Bob Hogue Real Estate Questions and Answers Already Passed
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Bob Hogue Real Estate
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Bob Hogue Real Estate
Bob Hogue Real Estate Questions and
Answers Already Passed
What is the “fair housing act” designed to prevent in real estate transactions?
Discrimination based on race, color, religion, sex, national origin, disability, or familial
status.
What is a “listing agreement” in real e...
Bob Hogue Real Estate Questions and
Answers Already Passed
What is the “fair housing act” designed to prevent in real estate transactions?
✔✔ Discrimination based on race, color, religion, sex, national origin, disability, or familial
status.
What is a “listing agreement” in real estate?
✔✔ A contract between a property owner and a real estate broker authorizing the broker to find a
buyer for the property.
What is a “mortgage contingency” in a real estate purchase contract?
✔✔ A clause that allows the buyer to cancel the contract if they cannot obtain financing.
What does the term “adjustable-rate mortgage” (ARM) mean?
✔✔ A mortgage with an interest rate that can change periodically based on market conditions.
What is the purpose of a “home inspection” in a real estate transaction?
✔✔ To assess the condition of the property and identify any potential issues or repairs needed.
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,What is the role of a “real estate appraiser”?
✔✔ To provide an unbiased estimate of a property’s market value.
What does “principal” refer to in the context of a mortgage loan?
✔✔ The amount of money borrowed or still owed on a mortgage, excluding interest.
What is a “quitclaim deed” used for in real estate transactions?
✔✔ To transfer any interest the grantor has in the property without providing warranties.
What does the term “escrow” mean in real estate?
✔✔ Funds or documents held by a third party until certain conditions are met in the transaction.
What is a “deed of trust”?
✔✔ A document that pledges property as security for a loan and involves a third-party trustee.
What is the “closing process” in a real estate transaction?
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,✔✔ The final step where the property title is transferred from the seller to the buyer and all
financial transactions are completed.
What does the term “amortization” mean?
✔✔ The process of gradually paying off a loan through scheduled payments of principal and
interest.
What is a “property disclosure statement”?
✔✔ A document provided by the seller detailing known issues or defects with the property.
What is a “short sale” in real estate?
✔✔ A sale where the property is sold for less than the amount owed on the mortgage.
What is a “power of attorney” in real estate transactions?
✔✔ A legal document authorizing someone to act on behalf of another person in legal or
financial matters.
What does “title search” involve?
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, ✔✔ Reviewing public records to confirm the property’s ownership and check for any liens or
encumbrances.
What is the purpose of a “real estate broker” in a transaction?
✔✔ To facilitate the buying, selling, or leasing of property and to provide professional advice
and representation.
What is the difference between “gross income” and “net income” in real estate investment?
✔✔ Gross income is the total income generated from a property, while net income is the amount
remaining after deducting operating expenses and other costs.
What is an “exclusive right-to-sell” listing agreement?
✔✔ A contract where the broker is entitled to a commission if the property is sold during the
listing period, regardless of who finds the buyer.
What is a “lease option” in real estate?
✔✔ An agreement that gives a tenant the option to purchase the property after a specified period.
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