#1
What is a common type of financing used in real estate transactions?
Mortgage
ExplanationCommon loan for property purchase.
#2
Which document serves as evidence of ownership of a property?
Title deed
ExplanationLegal proof of property ownership.
#3
In real estate, what does the term 'appraisal' refer to?
Estimation of the value of a property
ExplanationValuation of property's worth.
#4
What is a 'down payment' in a real estate transaction?
Initial payment made by the buyer towards the purchase price
ExplanationBuyer's initial payment on property.
#5
What does 'PMI' stand for in real estate financing?
Private Mortgage Insurance
ExplanationInsurance protecting lender against default.
#6
What is the term for a real estate transaction where the buyer pays the entire purchase price upfront without financing?
Cash sale
ExplanationTransaction without financing.
#7
What is a 'lien' in the context of real estate?
Legal claim on a property for debt payment
ExplanationClaim for debt payment on property.
#8
What is a 'closing cost' in a real estate transaction?
Fees associated with finalizing the purchase or sale of a property
ExplanationExpenses to finalize property sale or purchase.
#9
What is the primary purpose of a real estate appraisal?
To determine the fair market value of a property
ExplanationDetermining property's fair market value.
#10
Which type of loan has a fixed interest rate and consistent monthly payments over the loan term?
Fixed-rate mortgage
ExplanationLoan with stable interest rate and payments.
#11
Which entity typically holds the legal title to a mortgaged property until the loan is fully repaid?
Lender
ExplanationEntity holding property title during mortgage.