Lesson 22-2 Review

Front

completing an application to see how much money you would be qualified to borrow

Back

prequalify

Front

What is a real estate marketing service in which agents from many real estate agencies pool their home listings and agree to share commissions on the sales?

Back

Multiple Listing Service (MLS)

Front

a serious intent to be bound to an agreement

Back

offer

Front

an offer to buy property accompanied by a deposit

Back

earnest-money offer

Front

What is an offer that is dependent on obtaining financing and the property passing an inspection? Options: prequalify, contingent, acceptance, commission, escrow closer

Back

contingent

Front

a formal agreement to the terms of an offer, forming a contract between the parties

Back

acceptance

Front

a percentage of the sale price paid to real estate agents for their work

Back

commission

Front

an independent person who gathers and verifies information and prepares the closing statement

Back

escrow closer

Front

a mortgage on which the interest rate does not change

Back

fixed-rate mortgage

Front

What is a mortgage for which the interest rate changes in response to the movement of interest rates in the economy as a whole? Options: fixed-rate mortgage, adjustable-rate mortgage (ARM), title, title insurance, closing

Back

adjustable-rate mortgage (ARM)