Ch 12 - Real Estate

What term means: protects you from an unclean title

• title insurance

• mortgage

• MLS

• principle

• land survey

What term means: loan secured by the collateral of a specific real estate property

• title insurance

• mortgage

• MLS

• principle

• land survey

What term means: listing service real estate agents use

• equity

• home warranty

• MLS

• principle

• land survey

What term means: the face value of your mortgage, not including interest

• equity

• home warranty

• appreciation

• principle

• land survey

What term means: shows where property lines are

• equity

• home warranty

• appreciation

• principle

• land survey

What term means: the value of your house over and above the mortgage

• equity

• home warranty

• appreciation

• principle

• land survey

What term means: an agreement that ensures the structural soundness of a house

• equity

• home warranty

• appreciation

• principle

• land survey

What term means: an increase in value

• equity

• home warranty

• appreciation

• principle

• land survey

Baby Step 7 is to pay off your house

• true

• false

Answer explanation

Baby step 6 is to pay off your house. Baby step 7 is to build wealth and give

The best mortgage is an adjustable rate mortgage

• true

• false

Answer explanation

The best way to buy a house is to pay 100% down; but if you can't do that, the best mortgage is a 15-year, fixed rate conventional mortgage