General Real Estate
A contract wherein both parties are obligated to perform in an exchange of promises.
What is Bilateral Contract
The year Gary Greene was founded.
What is 1963?
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?
The government's right to take private property for public use.
The national real estate network Gary Greene rejoined in 2012.
What is Better Homes and Gardens Real Estate?
FIRPTA
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)?
The neutral third party that holds funds and documents until all conditions of a real estate sale are met.
What is escrow?
**The form that we are required to have as a rep agreement before we show houses to anyone. Which form would we use when we show a buyer our listing when they call of the sign?
What is Representation Disclosure Form 1417?
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?
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?
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
What is Samhain?
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?
The most popular adult Halloween candy.
What is m&m's?
PRM
What is Release of specific property from mortgage?
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
The amount of candy the average American consumes each year?
What is 8 pounds?