Real Estate Knowledge for Success

68 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!

TAKE THE QUIZ HERE!

WAHOOOOOOO! 

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! :) :) :) 

As a newbie, this boosted my confidence a bit. Thank you :)

I like the concept!  Good quiz, could be a bit more challenging but I enjoyed the break.

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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
Ok.

Q5: Pre-paid interest
Bill Gulley already addressed this

Q6: FHA Loans
Already addressed by Brock Y.

Q7: ARM
Ok.

Q8: Rates
Ok.

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

Q10: Fixed rate
Ok.

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.

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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.'

First 100% in my life :)

That was fun 9 out of 10  

Thank you for the quick quiz.  I am new, but I expect it gets much more complicated than this.  Thanks again!

Thanks for the quiz!! Keep them coming, that was fun :)

Good basic test.  Kind of easy but it made me feel like I knew something about real estate.

I think the degree of difficulty could be a little higher, but I like the concept.

@Account Closed ,

Do your research and build a quiz which teaches as it challenges rather than propagating newbie mistakes.

9/10 good quiz for newbies, but I enjoyed it, nevertheless. Thanks.

Great quiz thank you!

That was way to easy but fun on a rainy day ! keep it up :)

8/10. As s newbie. I feel like I achieved something. Lol. Not bad.

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