HOMEOWNERSHIP EXAM QUESTIONS AND ANSWERS 100% CORRECT!
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Course
HOMEOWNERSHIP
Institution
HOMEOWNERSHIP
facilitator - ANSWER a real estate agent who helps complete the purchase agreement, usually when the buyer has decided not to use a buyer's agent
real estate attorney - ANSWER documents and reviews any offer. protects your rights, duties are clearly defined, helps resolve issues like title insur...
, HOMEOWNERSHIP EXAM QUESTIONS
AND ANSWERS 100% CORRECT!
purchase agreement - ANSWER A written contract signed by the buyer and seller
stating the terms and conditions under which a property will be sold.
buyer's agent - ANSWER A broker who represents a buyer in a real estate transaction.
seller's agent - ANSWER a broker or agent who only represents the seller
listing agent - ANSWER a broker or agent who only represents the seller
facilitator - ANSWER a real estate agent who helps complete the purchase agreement,
usually when the buyer has decided not to use a buyer's agent
real estate attorney - ANSWER documents and reviews any offer. protects your rights,
duties are clearly defined, helps resolve issues like title insurance and environmental
laws. needed to review closing documents
Home inspector - ANSWER looks for major issues you need to be aware of before
buying a home. water/structural damage, code violations, old roof, bad foundation
Home appraiser - ANSWER determines the homes value and confirms for the lender
that its' worth the price you plan to pya.
underwriter - ANSWER after the loan is processed, the underwriter approves your loan
on behalf of the lender. makes sure the loan is correct, can you afford the monthly
mortgage, is your credit history solid? underwriting is done manually and can take up to
2 months.
closing agent - ANSWER sometimes called an escrow officer. represents the title
company and facilitates the final transaction. makes sure all documents are correct
insurance agent - ANSWER before you can close on your mortgage you have to prove
that you've purchased enough homeowner or hazard insurance.
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