Unit 4 Purchasing a Home

Unit 4 Purchasing a Home

11th Grade

25 Qs

quiz-placeholder

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Unit 4 Purchasing a Home

Unit 4 Purchasing a Home

Assessment

Quiz

Business

11th Grade

Easy

Created by

D. Kelly

Used 4+ times

FREE Resource

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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