Real Estate Fundamentals
The written agreement outlining terms of the sale.
What is the Purchase Agreement
The initial payment made when purchasing a home.
What is a down payment.
The written disclosure of agency relationships in Michigan.
What is The Agency Disclosure.
The city known as the home of Ford Motor Company.
What is Dearborn.
6% commission on a $300,000 home equals this.
What is $18,000
The document that transfers ownership of property.
What is the Deed.
A government backed loan requiring 3.5% down.
What is an FHA Loan
The duty to keep client information private.
What is Confidentiality.
The body of water that forms Michigans Western Border.
What is Lake Michigan
A $300,000 home with 20% down equals this loan amount
What is $240,000
The person authorized to represent buyers and sellers in Real Estate.
What is an Agent
The percentage charged for borrowing money.
What is Interest Rate.
Representing both buyer and seller in a transaction.
What is Dual Agency.
The annual event showcasing homes across metro Detroit
What is The Parade of Homes.
The number of acres in one square mile is
What is 640.
The process of determining property value by comparison.
What is the appraisal
The amount of the home's value minus the loan balanace.
What is Equity.
The act of intentionally misleading clients.
What is misrepresentation.
The disclosure form sellers must complete in Michigan.
What is the Seller's Disclosure.
The amount borrowed on a $500,000 home with 10% down
What is $450,000
The right to use another persons property for specific purposes.
What is an easement.
A loan guaranteed by the Department of Veterans Affairs.
What is A VA Loan
The federal law that prohibits housing discrimination.
What is the Fair Housing Act.
The state agency that licenses real estate professionals.
What is LARA
40 ft × 50 ft equals this many square feet.
What is 2,000