What is a credit score?

A numerical representation of an individual's creditworthiness

A type of loan for purchasing real estate

A legal decision impacting loan security

What are judgments in the context of real estate?

Legal decisions that may impact a person's credit score and ability to secure loans

What is a conventional mortgage?

C) A standard mortgage not insured or guaranteed by the government.

A) A mortgage with an interest rate that can change over time.

B) A government-backed loan program for first-time homebuyers.

D) A loan program for eligible veterans and their families.

What does FHA stand for?

A) Federal Housing Administration

B) Federal Homeowners Association

C) First-time Homebuyers Association

What is the purpose of a home inspection?

B) To assess the property's condition to identify any issues.

A) To evaluate the property's value to ensure it matches the loan amount.

C) To provide an opinion of a property’s fair market value.

D) To outline the terms and conditions of a real estate transaction.

What is a mortgage application?

A) A formal request for a loan to purchase the property.

B) A process of gradually paying off a loan over time.

C) An evaluation of the property's value.

D) An opinion of a property’s fair market value.

What is amortization?

A) The process of gradually paying off a loan over time through a series of equal installments.

B) The evaluation of the property's value to ensure it matches the loan amount.

C) An opinion of a property’s fair market value.

D) A legally binding agreement outlining the terms and conditions of a real estate transaction.

What is the appraisal process?

B) The evaluation of the property's value to ensure it matches the loan amount.

A) The process of gradually paying off a loan over time.

C) An opinion of a property’s fair market value.

D) A formal request for a loan to purchase the property.

What is an appraised value?

C) An opinion of a property’s fair market value.

A) The process of gradually paying off a loan over time.

B) The evaluation of the property's value to ensure it matches the loan amount.

D) A legally binding agreement outlining the terms and conditions of a real estate transaction.

What is a real estate contract?

B) A legally binding agreement outlining the terms and conditions of a real estate transaction.

A) A formal request for a loan to purchase the property.

C) An opinion of a property’s fair market value.

D) The process of gradually paying off a loan over time.

What does enforcement ensure in a real estate contract?

C) That all parties fulfill their obligations as outlined in the contract.

A) That the property’s value matches the loan amount.

B) That the property’s condition is assessed.

D) That the interest rate can change over time.

What is termination in the context of a real estate contract?

C) Ending a contract legally and addressing any consequences that may arise.

A) The process of gradually paying off a loan over time.

B) The evaluation of the property's value to ensure it matches the loan amount.

D) A formal request for a loan to purchase the property.

Unit 4 Purchasing a Home

Authored by D. Kelly

Business

11th Grade

Used 5+ times

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a mortgage?

A type of insurance for homeowners

A loan used to buy a home or other real estate

A tax paid by homeowners

A legal decision impacting credit scores

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the term "mortgage rates" refer to?

The cost of home insurance

The interest rate charged on a mortgage loan

The initial payment made by the buyer

The final step in the home-buying process

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is a down payment?

The interest rate on a mortgage

The final step in the home-buying process

Initial payment made by the buyer when purchasing a home

Taxes paid by homeowners

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the final step in the home-buying process?

Making an offer

Prequalification

Closing

Searching for properties

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the difference between prequalification and pre approval?

Prequalification is a thorough process, while pre approval is an estimate

Prequalification is an estimate, while pre approval is a thorough process

Prequalification involves making an offer, while pre approval involves closing

Prequalification is the final step, while pre approval is the initial step

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What are property taxes?

Taxes paid by homeowners based on the value of their property

Initial payment made by the buyer

The interest rate charged on a mortgage loan

Legal decisions impacting credit scores

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the term "accepted offer" mean in real estate?

The initial payment made by the buyer

An agreement between a buyer and seller on the sale terms

The final step in the home-buying process

The interest rate charged on a mortgage loan

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Unit 4 Purchasing a Home

What is a mortgage?

What does the term "mortgage rates" refer to?

What is a down payment?

What is the final step in the home-buying process?

What is the difference between prequalification and pre approval?

What are property taxes?

What does the term "accepted offer" mean in real estate?

What is a credit score?

What are judgments in the context of real estate?

What is the process of determining whether a person meets the requirements to obtain a mortgage loan called?

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