Personal

If you have a $150,000 30-year 5% mortgage

$625.00

Opal is a real estate agent who represents the buyer as well as the seller. In some states, the buyers are required to sign a disclosure acknowledging that they are aware that Opal is working as

A dual agent.

If you are selling your house by owner, you should still enlist the assistance of

A lawyer or title company to assist with the contract, closing, and other legal matters.

Which of the following is NOT correct?

A) Lifestyle and financial factors should be analyzed to determine if you should rent or buy. B) Renting offers mobility. C) Renting is usually less costly in the short run. ~D) Traditional financial guidelines suggest that your home should cost about five times your annual income. E) Home ownership usually has long-term financial advantages.

What should a home buyer consider when evaluating a house?

All of these should be evaluated.

When Nancy buys her house, the mortgage company will usually conduct

An appraisal.

Paul and Lora built their home. When they researched contractors, they considered all of the following except

Contractor's property tax payments during construction.

Which of the following is a form of housing in which the units are owned by a nonprofit organization?

Cooperative housing

Frank and Diane want to buy a house. Which of the following do they need before they purchase a house?

Down payment.

Which of the following is an account used to pay property taxes and homeowner's insurance?

Escrow

Quinn applied for a loan.

Expected maintenance costs.

Paul is looking for a low interest, but Is not a veteran

FHA loan

Lonnie wanted to sell his house but didn't know what price to ask

His original cost

When Ingrid was selling her house, she contacted Gabe, her real estate agent, to help her with the sale. Gabe's services included all of the following except

Home appraisal.

Which of the following provides the tenant protection from rent increases?

Lease

A legal document that includes information about the due date of monthly rent is called a

Lease.

The tenant is the

Lessee

The owner/landlord is known as the

Lessor

Trenton wants to buy a house but can provide only a 10% down payment

PMI payments.

During the closing for a home purchase, you will normally do which of the following?

Pay all closing costs, settle last-minute details, and sign documents

Yvette has a flexible-rate mortgage that limits the amount

Payment cap.

A reverse mortgage

Provides older home owners with tax-free income

Jim wants to make an offer to buy an older house. At this point, he should

Set up a home inspection.

The opportunity to have another person take over rent payments and live in the rental unit is called (a)

Subletting.

Which of the following is NOT correct regarding real estate agents?

They require that you conduct your own showings.

Elaine purchased her living unit in a building with five other separate units. She purchased a

Townhouse.

As a result of being an armed services veteran, Dan should be eligible for a(n)

VA loan.

Ricky has a conventional mortgage

amortization

When Sam applied for a loan, he was assured that his rate would not change if he closed within 30 to 90 days. Sam had a(n) ________ on the interest rate.

lock

Private mortgage insurance

longest one

Rebecca paid extra money to reduce her mortgage interest rate. That extra money is called:

points