FREDDIE MAC - CREDIT SMART
If a homebuyer works with a real estate agent who's friendly, willing to show
homes at convenient times and does a great job at marketing his or her service,
no further "homework" is needed by the homebuyer to find a good agent. -
ANSWERS-False
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
If a homebuyer works with a real estate agent who's friendly, willing to show
homes at convenient times and does a great job at marketing his or her service,
no further "homework" is needed by the homebuyer to find a good agent. -
ANSWERS-False
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
