REAL 4000 Test 2 Dietz Questions and Answers | Latest Update | 2024/2025 | 100% Pass
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Course
REAL 4000
Institution
REAL 4000
REAL 4000 Test 2 Dietz Questions and
Answers | Latest Update | 2024/2025 |
100% Pass
What is the purpose of a property disclosure statement?
A property disclosure statement provides information about the condition and known issues
of a property to potential buyers.
What is earnest mone...
REAL 4000 Test 2 Dietz Questions and
Answers | Latest Update | 2024/2025 |
100% Pass
What is the purpose of a property disclosure statement?
✔✔ A property disclosure statement provides information about the condition and known issues
of a property to potential buyers.
What is earnest money deposit?
✔✔ An earnest money deposit is a payment made by the buyer to show commitment to
purchasing the property.
What does closing cost include?
✔✔ Closing costs include fees and expenses associated with finalizing a real estate transaction,
such as title insurance, appraisal fees, and attorney’s fees.
What is a home warranty?
✔✔ A home warranty is a service contract that covers the repair or replacement of major home
systems and appliances.
1
,What is comparative market analysis (CMA)?
✔✔ Comparative market analysis is a method used by real estate agents to estimate a property’s
value based on the sale prices of similar properties.
What does adjustable-rate mortgage mean?
✔✔ An adjustable-rate mortgage has an interest rate that can change periodically based on
market conditions.
What is principal and interest in a mortgage payment?
✔✔ Principal and interest are components of a mortgage payment where principal refers to the
original loan amount and interest is the cost of borrowing that amount.
What is real estate investment trust (REIT)?
✔✔ A real estate investment trust (REIT) is a company that owns, operates, or finances income-
producing real estate and offers shares to investors.
What is a short-term rental?
✔✔ A short-term rental is a rental property leased for a short period, often less than 30 days,
such as those listed on vacation rental platforms.
2
, What does seller’s market mean?
✔✔ A seller’s market occurs when demand for properties exceeds supply, giving sellers the
advantage in negotiations.
What is a real estate contract?
✔✔ A real estate contract is a legally binding agreement between parties involved in buying or
selling property.
What is refinancing?
✔✔ Refinancing is the process of replacing an existing mortgage with a new one, usually to
secure a better interest rate or terms.
What does market rent refer to?
✔✔ Market rent is the amount of rent that a property would command in the current rental
market based on comparable properties.
What is a lease option?
3
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