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Two Minute Tips
Chapter 15: Real Estate Quiz
Test your knowledge of the real estate chapter material!
1 / 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.
2 / 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.
3 / 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.
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
______ 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!
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
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!
8 / 10
An annual percentage rate for a mortgage is the same as the interest rate.
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.
9 / 10
This is the difference between what a borrower owes on a mortgage and what the home is currently valued at.
10 / 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.
Your score is
The average score is 90%
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