Exemption


Definition of "Exemption"

Yolanda Lowe
  Berkshire Hathaway HomeServices

Size of estate passing free from estate and gift of taxes. The exempted amount as of January 1, 1987, is $600,000.


Search Real Estate Glossary

 

Related Real Estate Glossary terms

Limited Pollution Liabilitycoverage Form

Commercial liability insurance form providing coverage for an insured business in the event of a pol ...

Sub-Prime Borrower

A borrower who does not meet the underwriting requirements of mainstream lenders. Sub-prime borrowe ...

Investment Expenses

Expenses associated with the investment of the company's assets to include such items as transaction ...

Extended Coverage Endorsement

Extension of coverage available under the Standard Fire Policy. The standard policy only covers the ...

Model Furnishings

Interior furnishings included in a model unit. Model furnishings are chosen to highlight the feature ...

Risk-based Capital

Amount of required capital that the insurance company must maintain based on the inherent risks in t ...

Related Real Estate FAQ

What Is Depreciation?

Depreciation is a decline in the value of property due to general wear and tear, or is also known as ...

What Is Hazard Insurance?

Hazard insurance is insurance coverage that compensates for physical damage to a property from natur ...

What Is Underwriting?

Underwriting is the process of evaluating a loan to determine whether the loan is a good risk. ...

What Is A APR Loan?

This APR Calculator can be used to estimate the Annual Percentage Rate for a loan based on input par ...

What Type Of A Home Is A Condominium?

A condominium is a form of home ownership in which the owner owns the airspace within the walls but ...

What Is A Balloon Mortgage?

A type of mortgage in which the loan amount is amortized over the full length of the loan (usually 3 ...

Read why Real Estate Agent rates 5 Stars in 10 Agent Reviews
Read Reviews

Agents join here
Add our widget on your Website

Real Estate Advice

5 signs of house foundation problems 10 Tips for Homebuyers How Does The Home Loan Underwriting Process Work? What do Real Estate Attorneys do? How is Square Footage Determined?

FAQ

What is a convertible ARM? What is zoning? What is a APR Loan? What is a REALTOR®? What is a broker?