Unit 4 Purchasing a Home
11th Grade
•25 Qs
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Unit 4 Purchasing a Home
Quiz
•
Business
•
11th Grade
•
Practice Problem
•
Easy
D. Kelly
Used 4+ times
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25 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a mortgage?
A type of insurance for homeowners
A loan used to buy a home or other real estate
A tax paid by homeowners
A legal decision impacting credit scores
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the term "mortgage rates" refer to?
The cost of home insurance
The interest rate charged on a mortgage loan
The initial payment made by the buyer
The final step in the home-buying process
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a down payment?
The interest rate on a mortgage
The final step in the home-buying process
Initial payment made by the buyer when purchasing a home
Taxes paid by homeowners
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the final step in the home-buying process?
Making an offer
Prequalification
Closing
Searching for properties
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the difference between prequalification and pre approval?
Prequalification is a thorough process, while pre approval is an estimate
Prequalification is an estimate, while pre approval is a thorough process
Prequalification involves making an offer, while pre approval involves closing
Prequalification is the final step, while pre approval is the initial step
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are property taxes?
Taxes paid by homeowners based on the value of their property
Initial payment made by the buyer
The interest rate charged on a mortgage loan
Legal decisions impacting credit scores
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What does the term "accepted offer" mean in real estate?
The initial payment made by the buyer
An agreement between a buyer and seller on the sale terms
The final step in the home-buying process
The interest rate charged on a mortgage loan
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