Home-Buying Basics - Final Assessment

Which type of skills does the presentation recommend you have before buying a home?

• Basic home repair skills

• Painting skills

• Public speaking skills

• Money-management skills

According to the presentation, lenders judge your ability to borrow based on which of the following?

• Age, gender and location

• Education, income and family size

• Income-to-age ratio

• Debt-to-income ratio

The presentation said most recommend having a down payment equal to what percentage of the home price?

• 5 percent

• 10 percent

• 20 percent

• 25 percent

According to the presentation, most sellers will only accept an offer from a buyer with which of the following?

• The same real estate agent as the seller

• An offer more than the asking price

• An FHA or VA loan

• A pre-approval letter

John Darden said one common mistake home buyers make is hiring which of the following?

• A professional home inspector

• An escrow lawyer

• A friend or relative as a real estate agent

• A personal home shopper

When house hunting, the presentation recommends limiting the homes you look at to which of the following?

• Homes within your budget

• Homes in your desired location

• Homes with the features you need

• Homes that are newly listed

The presentation recommends bringing which of the following to a house when looking at it with your real estate agent?

• Everyone who will live in the house

• A tape measurer

• A camera

• Someone who has bought a house before

In addition to making sure a home meets your needs, you should also check which of the following?

• The home qualifies for government support

• The home is a good investment

• The home’s seller is easy to work with

• The home will incorporate amortization

What does the presentation recommend you do if you find a home fitting your needs and budget?

• Continue looking for a few days

• Stop searching

• Revisit your three favorites

• Show the house to your parents

John Darden said a buyer may be able to negotiate to get the seller to pay for which of the following?

• Down payment

• Home inspection

• Closing costs

• Homeowners insurance