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Consumer Economics > Chapter 22-Buying A Home > Flashcards

Chapter 22-Buying A Home Flashcards

0
Q

An offer in response to another offer

A

Counteroffer

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1
Q

Expenses incurred in transferring ownership from seller to buyer in a real estate transaction

A

Closing costs

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2
Q

The difference between the market value of property and the amount owned on it

A

Equity

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3
Q

Real estate marketing service in which agents pool their home listings and agree to share commission on the sales

A

Multiple Listing Services

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4
Q

A formal document that expresses interest in entering into a contract with someone else; how much you will pay for the house

A

Offer

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5
Q

A loan to purchase real estate

A

Mortgage

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6
Q

Mortgage is one on which the interest rate does not change during the term of the loan

A

Fixed-rate

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7
Q

The…..of a home is the highest price that the property will bring on the market

A

Market value

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8
Q

A formal agreement to the terms of an offer; saying “yes”

A

Acceptance

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9
Q

A financial claim on property

A

Lien

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10
Q

A portion of the purchased price of real estate that a buyer deposits as evidence of good faith

A

Earnest money

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11
Q

Mortgage is one where the interest rate varies according to economic conditions

A

Adjustable-rate

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12
Q

The legal document that transfer title of real property

A

Deed

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13
Q

The meeting at which the title to the property is transferred from seller to buyer

A

Closing

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14
Q

The market value of homes tends to increase over time

A

Appreciate

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15
Q

A title that is free of any liens is considered to be

A

Clear

16
Q

Real estate agents earn….for their work, which is a percentage of the sale

A

Commission

17
Q

To ensure title is clear, you should order

A

Title search

18
Q

Real estate agents and bank professionals can…..or estimate the market value of your home by comparing it to similar homes recently

A

Appraise

19
Q

The interest you pay on your home loan, along with the property taxes, are tax deductible

A

True

20
Q

If you look hard enough, you can find a house that meets all your desires

A

False

21
Q

The most common source of downpayment money is banks

A

False

22
Q

A lien is a right or privilege one person has to use the land of another person

A

False

23
Q

A multiple listing service gives persons seeking to buy a home a greater exposure to available homes

A

True

24
Q

When a seller accepts an offer exactly as it was stated, this is called a counteroffer

A

False

25
Q

The more you spend for a house, the more money your real estate agent earns

A

True

26
Q

Most lenders require the borrower to have title insurance

A

True

27
Q

If you and the seller have agreed on the transaction, the house will be taken off the market until the deal is completed

A

True

28
Q

Home ownership offers

A

Financial advantages, quality-of-life advantages, and stability

29
Q

A legal document that establishes ownership

A

Title

30
Q

The cost of home ownership is lowered through

A

Tax deductibles

31
Q

Real estate agents typically earn commissions that are usually

A

5-7%

32
Q

Earnest money protects

A

Seller

33
Q

When you apply for a mortgage, what will be checked

A

References, credit history, and income

34
Q

Why might you view a house online

A

To view homes without being there in person

35
Q

To finance your purchase of a house, you must

A

Have funds for down payment, meet certain lending requirements, select type of mortgage

36
Q

What is the primary source of money in buying a house

A

Savings

37
Q

Who conducts a title search and issues a report

A

A title insurance company

Consumer Economics (10 decks)

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