Question 1
Question
In most states, you must disclose any known defects of the house to potential buyers.
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
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none
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100,000
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200,000
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250,000
Question 3
Question
Which home repairs produce the greatest return at sale?
Answer
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Update bathroom
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update kitchen
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clean and declutter
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paint exterior
Question 4
Question
If you sell your residence and lose money, you cannot write off those losses on your taxes.
Question 5
Question
When potential buyers and their agents come to see your house, it's best for you to:
Question 6
Question
Once you commit to a real estate agent, you have to keep him or her until you sell.
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?
Question 8
Question
Who typically pays a real estate agent's commission?
Answer
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buyer's ageny
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buyer
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seller's agent
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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
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You can borrow it from a home-equity line of credit secured by your current home.
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you can borrow the money from your IRA.
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you can borrow the money from your 401k.
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all of the above.
Question 10
Question
Setting a fair price and refusing to bargain is the best pricing strategy.