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(Virtual) Who Wants to be a Homebuyer Trivia Night! Flashcards | StudBud
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(Virtual) Who Wants to be a Homebuyer Trivia Night!
(Virtual) Who Wants to be a Homebuyer Trivia Night!
23 terms
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Flashcards
23 cards
F
Practice quiz
P
Host live
L
Questions
23
Answers
1
The money you put up
before
closing is called...
Earnest Money
Down Payment
Holy-Moly-That's-A-Lot-Of-Money Money
Pre-Approval Payment
2
Which of these does NOT get paid in your monthly mortgage payment?
Property Taxes
HOA Payment
Principal
Interest
3
What is the typical timeline from offer acceptance to closing?
14 Days
45 Days
90 Days
60 Days
4
This participant negotiates the terms of the purchase contract
Lender
Attorney
Inspector
Buyer's Agent
5
State Transfer Tax
False
True
6
Appraisal
False
True
7
This participantt ensures property title is legitimate
Buyer's Agent
Appraiser
Attorney
Title Company
8
How much are closing costs (as a % of purchase price) for the buyer?
15%
1%
2%
5%
9
A 1% drop in rates = $15K of buying power
True
False
10
What is the average down payment in the U.S.?
6%
20%
10%
3%
11
What does HOA stand for?
House Or Apartment
Home Ooooh Aaaaaah
Home Owners Association
Home Owner Activity
12
What is PMI?
Private Mortgage Insurance
Personal Mortgage Interest
Pimp MyHouseOutWith Ikea
Primary Mortgage Insurance
13
Agent Commission
True
False
14
Inspection
False
True
15
True or False: Homeowners' Net Worth is 20X that of renters
False
True
16
This participant evaluates the value of the property
Lender
Attorney
Inspector
Appraiser
17
What is the average price for a rental apartment in the U.S.?
$1242
$1527
$1696
$807
18
INSTAGRAM BONUS QUESTION!
Domino's
Pequod's
Jet's Pizza
Lou Malnati's
19
How much time does the average buyer spend looking for a home?
10 months
6 weeks
6 months
10 Weeks
20
This participant evaluates the buyer and property financials
Attorney
Title Company
Lender
Appraiser
21
This participant fills out the contract for purchase
Buyer's Agent
Appraiser
Title Company
Lender
22
What percentage of Millennials own homes in Chicago?
20%
30%
40%
10%
23
This participant assesses the structural and mechanical condition of the property
Title Company
Attorney
Appraiser
Inspector
