Global: Key Concepts in Real Estate and Homeownership Quiz

1 point(s)

Which of the following is a key component of a real estate contract?

Purchase price

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Mortgage interest rate

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Property tax rate

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Homeowner's insurance policy

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1 point(s)

What does PMI stand for in mortgage terms?

Private Mortgage Insurance

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Public Mortgage Interest

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Personal Money Investment

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Premium Mortgage Income

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1 point(s)

In a fixed-rate mortgage, the interest rate:

Remains the same throughout the loan term

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Fluctuates based on the market

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Changes every year

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Decreases over time

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1 point(s)

A larger down payment on a home can result in lower monthly mortgage payments.

True

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False

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1 point(s)

In a variable-rate mortgage, the interest rate is fixed for the entire loan term.

True

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False

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3 point(s)

Match each real estate term with its correct definition.

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A condition that must be met for a real estate contract to be binding
A deposit made by the buyer to show serious intent to purchase
The date by which the sale is finalized and ownership is transferred

Contingency

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Earnest Money Deposit

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Closing Date

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3 point(s)

Match each mortgage type with its correct characteristic.

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Interest rate remains the same throughout the loan term
Interest rate can fluctuate based on market changes
Initial payments cover only interest, with principal payments starting later

Fixed-Rate Mortgage

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Variable-Rate Mortgage

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Interest-Only Mortgage

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1 point(s)

Arrange these loan terms in order of increasing monthly payment amounts, starting with the lowest payment (longest term to shortest term): 30-year mortgage, 20-year mortgage, 15-year mortgage, 10-year mortgage.

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1 point(s)

Rank the following down payment percentages from smallest to largest: 5%, 10%, 15%, 20%.

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1 point(s)

How might understanding mortgage basics influence your decisions when purchasing a home?

This response will be reviewed and graded after submission.

Global: Key Concepts in Real Estate and Homeownership Quiz