Terminology Review 8-Buying A House

What is the role of a Buyer's Agent in real estate?

• To sell properties on behalf of the seller

• To help buyers find and purchase properties that meet their needs and budget

• To inspect homes for potential buyers

• To provide loans for home purchases

What do Closing Costs typically include?

• Only the down payment

• Fees for appraisal, title insurance, and inspections

• The cost of moving services

• The real estate agent's commission

What is a Contingency in a real estate transaction?

• A type of mortgage

• A condition that must be met before a sale is finalized

• A fee paid to the lender

• A type of insurance

What is a Counteroffer?

• An initial offer made by a buyer

• A response to an offer that suggests specific changes

• A final agreement in a sale

• A type of loan

What is the purpose of Down Payment Assistance programs?

• To cover the entire cost of a home

• To help people pay for some of the upfront costs of buying a house

• To provide insurance for home buyers

• To offer legal advice during the buying process

What is an Escrow in real estate?

• A type of loan

• An agreement where a third party holds assets during a transaction

• A fee paid to the real estate agent

• A type of insurance

What is an FHA Loan?

• A loan with the highest interest rates

• A type of mortgage insured by the government

• A loan only available to first-time buyers

• A loan that requires no down payment

What does Generational Wealth refer to?

• The total income of a family in a year

• The assets, resources, and financial advantages passed down within a family

• The value of a single property

• The savings account of an individual

What is a Home Appraisal?

• A legal document for home ownership

• An estimate of a home’s value based on its features and comparable homes

• A type of insurance for homeowners

• A fee paid to the real estate agent

What is the purpose of a Home Inspection?

• To determine the market value of a home

• To assess the condition of a home before purchase

• To provide insurance for the home

• To finalize the sale of a home