Ag Business: Home-Buying Basics
Debt-to-income ratio
According to the presentation, lenders judge your ability to borrow based on which of the following?
A pre-approval letter
According to the presentation, most sellers will only accept an offer from a buyer with which of the following?
Square footage and number of bedrooms and bathrooms
According to the segment, which of the following is the most fundamental of considerations?
Drive by the homes to get a feel for the neighborhood
After finding homes you are interest in online, the segment recommends doing which of the following?
Settlement
Closing is also known as which of the following?
Your general financial plan
Good mortgage lenders should talk to you about your mortgage options as well as which of the following?
The home is a good investment
In addition to making sure a home meets your needs, you should also check which of the following?
Closing costs
John Darden said a buyer may be able to negotiate to get the seller to pay for which of the following?
Runs a competitive market analysis
John Darden said he does which of the following to determine if a house is priced well?
$5,000
John Darden said if you are buying a $150,000 home, closing costs will likely be around which of the following?
Full time
John Darden said it is crucial to get with an agent who is which of the following?
A friend or relative as a real estate agent
John Darden said one common mistake home buyers make is hiring which of the following?
3.5 percent of the home price
John Darden said the minimum the government requires to a down payment is which of the following?
12 to 15 seconds
John Darden said when looking at houses in person, he thinks it takes about how many seconds for a buyer to decide if a home is undesirable?
A camera
The presentation recommends bringing which of the following to a house when looking at it with your real estate agent?
20 percent
The presentation said most recommend having a down payment equal to what percentage of the home price?
www.AnnualCreditReport.com
The segment recommends checking your credit score for free at which of the following websites?
An emergency savings fund
The segment recommends having which of the following before buying a home?
Blank lines or spaces
The segment recommends not signing forms with which of the following?
36 to 38 percent
The segment recommends spending no more than what percentage of your total pay on debts?
Stop searching
What does the presentation recommend you do if you find a home fitting your needs and budget?
Only homes in your budget
When house hunting, the presentation recommends limiting the homes you look at to which of the following?
Mutual acceptance
When the seller and the buyer reach an agreement, it is known as which of the following?
A detailed written document that, once signed by both parties, becomes a legally binding contract
Which of the following accurately defines an offer to purchase?
The process during which the title of the property is transferred to the buyer
Which of the following accurately describes closing?
Performing a few interviews with them
Which of the following does the segment recommend doing before selecting a lender and/or real estate agent?
Publish it
Which of the following is NOT an appropriate way a seller can respond to an offer to purchase?
The previous owners' demographic profiles
Which of the following is NOT one of the factors the segment said can help you decide whether a house is a good investment?
Proof of citizenship
Which of the following is NOT one of the items the segment said you will likely need at closing?
Persuade
Which of the following is NOT one of the parts of a real estate agent's job as described by John Darden?
Terms for tentative period
Which of the following is NOT one of the points which should be included in an offer to purchase?
FindaHome.com
Which of the following is NOT one of the websites offering national listings which was recommended in the segment?
Flexibility
Which of the following is an advantage of renting as discussed in the segment?
Pre-approval letter
Which of the following is the term used to describe the written proof that a lender is willing and ready to lend you a specific amount of money for a mortgage?
Money-management skills
Which type of skills does the presentation recommend you have before buying a home?
Offer to Purchase
detailed written document which, once signed by both parties, becomes a legally binding contract
Interest
fee charged by a lender for the use of borrowed money; expressed as a percentage of the amount borrowed
Inflation
increase in price levels and reduction in the value of mone
Mortgage
loan to finance the purchase of real estate
Debt-to-income Ratio
percentage of a person's income which goes toward paying debts; one way lenders measure an individual's ability to borrow
Real Estate Agent
person who is licensed to negotiate and arrange real estate sales
Closing
process during which the title to the property is transferred to the buyer, also known as settlement
Contingency
provision stating fulfillment of a contract depends on certain conditions
Credit History
record of how an individual has repaid debts in the past, used as a guide to measure the individual's ability to borrow
Equity
value of an owner's share in a property; value minus debt
Pre-approval
written proof a lender is willing and ready to lend an individual a specific amount of money for a mortgage based on verified income and assets
