What do you know about Real Estate?

Quiz Questions

• 1.
  How much of a down payment is considered ideal for a conventional loan?

  • A.
    20% of the price of the house
  • B.
    50% of the price of the house
  • C.
    No down payment is needed.
  • D.
    10% of the price of the house.
• 2.
  What does 'MLS' stand for? 

  • A.
    "Many Lovely Sellers, a situation where buyers face a smorgasbord of housing options.
  • B.
    "My Life Sucks," the anguished state when you learn you can't afford a house you truly love.
  • C.
    "Multiple Listing Service," an online database of homes for sale.
• 3.
  What are 'comps'?

  • A.
    Compliments you should pay the seller in order to get the house.
  • B.
    Complications that could jeopardize a home sale.
  • C.
    The recent sales prices of homes similar to the one you're buying.
• 4.
  Mortgage pre-approval means...

  • A.
    You are approved to borrow up to a certain amount.
  • B.
    The seller has approved your mortgage.
  • C.
    You are approved to borrow as much money as you want to buy a home. 
• 5.
  What is earnest money? 

  • A.
    A bribe, handed to the seller in an unmarked envelope, to win a bidding war on a house.
  • B.
    A deposit you make with your offer on a house.
  • C.
    The total amount of money in your bank account to show sellers you're serious.
• 6.
  Select all that apply: Before you officially close the deal, which safeguards should you consider?

  • A.
    A title search
  • B.
    A home inspection
  • C.
    A home appraisal
• 7.
  What is appraised during a home appraisal?

  • A.
    If the home has any valuable antiques
  • B.
    If the home will become more valuable over time
  • C.
    If the home is worth the money you plan to pay for it
• 8.
  What can a home inspector can help you figure out?

  • A.
    The seller's reason for leaving
  • B.
    If the neighborhood's improving or going bad
  • C.
    If the house has major flaws
  • D.
    If the house needs a total decor makeover
• 9.
   Select all that apply: What happens at a home closing?

  • A.
    Buyers FINALLY get the keys to their new home
  • B.
    Buyers sign a bunch of paperwork
  • C.
    Buyers pay up their down payment on the house.
• 10.
  How much money do buyers typically pay real estate agents for their services?

  • A.
    Buyers pay their agent nothing; the home seller foots the bill.
  • B.
    Buyers pay their agent a commission of around 6% of the pricew of the house.
  • C.
    Buyers pay their agent a commission of around 3% of the price of the house.

Quiz Outcomes

• 1.
  Result 1