Real Estate Transactions and Financing Quiz

Test your knowledge with 11 questions covering financing, transactions, mortgages, and terms related to real estate.

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What is a common type of financing used in real estate transactions?

Mortgage

Credit card

Personal loan

Student loan

Which document serves as evidence of ownership of a property?

Title deed

Rental agreement

Utility bill

Tax return

In real estate, what does the term 'appraisal' refer to?

Estimation of the value of a property

Property maintenance

Property renovation

Property inspection

What is a 'down payment' in a real estate transaction?

Initial payment made by the buyer towards the purchase price

Payment made to the real estate agent

Payment for property insurance

Payment for property appraisal

What does 'PMI' stand for in real estate financing?

Private Mortgage Insurance

Property Maintenance Inspection

Property Management Institute

Primary Mortgage Interest

What is the term for a real estate transaction where the buyer pays the entire purchase price upfront without financing?

Cash sale

Installment sale

Lease option

Mortgage sale

What is a 'lien' in the context of real estate?

Legal claim on a property for debt payment

A type of mortgage

A deed transfer document

Real estate tax assessment

What is a 'closing cost' in a real estate transaction?

Fees associated with finalizing the purchase or sale of a property

Monthly rent payments

Property taxes

Cost of property appraisal

What is the primary purpose of a real estate appraisal?

To determine the fair market value of a property

To assess property taxes

To obtain a mortgage

To transfer property ownership

#10

Which type of loan has a fixed interest rate and consistent monthly payments over the loan term?

Fixed-rate mortgage

Adjustable-rate mortgage

Balloon mortgage

Interest-only mortgage

#11

Which entity typically holds the legal title to a mortgaged property until the loan is fully repaid?

Lender

Borrower

Escrow agent

Title company