Exam (elaborations)
FIL 260 Final Latest /Questions And Answers Download To Pass!!!!
- Course
- Institution
FIL 260 Final Latest /Questions And Answers Download To Pass!!!!
[Show more]
Seller
Follow
HELLENAH
Reviews received
Content preview
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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller HELLENAH. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $8.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
76462 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now