Podcast
Questions and Answers
What is the key purpose of a standard homeowner's insurance policy?
What is the key purpose of a standard homeowner's insurance policy?
- To increase the home's market value
- To insure the homeowner's personal belongings
- To cover rental costs
- To insure the home against specific risks, such as fire or theft (correct)
What is the primary role of the California Board of Equalization in real estate?
What is the primary role of the California Board of Equalization in real estate?
- To regulate real estate agents
- To provide mortgages
- To oversee property tax assessments (correct)
- To manage HOA disputes
In real estate context, what are impounds related to?
In real estate context, what are impounds related to?
- Penalties for late mortgage payments
- Special police units for property security
- Accounts for managing property taxes and insurance (correct)
- Fees for home inspections
When are HOA fees typically due?
When are HOA fees typically due?
What is a supplemental property tax in real estate?
What is a supplemental property tax in real estate?
What is typically used to calculate a standard form of homeowner's insurance?
What is typically used to calculate a standard form of homeowner's insurance?
In real estate transactions, what do 'pro-rations' refer to?
In real estate transactions, what do 'pro-rations' refer to?
What determines the amount of HOA fees?
What determines the amount of HOA fees?
What do HOA fees primarily fund in a housing community?
What do HOA fees primarily fund in a housing community?
What does the 80/20 rule indicate about homeowner's insurance coverage?
What does the 80/20 rule indicate about homeowner's insurance coverage?
Under Proposition 13, by what percentage can the assessed value of a property increase annually?
Under Proposition 13, by what percentage can the assessed value of a property increase annually?
If a homeowner's total annual property tax is $1,500, how much do they pay monthly if they choose to pay on an installment basis?
If a homeowner's total annual property tax is $1,500, how much do they pay monthly if they choose to pay on an installment basis?
If a standard homeowner's insurance policy costs are 0.4% of the loan amount and the loan is $600,000, what is the annual insurance cost?
If a standard homeowner's insurance policy costs are 0.4% of the loan amount and the loan is $600,000, what is the annual insurance cost?
If a new construction increases a property's assessed value by $45,000 and the tax rate is 1.1%, what is the annual tax increase?
If a new construction increases a property's assessed value by $45,000 and the tax rate is 1.1%, what is the annual tax increase?
If a standard homeowner's insurance policy costs 0.3% of the loan amount and the loan is $500,000, what is the annual insurance cost?
If a standard homeowner's insurance policy costs 0.3% of the loan amount and the loan is $500,000, what is the annual insurance cost?
What is the estimated annual property tax for a home purchased for $250,000 using the 1.25% rule of thumb?
What is the estimated annual property tax for a home purchased for $250,000 using the 1.25% rule of thumb?
For a home purchased for 150,000, if the annual property tax is 2,000, what is the effective property tax rate?
For a home purchased for 150,000, if the annual property tax is 2,000, what is the effective property tax rate?
If the property tax rate is 1.5% and the annual property tax is $2,250, what is the assessed value of the property?
If the property tax rate is 1.5% and the annual property tax is $2,250, what is the assessed value of the property?
If Buyer Bill purchases a home for $150,000 with an 80% mortgage, how much is his down payment?
If Buyer Bill purchases a home for $150,000 with an 80% mortgage, how much is his down payment?
If a property's assessed value increases by $45,000 and the tax rate is 1.1%, what is the new annual tax increase?
If a property's assessed value increases by $45,000 and the tax rate is 1.1%, what is the new annual tax increase?
