| front |
back |
revisions |
lasted changed by |
history |
| If homeowner has full replacement coverage policy for house that cost $100,000 five years ago, has depreciated by $5,000, and will cost $150,000 to rebuild today, what would insurance company pay if it burns completely to the ground? |
$150,000 |
0 |
gettarb Mon, 18 Oct 2010 21:34:43 GMT |
 |
| Most Texas homeowners' insurance policies cover losses caused by |
Smoke |
0 |
gettarb Mon, 18 Oct 2010 21:34:43 GMT |
|
| To be eligible for an exclusion of capital gains income, homeowner must have owned residence and occupied it as primary residence for how long before sale or exchange? |
At least 2 of the 5 years |
0 |
gettarb Mon, 18 Oct 2010 21:34:43 GMT |
|
| Insurance companies may use homeowner's credit score in deciding whether to issue policy and what to charge for it T/F? |
T |
0 |
gettarb Mon, 18 Oct 2010 21:34:43 GMT |
|
| Income tax deductions on loan interest on first and second homes |
Are subject to loan limitations |
0 |
gettarb Mon, 18 Oct 2010 21:34:43 GMT |
|
| If single person who is otherwise eligible for an exclusion marries someone who has used exclusion within two years prior to marriage, newly married homeowner would be allowed maximum exclusion of |
$250,000 |
0 |
gettarb Mon, 18 Oct 2010 21:34:43 GMT |
|
| If homeowner has property insurance policy with coinsurance clause, homeowner must usually insure property for at LEAST what percent of replacement cost to collect for full replacement cost when damage occurs? |
80 |
0 |
gettarb Mon, 18 Oct 2010 21:34:43 GMT |
|
| Flood insurance policies do NOT cover |
An overflow caused by a busted hot water heater |
0 |
gettarb Mon, 18 Oct 2010 21:34:43 GMT |
|
| First-time home buyer may make a penalty-free withdrawal from an IRA of up to |
$10,000 |
0 |
gettarb Mon, 18 Oct 2010 21:34:43 GMT |
|
| Homeowners in upper income brackets whose gains exceed $500,000 ($250,000 for single taxpayer), capital gains tax rate is limited to what percent? |
None of the Above |
0 |
gettarb Mon, 18 Oct 2010 21:26:27 GMT |
|
| Taxpayer Relief Act of 1997 allows married homeowners who file jointly to exclude up to how much of capital gains realized on sale or exchange of principal residence? |
$500,000 |
0 |
gettarb Mon, 18 Oct 2010 21:26:27 GMT |
|
| Homeowner may deduct, from his or her gross income, real estate |
Taxes |
0 |
gettarb Mon, 18 Oct 2010 21:26:27 GMT |
|
| Capital gains tax rates are limited to |
5 percent in the 10 and 15 percent tax brackets |
0 |
gettarb Mon, 18 Oct 2010 21:26:27 GMT |
|
| If homeowner does NOT meet occupancy requirements for exclusion of capital gains income, he or she is NOT eligible for any amount of exclusion T/F? |
F |
0 |
gettarb Mon, 18 Oct 2010 21:26:27 GMT |
|
| Real estate taxes may be deducted from a homeowner's income taxes T/F? |
T |
0 |
gettarb Mon, 18 Oct 2010 21:26:27 GMT |
|
| Homeowners in upper income brackets whose gains exceed $500,000 ($250,000 for single taxpayer), capital gains tax rate is limited to what percent? |
15 |
0 |
gettarb Mon, 18 Oct 2010 21:26:27 GMT |
|
| On first and second homes, which may be deducted from income taxes? |
Loan Interest |
0 |
gettarb Mon, 18 Oct 2010 21:26:27 GMT |
|
| Insurance company will pay actual cash value of loss or percentage of replacement cost if homeowner has coinsurance clause and coverage on his or her property is |
Less than the Coinsurance Clause Insurance |
0 |
gettarb Mon, 18 Oct 2010 21:21:30 GMT |
|
| Unless mortgage is secured by taxpayer's principal residence, points are paid in cash at closing, and they are a charge for use of money, loan discount points will be prorated over term of loan T/F? |
T |
0 |
gettarb Mon, 18 Oct 2010 21:21:30 GMT |
|
| Texas homeowners' insurance policies combine five different types of coverage. Which is NOT included? |
Automobile |
0 |
gettarb Mon, 18 Oct 2010 21:21:30 GMT |
|
| Insurance companies settle property insurance claims on basis of which of the following? |
All of the Above |
0 |
gettarb Mon, 18 Oct 2010 21:21:30 GMT |
|
| In case of persons filing jointly but NOT sharing principal residence, an exclusion of what amount is available on qualifying sale or exchange of principal residence of one of the spouses? |
$250,000 |
0 |
gettarb Mon, 18 Oct 2010 21:16:37 GMT |
|
| MOST Texas homeowners' insurance policies exclude losses caused by |
Earthquake |
0 |
gettarb Mon, 18 Oct 2010 21:16:37 GMT |
|
| Through 2008, all Americans are eligible for estate tax exemptions of |
2 Million |
0 |
gettarb Mon, 18 Oct 2010 21:16:37 GMT |
|
| Loan discount points may only be deducted from homeowner's gross income if points are |
Paid in cash at closing |
0 |
gettarb Mon, 18 Oct 2010 21:16:37 GMT |
|
| Texas HO-A policies provide replacement cost coverage in event of a covered loss T/F? |
F |
0 |
gettarb Mon, 18 Oct 2010 20:42:08 GMT |
|
| Homeowner who does NOT meet occupancy requirements for exclusion of capital gains income due to unforeseen circumstances may exclude fraction of maximum allowance equal to fraction of two years residency requirements were met T/F? |
T |
0 |
gettarb Mon, 18 Oct 2010 20:42:08 GMT |
|
| Because of coinsurance clauses, homeowners periodically should review all policies to be certain that coverage is equal to at LEAST 85 percent of current replacement cost of their homes T/F? |
F |
0 |
gettarb Mon, 18 Oct 2010 20:42:08 GMT |
|
| For MOST homeowners, the net result of the Taxpayer Relief Act of 1997 is that they will always pay capital gains tax on sale of their homes T/F? |
F |
0 |
gettarb Mon, 18 Oct 2010 20:42:08 GMT |
|
| Some loan discount points may be deducted from a homeowner's income taxes T/F? |
T |
0 |
gettarb Mon, 18 Oct 2010 20:42:08 GMT |
|
| Most Texas homeowners' insurance policies provide property coverage against fire or lightning and theft T/F? |
T |
0 |
gettarb Mon, 18 Oct 2010 20:42:08 GMT |
|
| As a condition for making loan, an individual lender may require flood insurance if any part of the property is in flood zone T/F? |
T |
0 |
gettarb Mon, 18 Oct 2010 20:42:08 GMT |
|
| National Flood Insurance Program will insure properties that are NOT in floodplain area T/F? |
T |
0 |
gettarb Mon, 18 Oct 2010 20:42:08 GMT |
|
| For income tax purposes, homeowners are entitled to four deductions from their gross income T/F? |
T |
0 |
gettarb Mon, 18 Oct 2010 20:42:08 GMT |
|
| Certain loan origination fees may be deducted from a homeowner's income taxes T/F? |
T |
0 |
gettarb Mon, 18 Oct 2010 20:42:08 GMT |
|
| Flood insurance generally covers damage caused by leaking hot water heater T/F? |
F |
0 |
gettarb Mon, 18 Oct 2010 20:42:08 GMT |
|
| To be eligible for the capital gains exclusion implemented by the Taxpayer Relief Act of 1997, homeowner must have owned residence and occupied it as principal residence for at LEAST three of the five years prior to sale or exchange T/F? |
F |
0 |
gettarb Mon, 18 Oct 2010 20:42:08 GMT |
|
| National Flood Insurance Act of 1968 was enacted by Congress to provide money for repairs and replacement of property to homeowners in floodplain areas who have no insurance T/F? |
F |
0 |
gettarb Mon, 18 Oct 2010 20:42:07 GMT |
|
| Loan discount points are deductible only in year of purchase and only under certain circumstances T/F? |
T |
0 |
gettarb Mon, 18 Oct 2010 20:42:07 GMT |
|
| Most Texas homeowners' insurance policies cover damage resulting from freezing pipes while the house is unoccupied T/F? |
F |
0 |
gettarb Mon, 18 Oct 2010 20:42:07 GMT |
|
