Buying a Home - Lesson 2 (quizizz)

The average sales price of new homes sold in the United States from 1965 to 2024 has...

• increased.

• decreased.

• stayed the same.

A person would like to purchase a home. The type of loan chosen requires that they pay 3.5% of the home price before they begin making monthly payments. They will be paying a(n)

• down payment

• interest

• car payment

• credit score

The charges for settling a real estate transaction are also called _______costs.

• Mortgage

• Closing

• Possession

• Selling

Which of the following is NOT an upfront cost for buying a home?

• down payment

• earnest money

• closing costs

• taxes

You must give a 20% down payment to buy a home.

• True

• False

Earnest money...

• proves to a seller that you’re serious about buying their home.

• is money paid to your local government for community amenities and services, like public schools, roads and fire departments.

• includes the fees, taxes and administrative costs associated with buying a home

• is 3% of the sale price of a home.

A local move will cost less than an out-of-state move.

• True

• False

Property taxes...

• proves to a seller that you’re serious about buying their home.

• is money paid to your local government for community amenities and services, like public schools, roads and fire departments.

• includes the fees, taxes and administrative costs associated with buying a home

• is 3% of the sale price of a home.

What is an escrow account used for in the context of property taxes?

• To collect and hold funds for future personal savings

• To directly pay off personal debts

• To hold funds for a future purpose, specifically to cover property taxes and home insurance until they are due

• To invest in stocks and bonds

What does homeowners insurance primarily protect against?

• Home maintenance and repairs

• Losses due to covered risks like fire, theft, and weather damage

• Decline in property value

• Mortgage payments