Which of the following statements about ‘Property Taxes’ (in NSW) and ‘Property Strategies’ according to the material covered in the lecture are TRUE:An individual buys an investment property for $1 million that consists of a house built on 550 square meters of land. Land tax is normally payable on the difference between the market value of the property ($1 million in this case) less the relevant land tax free threshold.Lenders Mortgage Insurance is a fee payable if you borrow more than 80% of the value of a property. The insurance will pay your loan payments on your behalf if you temporarily lose your job or have an accident or illness that prevents you from working.Question 4AnswerNeither of the statements are true (both are false)Only statement 1 is trueOnly statement 2 is trueBoth statements are true (neither are false)

Which of the following statements about ‘Property Taxes’ (in NSW) and ‘Property Strategies’ according to the material covered in the lecture are TRUE:Your main residence is usually exempt from capital gains tax (on the increase in price) if it has been your main residence for the entire period, is on land of 2 hectares or less, has not been used to produce assessable income and you are not a foreign resident.Under the ‘6 year rule’, it is possible under some circumstances for someone to still declare a property to be their ‘main dwelling’ even though they are living somewhere else under some circumstances.Question 3AnswerNeither of the statements are true (both are false)Only statement 1 is trueOnly statement 2 is trueBoth statements are true (neither are false)

The property tax on a house is an amount determined by the local government based on a percentage of which of the following?Land value and bank feesBank interest and insurance feeBuilding and land valueBuilding value and interest rate charged

The cost of land includes all of the following exceptGroup of answer choicesaccrued property taxes.real estate brokers' commissions.parking lots.closing costs.

The cost of land does not includeGroup of answer choicesannual property taxes.title fees.accrued property taxes assumed by the purchaser.real estate brokers' commission.

Which of the following is NOT an upfront cost when purchasing a house?Option feeProperty taxLegal feesStamp duty