Test your knowledge with this basic real estate quiz
Test Your Real Estate Knowledge
Are you ready to see how well you understand the world of real estate? This quiz covers everything from mortgage payments to condo fees, designed for both aspiring homeowners and seasoned real estate enthusiasts.
Put your knowledge to the test and see if you can score top marks!
- 10 Multiple Choice Questions
- Ideal for first-time homebuyers and real estate buffs
- Learn valuable insights about the real estate market
What is the recommended percentage of income you should spend on a monthly mortgage payment?
28% to 32%
16% to 20%
40% to 44%
10% to 14%
What is the minimum downpayment for a home purchase by a first time buyer in Canada?
10%
20%
5%
15%
How large must your downpayment be to avoid needing mortgage default insurance?
5%
20%
10%
15%
How much downpayment is RECOMMENDED when purchasing a home?
20%
15%
25%
30%
If you don’t have a downpayment, you can still buy a house by taking which action?
Financing the downpayment with a separate loan
Mortgaging the entire purchase price
Paying extra towards principal each month
Extending to a 35 years mortgage term
Which of the following is included in Condo Fees?
Reserve Fund Contribution
Building Insurance
Maintenance & Repair of common property
All of the above
How does a buyer know how much he/she can afford to purchase?
Credit Report
Mortgage pre-approval
Accountant
What could be a disadvantage of having a short term fixed mortgage rate?
Borrower will always know exactly how much of a payment is due each month
Renewal date falling due as interest rates drop significantly
Renewal date falling due as interest rates spike
Which type of Mortgage rate fluctuates with the rise and fall of interest rates?
Fixed
Variable
When is the right time to start searching for your next home?
After pandemic
In 5 years
Now
Never
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