Real Estate Knowledge for Success

69 Replies

Hey BP'rs! Guess who got a new quiz up and running? WE DID!

Common - take a little time out of your day, and have a little real estate fun to start your weekend off right :)

Good luck! Have fun, and let us know what you think and if you would like see more of these quizzes on the site!



Hey @Hilary Catton great job! But it went to 10/11 and the next question didn't come up, not sure how many questions you had after "pre-paid interest". 

Just a note too, pre-paid interest also includes points  paid on the loan as well as interest from the settlement date to the end of that monthly period (not really that "month's interest). 

Check for feed back! :) :) :) 

You can have more than one FHA, just requires a relocation due to job or a large change in family size. I only know because I was going that route a couple of years ago due to a job relocation.

Q1: What is DTI ratio?
No correct answer is provided. The "correct" answer is wrong.

Q2: Rate Guarantee
The "correct" answer is only partly true. Things can still happen before closing, such as a rate lock expiring.

Q3: Earnest money
The "correct" answer is not entirely true. It's normally required to make a contract valid, but may or may not demonstrate anyone's attitude about the transaction.

Q4: Appraised value

Q5: Pre-paid interest
Bill Gulley already addressed this

Q6: FHA Loans
Already addressed by Brock Y.


Q8: Rates

Q9: Closing costs
"Correct" answer is misspelled and badly worded.

Q10: Fixed rate

Looks like you got better at it as you went, but is very amateurish - REI001, Non-transfer class, at best.

Apologies if that seems harsh. In my opinion, we should hold ourselves to a higher standard than that.

Thanx for pointing out the QZZR tool, however. Could be useful in the future.

@David Dachtera This is a multiple choice quiz not a text book. Explaining every caveat associated with the answers would have made the exercise burdensome and very time consuming. A few of the other comments like the fha correction were valid and constructive. The definition of earnest is resulting from showing sincere and intense conviction.

[Removed by Moderator]

It's not really fair when like 7 of the questions are mortgage stuff. LOL.

Just a note too, pre-paid interest also includes points paid on the loan as well as interest from the settlement date to the end of that monthly period (not really that "month's interest).

The CFPB-compliant paperwork breaks them out as distinct and different costs (page 2, boxes A and F). I'm not necessarily agreeing with the CFPB, or disagreeing with you, but the language used was 'compliant.'

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