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Two Minute Tips
Chapter 15: Real Estate Quiz
Test your knowledge of the real estate chapter material!
1 / 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.
2 / 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.
3 / 10
A benefit or discount offered to buyers, sellers, or renters to close a deal – whether that be a home sale or rental lease – is the definition of what?
The answer can be found on page 164.
That's right! Concessions for home sellers can include things such as covering the cost of repairs or new appliances. Renters may be offered concessions such as “1-month free” or waiving fees.
4 / 10
When a borrower doesn’t make their payment within a specified time of the due date, typically 30 days, it is called what?
The answer can be found on page 165.
5 / 10
A real estate agent and a Realtor are the exact same thing.
Correct! A real estate agent is a person who sells or rents housing or other buildings for clients. They do not have to be a Realtor (note the capital R, as the word is trademarked). Realtors are real estate agents who are members of The National Association of Realtors (also spelled in all capital letters as “REALTOR”).
6 / 10
When speaking with real estate consultants, what is important to know before quoting them?
The answer can be found on page 159.
That's correct!
7 / 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.
8 / 10
What is the first tip suggested in this chapter?
The answer can be found on page 156.
That's right! Although there are a lot of good tips in this chapter, you should always refer back to this one when writing a story.
9 / 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!
10 / 10
This is the difference between what a borrower owes on a mortgage and what the home is currently valued at.
Your score is
The average score is 90%
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