Chapter 14 Quiz

  1. The following effects demand
  2. The use of real property does not include
  3. Does not affect supply
    Fiscal policies
  4. Does not affect how quickly the forces of supply and demand work
    Degree of Standardization of the product's price
  5. The point at which supply and demand are equal is know as
  6. When the supply of a commodity decreases
    Prices tend to rise
  7. In addition to the affordibilty of a home, what is the primary consideration in the selection of a property?
    Location of the property
  8. Does not include the real cost of a home and includes certain costs or expenses that people overlook
    Personal Property taxes
  9. A property was listed for sale at $100,000.  If the origional cost was 80% of the list price, whar will the profit be if it sells for $100,000?
  10. Most homeowners' insurance policies contain the following clause
    Coinsurance clause
  11. A homeonwer may not decuct
    Mortgage interest on a third home
  12. In the event that a homeowers' insurance policy provides coverage for less than 80% of the full replacement cost of the dwelling, then the loss of the residence will be settled for
    Either the actual cash value or the prorated repair cost.
  13. A building lot was sold for $88,000.  If the seller made a profit of 10%. what was the original cost of the property?
  14. Desireablity if the ocation of a residence is not influenced by
    retirement prospects
  15. A basic homeowners insurance policy does not include
  16. Federal income tax regulations allow homeowners to reduce their taxable income by amounts paid for
    Real Estate Taxes
  17. A longer morgage term will
    Result in monthly morgages payments
  18. What type of insurance policy must always be purchased seperately and not as part of the homeowners' policy?
  19. For the past two years, a couple has been renting the house they ourchased 25 years ago to a tenant.  They are now ready to sell the gome.  When they sell their house, howmuch will the cpaital gain will be taxable?
    0 percent.
  20. The value that an owner has in the property exceeds the amount of the mortgage debt is called
Card Set
Chapter 14 Quiz
Chapter 14 Quiz