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.