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Chapter 15: Real Estate Quiz
Test your knowledge of the real estate chapter material!
1 / 10
Where is one place you can find standout stories on the real estate beat?
The answer can be found on pages 160-161.
Correct! There are a lot of places you can find out standout stories, including exhibit halls, agent meetings, social media, online, planning commissions, your newspaper, courthouse, model homes, and open houses.
2 / 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.”
3 / 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.
4 / 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.
5 / 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.
6 / 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”).
7 / 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!
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
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.”
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.
10 / 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!
Your score is
The average score is 95%
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