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Chapter 15: Real Estate Quiz
Test your knowledge of the real estate chapter material!
1 / 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.
The answer can be found on page 165.
That's right!
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
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.
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
This is the difference between what a borrower owes on a mortgage and what the home is currently valued at.
That's correct!
6 / 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.
7 / 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.
8 / 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.
9 / 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.
10 / 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.
Your score is
The average score is 90%
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