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Chapter 15: Real Estate Quiz
Test your knowledge of the real estate chapter material!
1 / 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!
2 / 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.
3 / 10
A real estate agent and a Realtor are the exact same thing.
The answer can be found on page 166.
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”).
4 / 10
What does FSBO stand for?
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.
5 / 10
When a borrower doesn’t make their payment within a specified time of the due date, typically 30 days, it is called what?
6 / 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!
7 / 10
Real estate is a niche beat that is unlikely to be a newsleader at your publication.
The answer can be found on page 156.
Correct! Everybody needs a roof over their head – even local businesses.
8 / 10
This is the difference between what a borrower owes on a mortgage and what the home is currently valued at.
That's correct!
9 / 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.
10 / 10
What is the first tip suggested in this chapter?
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.
Your score is
The average score is 90%
Restart quiz
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