FREDDIE MAC – CREDIT SMART EXAM
WITH CORRECT ACTUAL QUESTIONS AND
CORRECTLY WELL DEFINED ANSWERS
LATEST ALREADY GRADED A+
The neighborhood you choose to live in is not as important
as the home you choose to purchase. - ANSWERS-False
When you make a purchase offer, you should always offer
less than the asking price. - ANSWERS-False
Contingencies are factors that must be satisfied in order for
the deal to go forward. - ANSWERS-True
Buyers may request that some items within the home
convey, or transfer, with the purchase. Common examples
include appliances such as stoves, refrigerators, washers
and dryers. - ANSWERS-True
Earnest money is a non-refundable fee the buyer pays to the
seller upon making an offer. - ANSWERS-False
,A home inspection is ordered and paid for by the seller. -
ANSWERS-False
If the home inspector finds an issue with the property, the
buyer has several options, including the right to walk away
from the deal with no financial penalty if inspection results
are included as a contingency in the purchase offer. -
ANSWERS-True
Tenancy in Common is a type of ownership structure where
two or more people own the property, all with equal
ownership, and the share of each owner passes to the other
upon the other's death. - ANSWERS-False (description
included in question is JOINT TENANCY)
The lender will order an appraisal which substitutes for a
home inspection. - ANSWERS-False (appraisal does NOT
substitute a home inspection)
All perils are included in homeowner's insurance policies. -
ANSWERS-False
, The final walk-through gives the buyer a final chance to
make sure everything is in order at the property and resolve
any outstanding issues. - ANSWERS-True
The buyer will have plenty of time at closing to read all
documents in their entirety. - ANSWERS-False. (The closing
lasts about an hour and it's best for the buyer to ask their
attorney or closing agent to see copies of all documents
ahead of time.)
The mortgage secures the loan with the home, essentially
listing the home as collateral. - ANSWERS-True
If you get a fixed-rate mortgage, your monthly payment to
the lender won't change for the life of the loan. - ANSWERS-
False. (Although your principal and interest won't change if
you get a fixed-rate mortgage, your property taxes and
insurance payments are likely to change every year.)
If you have an emergency fund to cover 3 - 6 months of
expenses in case of loss of income, you've saved enough
money for home maintenance and repairs. - ANSWERS-False
WITH CORRECT ACTUAL QUESTIONS AND
CORRECTLY WELL DEFINED ANSWERS
LATEST ALREADY GRADED A+
The neighborhood you choose to live in is not as important
as the home you choose to purchase. - ANSWERS-False
When you make a purchase offer, you should always offer
less than the asking price. - ANSWERS-False
Contingencies are factors that must be satisfied in order for
the deal to go forward. - ANSWERS-True
Buyers may request that some items within the home
convey, or transfer, with the purchase. Common examples
include appliances such as stoves, refrigerators, washers
and dryers. - ANSWERS-True
Earnest money is a non-refundable fee the buyer pays to the
seller upon making an offer. - ANSWERS-False
,A home inspection is ordered and paid for by the seller. -
ANSWERS-False
If the home inspector finds an issue with the property, the
buyer has several options, including the right to walk away
from the deal with no financial penalty if inspection results
are included as a contingency in the purchase offer. -
ANSWERS-True
Tenancy in Common is a type of ownership structure where
two or more people own the property, all with equal
ownership, and the share of each owner passes to the other
upon the other's death. - ANSWERS-False (description
included in question is JOINT TENANCY)
The lender will order an appraisal which substitutes for a
home inspection. - ANSWERS-False (appraisal does NOT
substitute a home inspection)
All perils are included in homeowner's insurance policies. -
ANSWERS-False
, The final walk-through gives the buyer a final chance to
make sure everything is in order at the property and resolve
any outstanding issues. - ANSWERS-True
The buyer will have plenty of time at closing to read all
documents in their entirety. - ANSWERS-False. (The closing
lasts about an hour and it's best for the buyer to ask their
attorney or closing agent to see copies of all documents
ahead of time.)
The mortgage secures the loan with the home, essentially
listing the home as collateral. - ANSWERS-True
If you get a fixed-rate mortgage, your monthly payment to
the lender won't change for the life of the loan. - ANSWERS-
False. (Although your principal and interest won't change if
you get a fixed-rate mortgage, your property taxes and
insurance payments are likely to change every year.)
If you have an emergency fund to cover 3 - 6 months of
expenses in case of loss of income, you've saved enough
money for home maintenance and repairs. - ANSWERS-False
