Quiz | December 2011
How Smart a Home SELLER Are You?
As a home seller, your goal is to get the most money possible, whether in a hot or cold market. The more you know, the bigger your profits -- and the fewer your headaches.
Here are ten questions to test your selling savvy.
Take our QUIZ:
Here are ten questions to test your selling savvy.
Take our QUIZ:
Quiz
How Smart a Home SELLER Are You?
Question 1 of 10
In most states, you must disclose any known defects of the house to potential buyers.
A. True
B. False
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Quiz
How Smart a Home SELLER Are You?
Question 1 of 10
In most states, you must disclose any known defects of the house to potential buyers.
You're right! A. True is correct.
Sorry, wrong!
is incorrect.
The right answer is A. True.
It's the law in most places to disclose knowledge of any material defects. You may be required to reveal known problems of your home's roof, walls, foundation, basement, plumbing, heating and electrical systems, as well as past pest problems and the presence of hazardous materials such as radon, lead paint and asbestos.
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Quiz
How Smart a Home SELLER Are You?
Question 2 of 10
For single taxpayers, how much profit from a home sale is tax-free if you've lived in the home at least two years before selling?
A. None
B. $50,000
C. $100,000
D. $250,000
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Quiz
How Smart a Home SELLER Are You?
Question 2 of 10
For single taxpayers, how much profit from a home sale is tax-free if you've lived in the home at least two years before selling?
You're right! D. $250,000 is correct.
Sorry, wrong!
is incorrect.
The right answer is D. $250,000.
After you own and live in a home for two of the past five years, you won't owe taxes on up to $250,000 in home-sale profits if single, or $500,000 in profits if married filing jointly. That means the vast majority of homeowners won't pay a dime to Uncle Sam on their home-sale profits.
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Quiz
How Smart a Home SELLER Are You?
Question 3 of 10
Which home repairs produce the greatest return at sale?
A. Update bathroom
B. Update kitchen
C. Clean and declutter
D. Paint exterior
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Quiz
How Smart a Home SELLER Are You?
Question 3 of 10
Which home repairs produce the greatest return at sale?
You're right! C. Clean and declutter is correct.
Sorry, wrong!
is incorrect.
The right answer is C. Clean and declutter.
Agents surveyed by Home Gain reported that the cheapest improvement-cleaning and decluttering a home-produced the biggest return on investment, followed by home staging and "lightening and brightening."
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Quiz
How Smart a Home SELLER Are You?
Question 4 of 10
If you sell your residence and lose money, you cannot write off those losses on your taxes.
A. True
B. False
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Quiz
How Smart a Home SELLER Are You?
Question 4 of 10
If you sell your residence and lose money, you cannot write off those losses on your taxes.
You're right! A. True is correct.
Sorry, wrong!
is incorrect.
The right answer is A. True.
Sorry, you won't get any help from Uncle Sam if you lose money on the sale of your personal residence. If you lose money on an investment property, however, you may get some relief.
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Quiz
How Smart a Home SELLER Are You?
Question 5 of 10
Setting a fair price and refusing to bargain is the best pricing strategy.
A. True
B. False
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Quiz
How Smart a Home SELLER Are You?
Question 5 of 10
Setting a fair price and refusing to bargain is the best pricing strategy.
You're right! B. False is correct.
Sorry, wrong!
is incorrect.
The right answer is B. False.
That might be true in a seller’s market, but in a buyer’s market, buyers simply won’t come to see your house. Your agent should provide a “comparative market analysis” of recently sold homes to show you what has sold, for how much compared with the original listing price, and how fast. Use that as a guide to setting your price.
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Quiz
How Smart a Home SELLER Are You?
Question 6 of 10
When potential buyers and their agents come to see your house, it's best for you to:
A. Stick around
B. Leave
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Quiz
How Smart a Home SELLER Are You?
Question 6 of 10
When potential buyers and their agents come to see your house, it's best for you to:
You're right! B. Leave is correct.
Sorry, wrong!
is incorrect.
The right answer is B. Leave.
Get out of there. You want the buyers to feel comfortable looking around your house. If they have any questions, their agent will call your agent. Besides, when you meet with buyers face to face, you might inadvertently reveal how motivated you are to sell and other clues that erode your negotiating power.
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Quiz
How Smart a Home SELLER Are You?
Question 7 of 10
Once you commit to a real estate agent, you have to keep him or her until you sell.
A. True
B. False
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Quiz
How Smart a Home SELLER Are You?
Question 7 of 10
Once you commit to a real estate agent, you have to keep him or her until you sell.
You're right! B. False is correct.
Sorry, wrong!
is incorrect.
The right answer is B. False.
It's a good idea to commit to the shortest possible listing period -- say, three months -- and renew it then if you like. But that does not mean you're stuck with an agent who turns out to be a nightmare. Write a sentence into the listing contract that allows you to cancel the agreement if you aren't satisfied with the agent's performance.
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Quiz
How Smart a Home SELLER Are You?
Question 8 of 10
Your father bought his home in 1950 for $15,000. When he died, he left you the house, which is now worth $315,000. Do you have to pay taxes on the $300,000?
A. Yes
B. No
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Quiz
How Smart a Home SELLER Are You?
Question 8 of 10
Your father bought his home in 1950 for $15,000. When he died, he left you the house, which is now worth $315,000. Do you have to pay taxes on the $300,000?
You're right! B. No is correct.
Sorry, wrong!
is incorrect.
The right answer is B. No.
If you sell the house, your gain or loss will be measured from the fair market value of the home when your dad died: $315,000. If you sell for more, the difference will be a long-term gain taxed at 15%. If you sell for less, you'll have a tax-saving long-term loss. If you move into the house and make it your home for more than two years, up to $250,000 of profit on the sale will be tax-free ($500,000 if you’re married and file a joint return.)
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Quiz
How Smart a Home SELLER Are You?
Question 9 of 10
Who typically pays a real estate agent's commission?
A. Buyer pays for buyer’s agent; seller pays for seller’s
B. Buyer pays for both
C. Seller pays for both
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Quiz
How Smart a Home SELLER Are You?
Question 9 of 10
Who typically pays a real estate agent's commission?
You're right! C. Seller pays for both is correct.
Sorry, wrong!
is incorrect.
The right answer is C. Seller pays for both.
Usually, the seller pays both agents' commissions, which each run 2.5% to 3% of the purchase price.
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Quiz
How Smart a Home SELLER Are You?
Question 10 of 10
What is a bridge loan?
A. Covers the financial gap between buying and selling a home
B. Consolidates all your major loans into one payment
C. Covers costs in case a buyer’s contract falls through
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Quiz
How Smart a Home SELLER Are You?
Question 10 of 10
What is a bridge loan?
You're right! A. Covers the financial gap between buying and selling a home is correct.
Sorry, wrong!
is incorrect.
The right answer is A. Covers the financial gap between buying and selling a home.
If you already own a home and are looking to move up, a bridge (or swing) loan is a short-term home equity loan that you can use for the new down payment and closing costs while you wait for your old home to sell.
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Quiz
How Smart a Home SELLER Are You?
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