Real Estate

What does 'As-is' mean in a real estate listing?

• Seller is going to make renovations to the property

• Seller is fixing the property before they sell

• Condition that the seller is selling the property in

• To-see

During a home buying process, what does the term 'Appraisal' refer to?

• Rejection

• Assessment or evaluation estimating the value of how much the property is worth

• Negotiation on how much the property is worth

• Celebration on purchasing the property

What does 'closing' refer to in a real estate transaction?

• Signing the final documents for a mortgage

• Refers to when a buyer and seller finalize a real estate transaction

• The process of transferring ownership of the property

• The initial meeting between buyer and seller to discuss terms

Imagine you're buying your first home. What does the term 'closing cost' refer to in this context?

• The cost of property taxes

• The cost of home insurance

• The cost of a home inspection

• Fees and expenses associated with the purchase of a property

Imagine you run a bookstore. What does the term 'carrying cost' refer to in this context?

• Cost of purchasing books for inventory

• Cost of selling books from inventory

• Cost that you can record in the list of expenses

• Cost of manufacturing books for inventory

Imagine you're a real estate agent. What does 'Days on market' mean in your profession?

• Number of days a property is listed for sale before it is sold or taken off the market

• Number of days a property is under construction before it is sold

• Number of days a property is vacant before it is sold

• Number of days a property is rented before it is sold

Before investing in a new startup, what is the most crucial step?

• Quick decision making

• Thorough research and investigation

• Guesswork

• Ignoring important details

During the process of buying a house, who is typically responsible for holding the funds and documents until the transaction is completed?

• Buyer responsible for holding funds and documents

• Real estate agent responsible for holding funds and documents

• Neutral third party responsible for holding funds and documents during a real estate transaction

• Seller responsible for holding funds and documents

Exit Strategy

• Selling the land without making improvements

• Join Tenancy

• Cashing out on an investment property

• Selling an house

Imagine you've just moved into a new neighborhood. What is the role of the Homeowners Association in this context?

• Homeowners Association is an organization that makes and enforces rules for properties within its jurisdiction.

• Residential Committee

• Homeowners Union

• Household Association