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WorksheetsReal Estate Basics
Total questions: 20
Worksheet time: 14mins
You'll need to have a minimum down payment of ___ of the total cost of the house you want to buy.
20%
10%
5%
15%
_______________ means you pay someone else each month for a place to live.
house poor
equity
owning a home
renting
__________ is the difference between what a house is worth and what is still owed on it.
equity
mortgage
investment amount
life of the loan
Apartment ______________ such as a pool, fitness center, and other perks are nice but usually mean higher rent prices.
upgrades
luxuries
amenities
benefits
Another word used for "renting" is:
buying
leasing
investing
owning
A loan obtained for a home purchase is a(n)
equity
inspection
lease
mortgage
An individually owned unit in an apartment style complex with shared ownership of common areas.
Condominium
Duplex
Triplex
Apartment
What is industrial real estate?
Properties used for agricultural purposes
Properties used for entertainment and leisure activities
Properties used for residential purposes
Properties used for manufacturing, production, research and development, storage, and distribution of goods
What is commercial real estate?
Industrial property for manufacturing
Residential property for personal use
Property used for business purposes
Vacant land for agricultural purposes
What is residential real estate?
Vacant land with no buildings
Industrial properties used for manufacturing
Commercial properties used for business purposes
Properties used for living purposes
What is real property?
Cars and vehicles
Pets and animals
Land, buildings, and permanent structures
Furniture and appliances
An apartment is considered to be which type of real estate?
Vacant Land
Industrial
Residential
Commercial
Which of the following is NOT an example of Vacant Land?
Vacant Building Lot
Amazon Distribution Centre
Cows in a Pasture
Wheat crops growing in a field
You have recently purchased a house for $300,000. Your down payment was $50,000.
How much home equity do you currently have?
$300,000
$350,000
$50,000
$250,000
Five years ago you bought a house for $300,000. It was recently appraised and valued at $375,000.
You currently owe $275,000 on your mortgage. How much home equity do you currently have?
$300,000
$100,000
$275,000
$375,000
Which of the following is a defining characteristic of real estate.
It costs more than what most people can afford.
There is an unlimited amount of it.
It is unmovable.
It must have a house to be considered real estate.
A shopping centre is an example of which type of real estate?
Commercial
Residential
Industrial
Vacant Land
A tenant is a person who....
likes to tent on the weekends.
owns an apartment building.
has ten pets.
pays rent to live in a home.
When you receive a mortgage for a home, it is actually the bank that owns the house until the mortgage is paid in full.
True
False
A condo is a type of...
Industrial real estate.
Residential Real Estate.
Vacant Land.
Commercial Real Estate.
