@bizjournalism
Two Minute Tips
Main
About
Awards
Coverage Areas
Resources
Chapter 15: Real Estate Quiz
Test your knowledge of the real estate chapter material!
1 / 10
This is the difference between what a borrower owes on a mortgage and what the home is currently valued at.
The answer can be found on page 165.
That's correct!
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?
3 / 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!
4 / 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.
5 / 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.
6 / 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.”
7 / 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.
8 / 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.
9 / 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.
10 / 10
Real estate is a niche beat that is unlikely to be a newsleader at your publication.
Correct! Everybody needs a roof over their head – even local businesses.
Your score is
The average score is 95%
Restart quiz
Get Two Minute Tips For Business Journalism Delivered To Your Email Every Tuesday
Every Tuesday we send out a quick-read email with tips for business journalism. Sign up now and get one Tuesday.
