Test Your Home Buying Knowledge

What is the first thing a buyer should do when they want to buy a home?

Search for homes online

Choose a Realtor

Contact a loan officer

Call multiple listing agents to start looking at homes

Sellers pay closing costs:

Always

Only if they get a full price offer

Sometimes, if the sales price allows room for it

Never

Listing agents:

Can represent the best interests of buyers and sellers at the same time

Will give buyers a better price if buyers don't have their own agent

Are the only agents that can show their own listings

Represent the best interest of sellers

Buyer Agents:

Are paid by the buyer

Represent the buyer's best interest

Get paid to show homes

Can only show their own broker's listing

Buyers should:

Call a different agent for each property they want to see

Find a home first and then see if they can qualify for a loan

Not commit to using one agent

Have one agent represent them

All Agents/Realtors:

Only work with their own listings

Only have one client at a time

Can show any listing on the MLS

Don't care if buyers use multiple agents

All Agents/Realtors:

Know everything about every listing

Want buyer clients to sign an exclusive Buyers Representation Agreement

Only work Monday-Friday 9:00 am - 5:00 pm

Charge their clients a fee

Most resale homes that qualify for an FHA loan are sold with:

A working stove/oven and dishwasher - all other appliances are a bonus

A working stove/oven, dishwasher, refrigerator - all other appliances are a bonus

A working stove/oven, dishwasher, microwave - all other appliances are a bonus

A working stove/oven, dishwasher, microwave, refrigerator, washer, dryer

One of the many things buyers should expect their agent to do for them is:

Have their best interest in mind

Know the answer to every question at any time

Get any offer accepted

Tell them about what loan they qualify for

When it comes to low offers:

A good buyer agent can get any price accepted

No buyer agent can make a seller accept an offer if the seller doesn't want to

All buyers should submit them on every property

A buyer should submit one if the property has been on the market a long time

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