Real Estate 101
This document is a legally binding contract between a buyer and seller for the sale of a piece of property.
What is a Purchase Agreement?
Lender that funds the loan
What is a Mortgage Originator?
A Buyer under contract in which the Buyer is contractually bound to use only one Broker.
What is a Buyer Representation Agreement- Exclusive?
This iconic symbol was first used in 1978 to represent "Above the Crowd" commitment.
What is a hot air balloon?
The person who said this quote "I shall call him squishy and he shall be mine. He shall be my squishy!"
Who is Dori?
43560 square feet is equal to
What is 1 acre?
What is an amount of money the buyer pays to the seller immediately upon signing the purchase agreement. Applied to final cash to close, but can also be forfeited to seller if buyer does not buy house?
What is the buyer's initial deposit/EMD?
A Buyer signs a Buyer Representation Agreement, however, the Buyer has the right to work with multiple Brokers/Agents.
What is a Buyer Representation Agreement- Non-Exclusive?
What do you call a belt with a watch on it?
What is "A waist of time?"
The quote "With great power comes great responsibility"
What is Spiderman?
Comparing monthly debt payments to monthly gross income is also known as
What is DTI (Debt to income ratio)?
What is the cost of borrowing money?
What is interest?
Buyer has three days after this date to give the Buyer a list of properties that Broker introduced to the Buyer.
What is the expiration date?
In what Country was Eloyda born?
What is Peru?
The quote "There's no crying in baseball."
What is A League of Their Own?
For self employed borrowers, what will a lender require?
What is 2 years tax returns?
How many days does a buyer have to move into a home to be owner occupied?
What is 60 days?
A Buyer/ Agent contract in which the Buyer makes no commitment to pay a commission to the Broker.
What is a Buyer Representation Agreement- Non-Exclusive, No Compensation.
What show did Chris Hudak star in when he was a wee lad?
What is "The Hudakians?"
The quote "I'll make him an offer he can't refuse"
What is The Godfather?
The price a buyer is willing to pay and a seller is willing to accept?
What is market value?
How much time is required for the buyer to have signed the Closing Disclosures, prior to closing?
What is 3 days?
A Broker can only show a Buyer properties not listed by the Broker.
What is Single Agency?
BONUS!!! 1000 Points!
What activity was Emily doing when Mike & Emily met for the first time camping?
What is shaving her armpits?
The quote " It's not a man purse. It's called a satchel/ Indiana Jones wears one."
What is Hangover?