How much do you really know about real estate? Take this quiz

January 9, 2023

How much do you really know about real estate? Take this quiz

1. A comparable analysis is the same and an appraisal? 

Answer: False - They are similar but the appraisal must be completed by a licensed appraiser.

 2. The passing of time is the only way for a home to appreciate in value? 

Answer: False - An appropriate remodel or update of a home may also increase the value of a home.

3. The term “AS-IS” in real estate implies that the buyer’s offer will not include requests for repairs or replacements, although this document does not 100% eliminate the possibility.

Answer: True

4. What should buyers expect to pay at or before closing on a home purchase?

A    Home Insurance

B    Escrow Fees

C    Title Insurance

C    Appraisal Fees

E    All of the above

Answer: E- All of the above

5. What fees are not typically a home owner's expense?

A  Property Taxes

B  Home Insurance

C  Incorporation Fees

Answer: C  Incorporation Fees - Incorporation costs are the costs a company incurs before it begins active business. 

6. Which of these loans protects you from rising interest rate?

A. Fixed-Rate loan

B. VA Loans

C. Adjustable-Rate Mortgages

Answer: A. Fixed-Rate loan



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