***North Carolina 75-Hour Broker Pre-licensing Final Exam (PASSED Attempt)

***North Carolina 75-Hour Broker Pre-licensing Final Exam (PASSED Attempt) Why might a buyer want to ASSUME a LOAN? The buyer doesn't want to follow a lender qualification process. The existing loan has a lower interest rate than current market rates. The principal remaining on the existing loan is low. The transfer of the property won't need to be approved by the lender if the loan is assumed. - Correct Answer The existing loan has a lower interest rate than current market rates. - ASSUMPTIONS are advantageous to a buyer if current interest rates are high and the existing loan was originated when interest rates were low. - Buyers may still have to qualify, however. Which of the following describes the appropriate capital gains exclusion for a taxpayer's primary residence? The taxpayer lived in the home at least five of the seven years immediately preceding the sale, with an exclusion of up to $125,000 for single taxpayers, $250,000 for couples filing jointly. The taxpayer lived in the home at least five of the seven years immediately preceding the sale, with an exclusion of up to $250,000 for single taxpayers, $500,000 for couples filing jointly. The taxpayer lived in the home at least two of the five years immediately preceding the sale, with an exclusion of up to $125,000 for single taxpayers, $250,000 for couples filing jointly. The taxpayer lived in the home at least two of the five years immediately preceding the sale, with an exclusion of up to $250,000 for single taxpayers, $500,000 for couples filing jointly. - Correct Answer The taxpayer lived in the home at least 2 of the 5 years immediately preceding the sale, with an exclusion of up to: