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Buying a Home: Inspections

Total questions: 15

Worksheet time: 8mins

Name
Class
Date
1.

If an inspection unearths problems, you can negotiate with the seller to lower the home’s price or arrange for repairs before closing.

a)

TRUE

b)

FALSE

2.

A home inspection usually takes place right before the seller accepts an offer from the buyer.

a)

TRUE

b)

FALSE

3.

An _______ is a professional estimate of how much your property is worth. Mortgage lenders use appraisals to make sure the home is worth their lending amount.

a)
Evaluation
b)
Estimation
c)
Appraisal
d)
Assessment
4.

It’s important to note that the ____ _____ is typically responsible for paying for the inspection.

a)
real estate agent
b)
home buyer
c)
home seller
d)
home inspector
5.

The average cost of a home inspection can range from _________ but varies depending on different factors such as the location, age and size of the home.

a)

$350 to $450

b)
$1,000 to $5,000
c)
$100 to $500
d)
$10,000 to $50,000
6.

A ____ ______ ____is a clause added to a real estate contract stating that the purchase is contingent on the results of the home inspection.

a)
Inspection clause
b)
Home inspection contingency
c)
Inspection contingency
d)
Real estate contingency
7.

If you decide to add a home inspection contingency, you will have a specific time frame to schedule and conduct the inspection, as well as any potential problems.

a)

TRUE

b)

FALSE

8.

If there are any deal-breaking issues on the inspection report, the home inspection contingency empowers buyers to pull out of the sale and get back their ______.

a)
closing costs
b)

deposit

c)

earnest money

d)
mortgage approval
9.

You’ll want to be sure the person is bonded, insured and that the company only does ________ rather than repairs and renovations.

a)
electrical
b)

inspections

c)
painting
d)
plumbing
10.

This is also the right time to discuss what additional inspections you may need, such as a ___________, and ask if they can do all of them.

a)
roof inspection
b)
pest inspection
c)
home inspection
d)
foundation inspection
11.

When possible, we recommend home buyers attend their home inspection so they can see the damage firsthand and ask questions.

a)

TRUE

b)

FALSE

12.

As you’re walking through the house, try not to get hung up on the number of defects, as often these repairs are very major and costly.

a)

TRUE

b)

FALSE

13.

A good _______ will take the time to walk you through the report and their findings.

a)
teacher
b)

inspector

c)

consultant

d)
doctor
14.

In contrast, a ________________ is a document that states any undisclosed details or problems with the house that the seller is aware of that may not otherwise be obvious.

a)
buyer's disclosure
b)

agent's disclosure statement

c)

home inspector's disclosure statement

d)

seller's disclosure statement

15.

If your home inspection report contains significant damage, you may be able to ask the seller to cover the cost of the repairs or ________ a discount on the purchase price.

a)
request
b)
negotiate for
c)
demand
d)
refuse