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Buying a House Practice

Authored by Briana Townley

Life Skills

12th Grade

Used 1+ times

Buying a House Practice
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26 questions

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1.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

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on the market

When a home is officially for sale

The proportion of the loan that is charged with interest to the borrower.

The amount of the house that you have paid for, or the amount you would get if you sold the house.

2.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

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prepayment

When a person pays off a mortgage faster than planned

Fees paid at the sale of a home. May be paid by either the buyer or the seller.

A third party who keeps money & documents during the real estate transaction.

3.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

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foreclosure

A bank loan for the purchase of a home.

When a homebuyer fails to pay the mortgage and the home is sold by the bank to get the money back.

Fees paid at the sale of a home. May be paid by either the buyer or the seller.

4.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

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escrow

The proportion of the loan that is charged with interest to the borrower.

A third party who keeps money & documents during the real estate transaction.

When a home is officially for sale

5.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

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equity

The proportion of the loan that is charged with interest to the borrower.

When a home is officially for sale

The amount of the house that you have paid for, or the amount you would get if you sold the house.

6.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

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commission

A percentage of the sale price that goes to the seller's and buyer's agents. Usually paid by the seller.

A third party who keeps money & documents during the real estate transaction.

The proportion of the loan that is charged with interest to the borrower.

7.

MULTIPLE CHOICE QUESTION

5 mins • 1 pt

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master

A real estate agent - represents buyer or seller

A bank loan for the purchase of a home.

A principal bedroom in a house or apartment, usually the largest, and usually with an attached bathroom..

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