Equity is defined as:
A) the fair market value of your home minus the amount you owe on loan(s) against the property.
B) the difference between the purchase price of your home and the current fair market value of your home.
C) the difference between the fair market value and the amount that has been depreciated for income tax purposes.
D) the real cost of borrowing purchase money for a house.

Question

Quizplus · Accepted Answer

Equity is the difference between the fair market value of a property and the outstanding balance of all liens on the property.

Equity Is Defined As