 - You and Your Genes - Genes, Chromosomes and DNA
GeorgeHaines
Modals & semi-modals
Abeer Alqahtani
Mind Maps with GoConqr
Manikandan Achan
Algebra - Expansion of Brackets
jerick_hartono
Human Resource Management
A Donaghy