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Welcome > Resources > Trivia ...We've added these real estate trivia questions for your enjoyment. And you might learn something new in the process! Have fun...
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What is the maximum interest you can deduct on your federal tax return to purchase or improve a first or second home?
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One of the greatest benefits of home ownership is the federal tax deduction for interest up to, but not exceeding, $1million.
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Who is "Fannie Mae" and why is she a big name in real estate?
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"Fannie Mae" is the real estate industry nickname for FNMA, or Federal National Mortgage Association, the stockholder-owned corporation that purchases mortgages from mortgage lenders.
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What five basic components of a "smart home" can be controlled by technology?
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Lighting and window treatments, security and access control, data communication, environmental/energy management, and audio/video entertainment can all be operated by a "smart home".
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Fewer than 2 percent of homeowners build this type of home:
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Fewer than 2 percent build a custom home; most buy an older home or select from a home builder's menu.
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Estate Trivia >
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Real Estate Contracts >The Sales Price
After your search for a house and all the negotiations are over, you arrive at the the sales price. Finally, you feel some certainty about your bottom line. However, it is not unusual for there to be disagreements about what is included in the sales price. Careful drafting of the paperwork can help to avoid future disputes.
The following definitions may help. Real property is land and any permanent attachments, such as buildings, landscaping and fences. Personal property consists of movable possessions, such as furniture and clothing. A fixture is defined as an item of personal property which has become part of the real property by virtue of becoming permanently attached, such as a new sink, a Jacuzzi, or a chandelier.
The principal area of dispute about the sales price often relates to fixtures. Most preprinted real estate contracts will provide space for the fixtures to be listed. Whether you are selling or buying, you should make use of this space. Do not assume curtains, satellite discs, antennas or fireplace equipment come with the house. You should also make it very clear what you don't want left on the property. If you are specific about every item that may be questionable, you will greatly reduce the chances of a dispute after the closing.
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All rights reserved. All information deemed reliable but not guaranteed.
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