section 15 unit 2 exam

Ken and Sue are purchasing a home but are short on the down payment required by their lender. Sue's mother offered to give them cash to help with the down payment. How much can Sue's mother give under current tax laws?

$30,000

Which organization manages and charters credit unions?

NCUA

What does NCUA stand for?

National Credit Union Administration

Who or what entity directs the activities of credit unions?

a board of directors

Though not a loan, buyers may be able to enlist the help of ______, who can give them a tax-free gift to help them with their purchase.

individuals, such as family members

Joe decided to borrow funds from his retirement account to fund the down payment on his new house. It's now two years later and he lost his job. What is true about his pension plan?

the loan must be repaid immediately

Anna is selling her home and met a nice young couple she really wanted to sell to, but they couldn't get financing. If Anna agrees to carry part of the loan for the buyers, what does she need to understand?

the risk involved

Who should sellers consult before agreeing to carry part of a loan for a buyer?

their financial advisor