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Worksheets

REVA

Total questions: 10

Worksheet time: 3mins

Name
Class
Date
1.

Appraisal contingency

a)

the owner owes less on their mortgage

b)

allows a buyer to dissolve a purchase agreement if a home’s value is less than the sale price

c)

indicates that the seller is unwilling to perform most if not all repairs

d)

makes an offer on a property they haven’t seen

2.

Transfer of ownership

a)

tenants in common all own the property, but in different ratios

b)

there is joint ownership or tenancy of a property

c)

transfer of a property’s deed and title from the seller to the buyer

d)

the part of your property you actually own

3.

Equity

a)

the agent and depositary who collects the money, written instruments, documents, personal property, or other things of value

b)

the property is owned outright or the owner owes less on their mortgage

c)

the part of your property you actually own

d)

buyer makes an offer on a property they haven’t seen

4.

Blind offer

a)

“as is” condition usually indicates that the seller is unwilling to perform most if not all repairs

b)

allows a buyer to dissolve a purchase agreement if a home’s appraised value is less than the sale price

c)

buyer makes an offer on a property they haven’t seen

d)

seller accepts an offer from a buyer, that offer is contingent upon the buyer’s ability to meet certain conditions before finalization of the sale

5.

Cathedral Ceiling

a)

A ceiling that follows the underside of the roof or rafters, creating a sloped surface

b)

A projecting roof structure that shelters an entrance.

c)

The earliest type of classical Greek architecture

d)

A pitched roof terminating in a gable at one or both ends.

6.

Escrow holder

a)

a “fixer-upper” loan, which combines the mortgage loan with a loan to help pay for repairs or updates

b)

legal document transferring a title from the seller to the buyer

c)

the agent and depositary who collects the money, written instruments, documents, personal property, or other things of value

d)

protects lenders against below-market interest rates

7.

Double hung window

a)

A projecting shelf-like decorative element over a window.

b)

A window that is placed above a doorway.

c)

A window with top and bottom sashes that slide past each other vertically

d)

The bottom horizontal trim member at the base of a window projecting outward.

8.

Mortgage

a)

a term for the administrative aspects of maintaining your loan

b)

provides a revolving credit line that can be helpful in paying for large expenses or consolidating higher-interest rate debt on loans

c)

insurance to cover any losses or damages you might incur, such as natural disaster, theft, or damage

d)

the agreement between a borrower and a lender giving the lender the right to the borrower’s property

9.

Half-timbered building

a)

A building constructed with timber frame filled with plaster or brick.

b)

A brick oriented with the smaller end exposed on the face of the wall

c)

A short horizontal framing member that joins to studs in a wall

d)

A framing member usually significantly larger than other framing members that carry roof or floor loads over a certain span.

10.

Loan servicing

a)

the agreement between a borrower and a lender giving the lender the right to the borrower’s property

b)

the property is owned outright and has no mortgage remaining

c)

a term for the administrative aspects of maintaining your loan, from the dispersal of the loan to the time it’s paid in full

d)

makes an offer on a property they haven’t seen