WorksheetsReal Estate and Home-buying Quiz
Total questions: 11
Worksheet time: 6mins
What is the definition of Equity in the context of home-buying?
Loan to finance the purchase of real estate
Value of an owner's share in a property; value minus debt
Process during which the title to the property is transferred to the buyer
Record of how an individual has repaid debts in the past
What does a Mortgage refer to?
Increase in price levels and reduction in the value of money
Loan to finance the purchase of real estate
Written proof a lender is willing and ready to lend to an individual
Detailed written document which becomes a legally binding contract once signed
What is Inflation?
Process during which the title to the property is transferred to the buyer
Value of an owner's share in a property; value minus debt
Increase in price levels and reduction in the value of money
Percentage of a person's income which goes toward paying debts
What does the Debt-to-income Ratio help to measure?
The value of an owner's share in a property
An individual's ability to borrow
The interest charged by a lender for the use of borrowed money
The duties of a Real Estate Agent
What is Credit History used for?
To provide written proof of a lender's willingness to lend
To measure the individual's ability to borrow
To negotiate and arrange real estate sales
To state the fulfillment of a contract depends on certain conditions
What is Interest in the context of borrowing money?
The process of transferring the title to the property to the buyer
The value of an owner's share in a property
The fee charged by a lender for the use of borrowed money
A provision stating fulfillment of a contract depends on certain conditions
What is Pre-approval?
A detailed written document which becomes a legally binding contract once signed
A loan to finance the purchase of real estate
Written proof a lender is willing and ready to lend to an individual a specific amount for a mortgage
The process during which the title to the property is transferred to the buyer
What is the role of a Real Estate Agent?
To provide a loan for the purchase of real estate
To measure an individual's ability to borrow
To negotiate and arrange real estate sales
To provide written proof of a lender's willingness to lend
What is an Offer to Purchase?
A loan to finance the purchase of real estate
A provision stating fulfillment of a contract depends on certain conditions
A detailed written document which becomes a legally binding contract once signed by both parties
The process during which the title to the property is transferred to the buyer
What does Contingency mean in a real estate contract?
The fee charged by a lender for the use of borrowed money
A provision stating fulfillment of a contract depends on certain conditions
The value of an owner's share in a property
Written proof a lender is willing and ready to lend to an individual
What is Closing in the context of home-buying?
The fee charged by a lender for the use of borrowed money
The process during which the title to the property is transferred to the buyer, also known as settlement
A detailed written document which becomes a legally binding contract once signed
A provision stating fulfillment of a contract depends on certain conditions
