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Fil 260 Final New /Complete Questions And Answers Graded (A+)
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Fil 260 Final New /Complete Questions And Answers Graded (A+)
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Fil 260 Final New 2023-2024 /Complete QuestionsAnd Answers Graded (A+)
Quiz :1)Which policy offers all perils except exclusions? - Answer :HO3
Quiz :2)Which of the following insurances is required when purchasing and
closing on a single family home? - Answer :(double check) A and B, Title
insurance and Homeowners
Quiz :3)Which of the following is not tax deductible? - Answer :C and D,
depreciation deduction and principal portion of mortgage
Quiz :4)Which of the following statements is false? - Answer :Closing costs
and points are deductible
Quiz :5)Bought house for 60,000 and 1,000 closing costs. There is 4,400 in
permanent addition. Sold house for 100,000 with 6% commission. -
Answer :28,600
Quiz :6)How much long-term capital gain is tax free for filing jointly for selling
their primary qualified residence? - Answer :500,000
Quiz :7)Which of the following is true?I. It makes good 'tax' sense to take out a
home mortgage to pay off a car and credit card debt because interest is tax
deductibleII. As long as you are over 55, you never have to pay something? -
Answer :I only
Quiz :8)Which of the following is not a buyers closing cost in most cases? -
Answer :Agents commission
Quiz :9)The cost of title insurance secured for the owners benefit is based
off...? - Answer :Number of defects in the abstract
Quiz :10)Title insurance premiums are paid...I.AnnuallyII.Only once at time the
policy is issued - Answer :II only
Quiz :11)Risks covered in title insurance do not include: - Answer :losses
resulting from the exercise of police powers
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