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Real Estate Quiz #2: Appraisals, contingencies and foreclosures: Self Study exam

The person who determines the value of the property is called

The appraiser

The producer

The investor

The seller

According to Dr Watkins, what will NOT influence the appraisal value of a home?

The number of bedrooms

The shape of the house

The neighborhood that the house is in

The number of bathrooms

True or false: A bank will not usually loan you money to buy a home if it has not been appraised

True

False

True or false: To use an appraiser, you must be either trying to buy or sell a house

True

False

True or false: Contingencies can keep a house from being sold

True

False

Is it good to go into foreclosure?

Yes

True or false: Foreclosure means the bank can take your house

True

False

DTI stands for what?

Don't Tell the Investors

Debt-To-Interest

Debt-To-Income

Dogs-Take-Icecream

If my monthly debt payments are $500 and my income is $1,000 per month, my DTI is what?

500

1000

True or false: A person with a high DTI can usually buy a bigger house

Yes

Which is a BAD reason to borrow money?

To buy a home

To start a business

To get an education

To go on vacation

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