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NY Real Estate > Homeownership > Flashcards

Flashcards in Homeownership Deck (6)
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0
Q

These taxes are easy to administer because they are imposed on a known stable tax base.

A

Property Taxes

1
Q

Primary Homeownership expenses can best be summed up with this apropos acronym…(what does it stand for?

A

PITI

Principal
Interest
Taxes
Insurance

2
Q

The increase in the value of a property due to changes in market conditions or other causes.

A

Appreciation

3
Q

The taxable profit derived from the sale of a capital asset, the difference between the sales price and the adjusted base of the property.

A

Capital Gains

4
Q

Is responsible for the administration of licensing, examinations, education, and compliance provisions of article 12-A.

A

Secretary of State

5
Q

The New York State border of real estate has how many members?

A

13