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Chapter 15: Real Estate Quiz
Test your knowledge of the real estate chapter material!
1 / 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.
The answer can be found on page 165.
Correct!
2 / 10
This is the difference between what a borrower owes on a mortgage and what the home is currently valued at.
That's correct!
3 / 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.
4 / 10
A type of mortgage where a borrower owes more than a property is worth.
The answer can be found on page 167.
Correct! These borrowers are thought to be more susceptible to foreclosure. This is also called being “upside down” for being in “negative equity.”
5 / 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.
6 / 10
Which of these in on the "Don't forget!" checklist?
The answer can be found on pages 162-163.
That's right! Other items on that list include: your audience, use plain English, renters count, there is no perfect indicator, conventional wisdom can be wrong, and it's a volatile and cyclical business.
7 / 10
Which of these is an example of a Government Sponsored Enterprise?
You got it! Freddie Mac and Fannie Mae are quasi-government entities created by Congress to provide public financial services.
8 / 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.
9 / 10
Which one of these is not a type of mortgage?
The answer can be found on pages 164-167.
That’s correct! There are a variety of mortgage types, but “mammoth” is not one of them.
10 / 10
When a borrower falls behind on mortgage payments, the lender will officially notify the borrower that they are in legal “_______” of the terms of their mortgage. This typically leads to the start of the foreclosure process.
That's right!
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