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Chapter 15: Real Estate Quiz
Test your knowledge of the real estate chapter material!
1 / 10
What does FSBO stand for?
The answer can be found on page 165.
Correct! Homes that are “For Sale By Owner” or "fizz-bo," are marketed by the owner with little to no help from a real estate professional.
2 / 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.
3 / 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.
4 / 10
Which of these is an example of a Government Sponsored Enterprise?
The answer can be found on page 167.
You got it! Freddie Mac and Fannie Mae are quasi-government entities created by Congress to provide public financial services.
5 / 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.
6 / 10
A type of mortgage where a borrower owes more than a property is worth.
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 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.
9 / 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.
10 / 10
When a borrower doesn’t make their payment within a specified time of the due date, typically 30 days, it is called what?
Your score is
The average score is 90%
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