Question 1

Franklin wants to sell his house himself.Which of the following is NOT correct about his sale?

Accepted Answer

A)  He should create a detailed information sheet and distribute it in stores and other public areas. 
B)  He should plan to spend time and effort in the sales process. 
C)  He should require potential buyers to provide names, addresses, telephone numbers, and background information. 
D)  He should show the house only when he is home alone. 
E)  He should provide information about the availability of financing and financing requirements. 
A)  He should create a detailed information sheet and distribute it in stores and other public areas. 
B)  He should plan to spend time and effort in the sales process. 
C)  He should require potential buyers to provide names, addresses, telephone numbers, and background information. 
D)  He should show the house only when he is home alone. 
E)  He should provide information about the availability of financing and financing requirements.

Question 2

Which of the following is an account used to pay property taxes and home insurance?

Accepted Answer

A)  Deed 
B)  Escrow 
C)  Mortgage 
D)  PMI 
E)  Points 
A)  Deed 
B)  Escrow 
C)  Mortgage 
D)  PMI 
E)  Points

Question 3

Ursula wants to have an interest rate that can increase or decrease during the life of her loan.She should look for a(n)

Accepted Answer

A)  ARM. 
B)  FHA loan. 
C)  Negative amortization. 
D)  Payment cap. 
E)  VA loan. 
A)  ARM. 
B)  FHA loan. 
C)  Negative amortization. 
D)  Payment cap. 
E)  VA loan.

Question 4

What are three major factors that affect the affordability of your mortgage?

Accepted Answer

Factors include income,other d

Question 5

What factors should you consider when determining how much you can afford for your home?

Accepted Answer

Factors include these:
• Funds available

Question 6

Diane purchased her house and had it assembled before it was moved to her lot.She purchased a

Accepted Answer

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

Question 7

Paul and Lora built their home.When they researched contractors,they paid attention to all of the following except

Accepted Answer

A)  Contractor's reputation and experience. 
B)  Contractor's relationship with suppliers and subcontractors. 
C)  Payment arrangements during construction. 
D)  Time and payment schedules. 
E)  Contractor's property tax payments during construction. 
A)  Contractor's reputation and experience. 
B)  Contractor's relationship with suppliers and subcontractors. 
C)  Payment arrangements during construction. 
D)  Time and payment schedules. 
E)  Contractor's property tax payments during construction.

Question 8

Home improvements will definitely increase the selling price of a house.

Accepted Answer

A) True 
 B)False

Question 9

Which of the following is NOT correct?

Accepted Answer

A)  Alex's daily maintenance and timely repairs around his home should increase his sale price. 
B)  Brenda's new hot tub will probably not increase the selling price more than her recently added storage space. 
C)  Caryn's suggestion to open drapes but keep lights turned off to conserve energy will give her property a positive image. 
D)  Darryl's decision to sell his house "by owner" could save him several thousands of dollars. 
E)  Eric's listing with a real estate agent will provide him with services such as advice on features of his home to highlight. 
A)  Alex's daily maintenance and timely repairs around his home should increase his sale price. 
B)  Brenda's new hot tub will probably not increase the selling price more than her recently added storage space. 
C)  Caryn's suggestion to open drapes but keep lights turned off to conserve energy will give her property a positive image. 
D)  Darryl's decision to sell his house "by owner" could save him several thousands of dollars. 
E)  Eric's listing with a real estate agent will provide him with services such as advice on features of his home to highlight.

Question 10

If your home is assessed for $200,000,the market value of the home should be less than $200,000.

Accepted Answer

A) True 
 B)False

Question 11

Georgina and Henry are looking at houses.Which of the following is correct?

Accepted Answer

A)  A "handyman's special" will be set at a higher price than one that is in "move-in condition." 
B)  They should assess the school system in the area they want to live. 
C)  The amount they can afford for housing will be primarily determined by the down payment. 
D)  Their first house should be their "dream house" and contain all the features desired. 
E)  All of these are correct. 
A)  A "handyman's special" will be set at a higher price than one that is in "move-in condition." 
B)  They should assess the school system in the area they want to live. 
C)  The amount they can afford for housing will be primarily determined by the down payment. 
D)  Their first house should be their "dream house" and contain all the features desired. 
E)  All of these are correct.

Question 12

Angela wanted to rent an apartment,so her landlord required her to sign a lease.The lease is a legal document that defines the conditions of her rental agreement.

Accepted Answer

A) True 
 B)False

Question 13

Most new mortgages are assumable.

Accepted Answer

A) True 
 B)False

Question 14

About 50% of home sales are by owner.

Accepted Answer

A) True 
 B)False

Question 15

A duplex is a house with two or more separate dwellings.

Accepted Answer

A) True 
 B)False

Question 16

What should a home buyer consider when evaluating a house?

Accepted Answer

A)  Zoning laws. 
B)  Location of businesses and future construction projects. 
C)  School system. 
D)  Property values of the community. 
E)  All of these should be evaluated. 
A)  Zoning laws. 
B)  Location of businesses and future construction projects. 
C)  School system. 
D)  Property values of the community. 
E)  All of these should be evaluated.

Question 17

Why should a tenant purchase renter's insurance?

Accepted Answer

Renter's insurance covers dama

Question 18

The tenant is the

Accepted Answer

A)  Lease. 
B)  Lessee. 
C)  Lessor. 
D)  Owner. 
E)  Sublease. 
A)  Lease. 
B)  Lessee. 
C)  Lessor. 
D)  Owner. 
E)  Sublease.

Question 19

If you have a mortgage that has fixed monthly payments and a very large final payment,you have a(n)

Accepted Answer

A)  Balloon mortgage. 
B)  Buy-down. 
C)  Convertible ARM. 
D)  Growing-equity mortgage. 
E)  Interest-only mortgage. 
A)  Balloon mortgage. 
B)  Buy-down. 
C)  Convertible ARM. 
D)  Growing-equity mortgage. 
E)  Interest-only mortgage.

Question 20

Which of the following is NOT correct regarding real estate agents?

Accepted Answer

A)  They can provide advice on features of your home to highlight. 
B)  They handle financial aspects of the sale. 
C)  They may include a presentation of your home on various websites. 
D)  They may screen potential buyers to determine if they will qualify for a mortgage for your home. 
E)  They require that you conduct your own showings. 
A)  They can provide advice on features of your home to highlight. 
B)  They handle financial aspects of the sale. 
C)  They may include a presentation of your home on various websites. 
D)  They may screen potential buyers to determine if they will qualify for a mortgage for your home. 
E)  They require that you conduct your own showings.

Franklin wants to sell his house himself.Which of the following is NOT correct about his sale?

Which of the following is an account used to pay property taxes and home insurance?

Ursula wants to have an interest rate that can increase or decrease during the life of her loan.She should look for a(n)

What are three major factors that affect the affordability of your mortgage?

What factors should you consider when determining how much you can afford for your home?

Diane purchased her house and had it assembled before it was moved to her lot.She purchased a

Paul and Lora built their home.When they researched contractors,they paid attention to all of the following except

Home improvements will definitely increase the selling price of a house.

Which of the following is NOT correct?

If your home is assessed for $200,000,the market value of the home should be less than $200,000.

Georgina and Henry are looking at houses.Which of the following is correct?

Angela wanted to rent an apartment,so her landlord required her to sign a lease.The lease is a legal document that defines the conditions of her rental agreement.

Most new mortgages are assumable.

About 50% of home sales are by owner.

A duplex is a house with two or more separate dwellings.

What should a home buyer consider when evaluating a house?

Why should a tenant purchase renter's insurance?

The tenant is the

If you have a mortgage that has fixed monthly payments and a very large final payment,you have a(n)

Which of the following is NOT correct regarding real estate agents?

Personal Financial Planning in Action

Money Management Skills

Taxes in Your Financial Plan

Financial Services: Savings Plans and Payment Account

Consumer Credit: Advantages, Dis-Advantages, Sources, and Costs

Consumer Purchasing Strategies and Wise Buying of Motor Vehicles

Home and Automobile Insurance

Health and Disability Income Insurance

Financial Planning With Life Insurance

Investing Basics and Evaluating Bonds

Investing in Stocks

Investing in Mutual Funds

Starting Early: Retirement and Estate Planning

Filters

Exam 7: Selecting and Financing Housing

Franklin wants to sell his house himself.Which of the following is NOT correct about his sale?

Which of the following is an account used to pay property taxes and home insurance?

Ursula wants to have an interest rate that can increase or decrease during the life of her loan.She should look for a(n)

What are three major factors that affect the affordability of your mortgage?

What factors should you consider when determining how much you can afford for your home?

Diane purchased her house and had it assembled before it was moved to her lot.She purchased a

Paul and Lora built their home.When they researched contractors,they paid attention to all of the following except

Home improvements will definitely increase the selling price of a house.

Which of the following is NOT correct?

If your home is assessed for $200,000,the market value of the home should be less than $200,000.

Georgina and Henry are looking at houses.Which of the following is correct?

Angela wanted to rent an apartment,so her landlord required her to sign a lease.The lease is a legal document that defines the conditions of her rental agreement.

Most new mortgages are assumable.

About 50% of home sales are by owner.

A duplex is a house with two or more separate dwellings.

What should a home buyer consider when evaluating a house?

Why should a tenant purchase renter's insurance?

The tenant is the

If you have a mortgage that has fixed monthly payments and a very large final payment,you have a(n)

Which of the following is NOT correct regarding real estate agents?

Personal Financial Planning in Action

Money Management Skills

Taxes in Your Financial Plan

Financial Services: Savings Plans and Payment Account

Consumer Credit: Advantages, Dis-Advantages, Sources, and Costs

Consumer Purchasing Strategies and Wise Buying of Motor Vehicles

Home and Automobile Insurance

Health and Disability Income Insurance

Financial Planning With Life Insurance

Investing Basics and Evaluating Bonds

Investing in Stocks

Investing in Mutual Funds

Starting Early: Retirement and Estate Planning

Filters