Real Estate Foundations

Before you get started with the quiz, tell us what type of real estate investing you would like to be involved in. There are many types and it's ok if you aren't aware of them all. That's why you are taking a very good first step here.

Title is:

A document which is legal evidence of ownership of property.

A document conveying ownership from one party to another.

A document that obligates the borrower to repay a loan.

A document which secures a loan with real property.

After you get control of a property with an offer to purchase, you should:

Get to know the seller so you can learn more about the property.

Conduct your four-step evaluation of the property, confirming value, completing analysis, and conducting due diligence.

Enjoy a month of freedom from responsibility before you close on the property.

Try to meet the neighbors to learn about the neighborhood.

Leverage is:

When an irresistible force meets an immovable object.

A type of mortgage loan that investors use.

Using outside influence to increase power or gain.

Applying force to get what you want.

What is NOT true about the hype we hear from gurus?

Ordinary people can make money in real estate if they learn creative ways to transact.

Some real estate transactions can yield high return on investment.

Studying one course will automatically lead to huge profits in a short time frame.

There are some ways to make money in real estate using none of my own money and none of my own credit.

When finding investment property, you should ignore the emotional factors in a seller's life, such as a divorce, a move, or a job change.

False

True

Contingency clauses are a guaranteed way to protect yourself from all risk when making an offer.

True

False

During your four-part evaluation, you research and analyze the property, looking for reasons to reject it.

True

False

A lien is:

The document stating the terms of a line of credit.

Any legal claim against a property that must be paid off when a property is sold.

Used by investors to control a property.

Recorded at the county to indicate ownership.

One of the strongest indicators of a potential opportunity is:

The seller is getting a divorce.

A very high-priced home with a lot of equity.

The lowest priced home on the MLS.

All of these.

Escrow is:

The person who performs a real estate closing.

An item of value held by a third party until a specific condition is met.

An earnest money deposit.

A bank account for real estate deposits.

Real Estate Foundations

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