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Which of the following is true?

Which of the following is true?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Which of the following is true? a. Points paid to get a mortgage (origination points) are tax deductible while points paid to lower the interest rate are not. b. Points paid to get a mortgage (origination points) are not tax deductible while points paid to lower the interest rate are. c. Both types of points are tax deductible. d. Neither type of points is tax deductible. If the listing realtor and your realtor (you are the buyer) are the same person a. you know you are going to get a great deal b. you do not really know whose interest the realtor has at heart c. this by law cannot happen d. you only have to pay half of the realtor's commission Which of the following statement is true? a. If you put less than 20% down on a house, you have to get mortgage insurance. No matter how much you put down, if you have a mortgage, you have to get mortgage insurance. b. c. If you put more than 10% down, you do not have to get mortgage insurance. d. Mortgage insurance from the lender is inexpensive.
Transcribed Image Text:Which of the following is true? a. Points paid to get a mortgage (origination points) are tax deductible while points paid to lower the interest rate are not. b. Points paid to get a mortgage (origination points) are not tax deductible while points paid to lower the interest rate are. c. Both types of points are tax deductible. d. Neither type of points is tax deductible. If the listing realtor and your realtor (you are the buyer) are the same person a. you know you are going to get a great deal b. you do not really know whose interest the realtor has at heart c. this by law cannot happen d. you only have to pay half of the realtor's commission Which of the following statement is true? a. If you put less than 20% down on a house, you have to get mortgage insurance. No matter how much you put down, if you have a mortgage, you have to get mortgage insurance. b. c. If you put more than 10% down, you do not have to get mortgage insurance. d. Mortgage insurance from the lender is inexpensive.
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