Final transaction process_Quiz 4

What does the term "cooloff period" refer to in a property transaction?

• The period during which the buyer can withdraw their offer after signing the preliminary agreement

• The time reserved for home inspections

• The cooling process of a building's HVAC system

• The time required to secure a mortgage

A "deed (of sale)" is best defined as:

• A deposit paid by the buyer

• A legal document transferring property ownership

• A preliminary offer document

• A temporary lease agreement

What is a "private deed" in the context of real estate?

• A public record filed at the local government office

• A deed prepared privately without a notary's involvement

• The same as an exchange of contracts

• A deed that is automatically recorded electronically

In a real estate purchase, the "down payment" is:

• The full price of the property

• A portion of the purchase price paid upfront

• The cost of agency fees

• The final amount due at closing

Which document is known as the "preliminary sales agreement"?

• The final deed (of sale)

• The initial legally binding agreement outlining the main terms before the final contract

• A valuation report

• The mortgage approval letter

"Mortgage approval" refers to:

• The buyer's bank confirming that they will fund the loan

• The moment when the property's valuation is completed

• The final step in the contract signing process

• The transfer of keys after closing

What does the "keys handover" signify?

• The end of the cooling-off period

• The buyer officially receiving access to the property

• The signing of the preliminary sales agreement

• The moment the mortgage is approved

"Property tax" is:

• A fee paid to the real estate agent

• A tax levied on the ownership of property

• The amount used to calculate the down payment

• The cost of the property's private deed registration

In real estate, "valuation" refers to:

• An estimate of the property's market value

• The final purchase price after negotiation

• The fee the agent charges

• The process of signing the contract

What does "resale value" mean?

• The amount you must pay in agency fees

• The potential future market price when the property is sold again

• The appraisal value at the time of purchase

• The down payment required for a mortgage