Ch 22 buying a Home

The meeting at which the title to the property is transferred from seller to buyer is the closing.

• True

• False

A financial claim on property is called Deed

• True

• False

The value of a home is the highest price that the property will bring on the market is known as the Market value.

• True

• False

The title insurance is a policy protects the buyer and the lender against any claims arising from a defective title.

• True

• False

A legal document that transfers title of real property is the deed.

• True

• False

An acceptance is not a formal agreement to the terms of an offer.

• True

• False

Real Estate agents earn a commission for their work, which is a percentage of the sale price.

• True

• False

A rate mortgage that is a set rate is called an adjustable-rate.

• True

• False

An interest rate that varies is called a fixed rate.

• True

• False

Even though your equity in your home may be

increasing each year, you do not pay tax on it until

you sell your home.

• True

• False