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Chapter 15: Real Estate Quiz
Test your knowledge of the real estate chapter material!
1 / 10
An annual percentage rate for a mortgage is the same as the interest rate.
The answer can be found on page 167.
Correct! Although it may be the same as the interest rate, a mortgage APR includes the total cost of acquiring that credit such as any related closing fees.
2 / 10
You should never explain trends using indicators that contradict one another.
The answer can be found on page 163.
Correct! Your job is to explain the trends even when indicators are telling different stories. Showing “conflicting signals” is not a crime and will help your readers stay fully informed.
3 / 10
What does FSBO stand for?
The answer can be found on page 165.
Correct! Homes that are “For Sale By Owner” or "fizz-bo," are marketed by the owner with little to no help from a real estate professional.
4 / 10
Which of these is a trade group in the real estate business that is an excellent source of data and information?
The answer can be found on page 161.
Correct! A few other organizations include the National Association of Realtors, the Associated General Contractors of America, and the Mortgage Bankers Association.
5 / 10
Where is one place you can find standout stories on the real estate beat?
The answer can be found on pages 160-161.
Correct! There are a lot of places you can find out standout stories, including exhibit halls, agent meetings, social media, online, planning commissions, your newspaper, courthouse, model homes, and open houses.
6 / 10
To be pre-approved means a borrower has gotten a lender to commit to lend a fixed loan amount based on a completed and approved loan application without a specific property in mind. This is also called “pre-approved.”
The answer can be found on page 166.
Correct! Although commonly used interchangeably, there are differences between the two terms. Pre-qualified is the first step to becoming pre-approved and merely gives the borrower an idea of what amount they might be pre-approved for. Being pre-approved can speed up the buying process when house shopping and let buyers know what they can reasonably search for based on their financial situation.
7 / 10
Real estate is a niche beat that is unlikely to be a newsleader at your publication.
The answer can be found on page 156.
Correct! Everybody needs a roof over their head – even local businesses.
8 / 10
When a borrower doesn’t make their payment within a specified time of the due date, typically 30 days, it is called what?
9 / 10
This is a situation where an existing building is bought for its land value and the new property owner plans to demolish it for a new structure.
That's correct!
10 / 10
______ is a legal process where a lender attempts to recover the balance of a mortgage when a borrower has stopped making payments by forcing the sale of the property, often at an auction.
Correct!
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