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Real Estate Quiz #3:

The money money that you provide when you offer to buy a house is called ____________________

Appraisal money

Income

Earnest Money

Bankruptcy

True or false: When you buy someone's home, you can't offer them less than the price they are asking

True

False

Earnest money is usually about ______________________ percent of the purchase price

1 - 2%

10 - 20%

4 - 8%

50%

How are Earnest money and down payments related to one another?

They are the same thing

The earnest money goes toward the down payment

The earnest money occurs after the down payment

They have nothing to do with each other

If the seller doesn't take your offer, do you get your earnest money back?

Yes

A home inspection should be done before or after you make an offer to buy a house

Before

After

True or false: Every city requires you to get an inspection before you can buy a house

True

False

If my house costs $100,000 and I put down a $40,000 down payment, do I have to pay Private Mortgage Insurance?

Yes

Private Mortgage Insurance protects whose investment?

It protects the buyer

It protects the bank

It protects the seller

It protects the real estate agent

According to Dr Watkins, this is like a "safe deposit box"

Escrow

Earnest money

Deposit

Closing costs

True or false: You can legally buy a house with a lien on it

True

False

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