Real Estate Flashcard

Front

What is an advantage of renting a home versus buying?

Back

You do not plan on staying in that home for very long, and renting makes it easier for you to move.

Front

How can buying a house help to build wealth?

Back

When you sell your home, you can access the equity that you have built. This means that you will earn the difference between your home’s price and the amount that you still owe on the mortgage.

Front

How can a high credit score help someone buy a home?

Back

A high credit score can qualify her for a lower interest rate.

Front

Which one of the following is NOT considered an upfront cost?
Closing costs, Down Payment, Moving Costs

Back

Property taxes

Front

What is the largest expense that someone generally pays at the time they buy a house?

Back

Down payment

Front

A real estate agent can assist a buyer with all of the following EXCEPT…

Back

Removing negative information from a buyer’s credit report to get better interest rates.

Front

Miguel is looking for a home. He assesses his needs and wants and decides that he must have at least 2 bedrooms, a high-tech kitchen, gaming room, and small yard. Which of the following four listings is the BEST fit for Miguel’s needs and wants? A 3-bedroom home that has a standard kitchen, gaming room, and large yard. A 4-bedroom home that has a high-tech kitchen and small yard. A 2-bedroom home that has a standard kitchen, gaming room, and small yard. A 2-bedroom home that has a gaming room, pool, and karaoke machine.

Back

A 4-bedroom home that has a high-tech kitchen and small yard.

Front

What is a down payment?

Back

The amount of money that you pay towards a home at the time of purchase.

Front

Which of these factors is not a reason someone would be eligible for a special loan program: Veterans, teachers, firefighters; Low- to moderate- income; Being a first-time homebuyer; Doing well in your job and getting recommended by your employer

Back

Doing well in your job and getting recommended by your employer

Front

What does a down payment assistance program do?

Back

Help you pay for some of the upfront costs of buying a house.