Real Estate Terminology Quiz

What is an Abstract of Title?

• A report made by a qualified person about the value of a property.

• A written history of the property title from its origin to the present.

• A statement of assets, liabilities and net worth.

• The forms used in the process of asking for a home loan.

What does Accrued Interest refer to?

• The total annual cost of a home loan including finance charges.

• The amount of interest due since the last payment.

• A list of each payment due on a mortgage loan.

• An increase in the value of real estate.

What is an Adjustable-Rate Mortgage Loan (ARM)?

• A mortgage in which the interest rate is fixed for the entire loan period.

• A mortgage in which the interest rate changes periodically according to market value.

• A mortgage in which the interest rate changes periodically according to a predetermined index.

• A written agreement by which a buyer agrees to buy and a seller agrees to sell a property.

What is an Agreement of Sale?

• The forms used and the process of asking for a home loan.

• A list of each payment due on a mortgage loan.

• A written document by which a Buyer agrees to buy and a Seller agrees to sell a property.

• A report made by a qualified person about the value of a property.

What does Amortization mean in the context of a debt?

• The appreciation of the debt over time.

• The process of increasing the interest rate on a loan periodically.

• The payment of a debt in equal installments that results in the retirement of the debt.

• A statement of assets, liabilities and net worth.

What is an Amortization Schedule?

• A report made by a qualified person about the value of a property.

• A statement of assets, liabilities and net worth.

• A list of each payment due on a mortgage loan, showing the amount applied to the principal, the amount applied to interest, and the remaining principal balance.

• The forms used and the process of asking for a home loan.

What does Annual Percentage Rate (APR) represent?

• The appreciation of real estate over a year.

• The amount of interest due since the last payment.

• A percentage of the amount of the home loan that represents the total annual cost of the loan, including finance charges.

• A written history of the property title from its origin to the present.

Tags

CCSS.7.RP.A.3

What is the purpose of an Application in the homebuying process?

• To provide a written history of the property title.

• To report the value of a property.

• To ask for a home loan.

• To list each payment due on a mortgage loan.

What is an Appraisal in the context of real estate?

• A list of each payment due on a mortgage loan.

• A statement of assets, liabilities and net worth.

• The forms used and the process of asking for a home loan.

• The report made by a qualified person, in which he gives his opinion as to the value of a property.

What does Appreciation refer to in real estate?

• A decrease in the value of real estate.

• The amount of interest due since the last payment.

• An increase in the value of real estate (property).

• The total annual cost of a home loan including finance charges.