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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
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.
The answer can be found on page 167.
That's correct!
3 / 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.
4 / 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.
5 / 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.
6 / 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.
7 / 10
A real estate agent and a Realtor are the exact same thing.
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”).
8 / 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.
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
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.
Your score is
The average score is 95%
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