General Real Estate
A contract wherein both parties are obligated to perform in an exchange of promises.
What is Bilateral Contract
This is the only letter that doesn't appear in any US state name.
What is Q?
GRI
What is Graduate Realtor Institute?
The price per square foot of a house that is sold for $300,000 and has 2,000 square feet of living space.
What is $150 per square foot?
$300,000/2,000 = $150 per sq ft
"Ghostface" is a serial killer from this movie franchise?
What is scream?
Wyatt, Michele, Jen and Linsey
Who are Company Coaches?
The year Gary Greene was founded.
What is 1963?
The government's right to take private property for public use.
This is the only part of the body that cannot heal itself.
What is teeth?
PMI
What is Private Mortgage Insurance?
For a client to qualify for financing a new home purchase of $300,000, they must put at least 20% down. What is that amount?
What is $60,000?
This movie serial killer notably wears a red and green striped sweater?
What is Freddy Kruger (Nightmare on Elm Street)?
Lenders require this type of home insurance coverage.
What is replacement cost?
The national real estate network Gary Greene rejoined in 2012.
What is Better Homes and Gardens Real Estate?
The neutral third party that holds funds and documents until all conditions of a real estate sale are met.
What is escrow?
This is the national animal of Scotland.
What is unicorn?
PITI
A buyer is interested in purchasing a home valued at $300,000. The buyer has $60,000 available for a down payment. What is the LTV ratio for the amount they need to borrow?
What is 80%?
(240,000/$300,000) x 100 = 80%
A man who practices witchcraft?
What is a Warlock?
What is Boldtrail?
This organization has donated over $4 million to various community causes since it's inception in 1994.
What is the Gary Greene Foundation?
The difference between a property's market value and the amount owed on its mortgage.
What is equity?
This 1986 comedy stars Tom Hanks and Shelley Long as a couple who purchase a seemingly perfect dream home, only to discover its hidden flaws and endless repairs. The film humorously portrays the challenges of home renovation and the unpredictability of real estate investments.
What is The Money Pit?
HELOC
What is Home Equity Line of Credit?
The commission rate if the total commission on a $320,000 sale is $16,000.
What is 5%?
($16,000/$320,000)
What is Samhain?
This happens the 1st and 3rd of every month.
What is Compliance Q&A?
What is Heritage Texas Properties?
This clause allows a lender to demand full repayment of the mortgage if the borrower defaults on their loan payments.
What is an acceleration clause?
What is hashtag?
MUD
What is Municipal Utility District?
A property is sold, and the closing date is June 15th. The seller paid the property’s annual tax bill of $3,600 in full at the beginning of the year. Since the seller will not own the property for the entire year, the buyer must reimburse the seller for the portion of the year they will own the property. How much will the buyer have to reimburse the seller?
What is: $1,943.01
$3,600 x (197 days/365 days) = $1,943.01
The amount of candy the average American consumes each year?
What is 8 pounds?
This program allows you to stay licensed without the full commitment and allows you to refer business?
What is Greater Houston Referral Service?
As Houston's oldest relocation brokerage, Gary Greene has been assisting clients with moves since this year.
What is 1970?
The illegal act of a lender refusing to issue mortgages to a specific area.
What is redlining?
If this system in the human body were laid out flat, it would be more than 60,000 miles long.
What is circulatory system?
FIRPTA
A buyer has a gross monthly income of $5,000, total monthly debt payments of $500, and the lender’s qualifying ratio suggests that housing expenses should not exceed 28% of the monthly income. What is the maximum affordable mortgage?
What is $900?
($5,000 × 28%) – $500 = $900
In 1927 this country boasts the first recorded use of the phrase "trick or teat."
What is Canada?
When is December 1st?
Gary Greene celebrated this milestone anniversary in 2023, reflecting on its decades-long history in Houston.
What is the 60th anniversary?
This type of freehold life estate that grants someone ownership of a property for the duration of another person's life.
What is pur autre vie?
This is the name for the plastic or metal tube found on the ends of shoelaces?
What is aglet?
OLDCAR
What is obedience, loyalty, disclosure, confidentiality, accountability, reasonable care and diligence?
A seller wants to net $50,000 after paying off a loan of $65,000 and a real estate commission of 5%. Which list price would give the seller his or her net?
What is $115,000?
$50,000 $65,000 = $115,000
100%-5% = 95% (.95)
The origin of the jack-o'-lantern comes from the Irish folktale of Stingy Jack, who was condemned to carry a glowing ember in a carved turnip. The tradition moved to the United States when Irish immigrants discovered pumpkins were better for carving, but what root vegetable did the English use?
What is a beet?
When is the next Town Hall?
When is November 18?
What is the Sunshine Kids?
A type of home loan in which the interest rate and monthly payments can change periodically, based on changes in a corresponding financial index.
What is an adjustable-rate mortgage (ARM)?
The 1959 comedy Some Like It Hot ends with the final line "Nobody's perfect," spoken by this actor to Jack Lemmon.
Who is Marilyn Monroe?
REIT
What is Real estate investment trust?
How much of the second loan payment would apply to principal if the loan was originally $175,000 at 6% over 30 years with a monthly payment of $1,049.21?
What is $174.21?
Principal x Rate x Time (in months) = Interest
$175,000 x 6% = $10,500
$10,500/12 = $875
$1,049.21 - $875 = $174.21 (1st month principal part)
$175,000 - $174.21 = $174,825.79 (new loan balance)
$174,825.79 x 6% = $10,489.55 (12 mo. interest)
$10,489.55/12 = $874.13 (2nd mo. interest)
$1,049.21 - $874.13 = $175.08 (2nd mo. principal)
According to the song "Monster Mash" this creature was also at the party.
Who is the Wolfman?
Houston insurance rates are typically this percentage higher than the state average.
What is 31%?
Gary Greene has this many offices in the greater Houston area.