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Your lifestyle affects your housing buying decisions.

A) True
B) False

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Jim wants to make an offer to buy an older house.At this point,he should


A) Move into the house.
B) Set up a home inspection.
C) Contact the seller to purchase his lawn tools.
D) Close the purchase transaction.
E) Sign his mortgage papers.

F) A) and E)
G) A) and B)

Correct Answer

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Opal is a real estate agent who represents the buyer as well as the seller.In some states,the buyers are required to sign a disclosure acknowledging that they are aware that Opal is working as a(n)


A) Appraisal.
B) Contingency clause.
C) Dual agent.
D) Earnest money.
E) Purchase agreement.

F) None of the above
G) D) and E)

Correct Answer

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Your decision to rent or to buy your residence should be based solely on lifestyle factors.

A) True
B) False

Correct Answer

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Which of the following is a legal form of ownership in which the owners pay a monthly fee for maintenance of the common areas?


A) Condominium
B) Cooperative housing
C) Manufactured home
D) Single-family dwelling
E) Apartment

F) A) and B)
G) A) and E)

Correct Answer

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Identify three services that a real estate agent can provide.

Correct Answer

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Real estate agents can
• Suggest a selli...

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Carrie bought a house five years ago for $150,000.At that time she borrowed $140,000 from her bank.The house is now worth $162,000.Her PMI will automatically be dropped when her mortgage balance drops to


A) $117,000.
B) $122,000.
C) $140,000.
D) $150,000.
E) $162,000.

F) D) and E)
G) A) and E)

Correct Answer

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A real estate agent can provide a service to save you time and effort with selling your home.

A) True
B) False

Correct Answer

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Private mortgage insurance


A) Cannot be avoided.
B) Is part of all mortgages.
C) Is usually required if the down payment is less than 25%.
D) Must be terminated automatically when the home owner's equity reaches 22% of the property value at the time the loan was initiated.
E) Protects the buyer from financial loss if the value of the home increases.

F) B) and D)
G) A) and E)

Correct Answer

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Major factors that affect the affordability of your mortgage include all of the following except


A) The amount available for a down payment.
B) Current mortgage rates.
C) Income.
D) Length of the loan.
E) Size of the home.

F) A) and E)
G) A) and C)

Correct Answer

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A condominium is a form of housing in which the units in a building are owned by a nonprofit organization.

A) True
B) False

Correct Answer

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Showing 101 - 111 of 111

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