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

The person who determines the value of the property is called

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

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

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

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

Is it good to go into foreclosure?

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

DTI stands for what?

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

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

Which is a BAD reason to borrow money?