Home Ownership

Question 1

Agent’s Responsibility

Answer 1

ACOLD
accountable, confidential, obedient, loyal, diligent

Question 2

Statute of Frauds

Answer 2

contracts to buy and sell real estate require written evidence

Question 3

Critical contractual terms

Answer 3

what is being sold and location, sales terms, financing, commission (6% norm), length of agreement

Question 4

Offer sheet

Answer 4

buyer’s agent submits a conditional offer
cash or mortgage, settlement within X time, offer price, inspection, contingencies

Question 5

Benefits of homeownership

Answer 5

pride, establish credit, build wealth/equity, tax savings

Question 6

Monthly Costs

Answer 6

PITI(principle, interest, taxes, insurance), mortgage, repairs, maintenance, emergency fund

Question 7

Fair housing act

Answer 7

prohibits discrimination against a prospective homebuyer due to: race, ethnicity, gender, disability, etc.

Question 8

Jones v Mayer

Answer 8

SCOTUS prohibits racial discrimination when property is sold or rented

Question 9

Truth in lending act

Answer 9

protects you against inaccurate and unfair credit billing and credit card practices.