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FIL 260 Final Latest /Questions And Answers Download To Pass!!!!
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FIL 260 Final Latest 2023-2024 /Questions AndAnswers Download To Pass!!!!
Quiz :Fair Housing Act of 1968 - Answer :-It outlawed: Refusal to sell or rent a
dwelling to any person because of race, color, religion, sex, handicap or
national origin. & financing/advertising
-False statements concerning availability of housing
-Stating different terms or conditions - lenders: deny loans or specifying
different terms
Quiz :Federal Truth-in-Lending Law - Answer :-Part of Consumer Credit
Protection Act of 1968. Regulation Z
-Disclosure of all financial charges
-Interest rate
-Prepayment penalty
-Late payment penalty & when it begins
-APR (Annual Percentage Rate)
-Do not regulate interest rates
-Consumers: compare financing costs
Quiz :Equal Credit Opportunity Act (ECOA) - Answer :-1974 enacted
-Prohibits discrimination based on race, religion, age, sex, marital status,
national origin, and receipt of public assistance
-Make credit equally available
-Regulation B
Quiz :Real Estate Settlement Procedures Act (RESPA) of 1974 - Answer :-To
assist home buyers in understanding settlement process & related costs
-"Good Faith" estimate or exact amount
-Standard form (settlement)
-"Settlement Cost & YOU- A HUD Guide for Home Buyers"
-No kickbacks for referring settlement (closing) business
-Impounds (escrow) - need escrow if downpayment is <20%
-Advance payments of interest, property tax and insurance premium
-Reasonable amount
-Monthly payments to bank, reasonable amount and if there is any money left
at the end of the year it's returned
-Does not apply to commercial properties
Quiz :Pros of ownership - Answer :-investment (value appreciation)
, -Tax advantages
-Interest payments
-Property tax
-Capital gain on tax exemption
Quiz :Cons of ownership - Answer :-High transaction costs
-Time
-Points & loan application fee
-Legal fee
-Title insurance
-Recording fee
-Commission
-Need down payment
-Must pay property tax
-Maintenance
Quiz :benefits of ownership - Answer :-Value appreciation
-Tax savings
Quiz :costs of ownership - Answer :-Transaction costs
-Property tax
-Maintenance
-Interest on down payments
Quiz :How to compute capital gains from a sale of your house? -
Answer :Selling price
-selling expenses
=net sales price (amount realized)
-adjusted basis (AB)
=realized gain
AB= original cost (purchase price)
+closing costs paid at buying
+permanent property improvement
Quiz :How much gain can be tax-exempt? What are qualifications for the tax-
exemption? - Answer :-up to $500,000
-married couples file jointly
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