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Chapter 15: Real Estate Quiz
Test your knowledge of the real estate chapter material!
1 / 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.”
2 / 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!
3 / 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.
4 / 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.
5 / 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.
6 / 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!
7 / 10
This is the difference between what a borrower owes on a mortgage and what the home is currently valued at.
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
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.
10 / 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.
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