Dollars and Sense: House Buying Quiz
Buying a home can be both thrilling and frustrating, but knowing how the process works beforehand will give you a leg up in your search. Take the House Buying Quiz to see how much you know.
Which of the following should you do before you start shopping for a house?
- sell your house
- check your credit score
- shop for furniture
When shopping for a house, you should also be shopping for a loan. Which status should you seek to give you an upper hand with a seller?
What is amortization?
- the process of taking out a second mortgage
- the process of drowning in debt from a mortgage
- the process of paying off the mortgage gradually
Which of the following mortgage terms gives you the maximum tax advantage?
- 15-year fixed rate
- 20-year fixed rate
- 30-year fixed rate
What percent down payment should you make in order to avoid having to get private mortgage insurance?
- 20 percent
- 35 percent
- 45 percent
How much should you expect to pay for a professional home inspection?
- $50 to $100
- $200 to $500
- $800 to $1100
Which of the following types of real estate agent works for an office that does not take listings of any kind and represents only buyers?
- exclusive buyer agent
- single agency buyer agent
- dual agent
If you sign an agreement with a buyer's agent, which kind of clause should you make sure the contract includes?
- fee escalation clause
- release clause
- lemon clause
After a seller has told you he has agreed to accept your offer and then backs out, what's your legal recourse?
- You can sue him and most likely get the house back.
- You can sue him for fraud and damages, but you probably won't get the house in the end.
- You have none -- a verbal agreement is non-binding.
Which of the following isn't a typical fee you'll have to pay in closing costs as a buyer?
- seller's agent fee
- notary fee
- escrow fee