Home Prices
The median home price in Saginaw County is higher than in Gratiot County. TRUE OR FALSE?
TRUE (Saginaw: $144,490; Gratiot $124,896)
The typical REALTOR is a 56-year-old female who attended college and is a homeowner. TRUE OR FALSE?
TRUE
Melody has a current listing in Hampton Township? TRUE OR FALSE?
TRUE: 67 Cedar Dr.
Roughly 16% of home buyers in Dec. 2022 used cash to purchase their homes. TRUE OR FALSE?
FALSE: 28%
An estimate of value as of a specific date and for a specific use is called a comparable. TRUE OR FALSE?
FALSE: an APPRAISAL
Which Michigan County has the highest median home prices?
A. Oakland
B. Washtenaw
C. Leelanau
B. Washtenaw: $384,255
What percentage of real estate agents quit within 5 years?
A. 87%
B. 56%
C. 79%
A. 87%
What is the name of the brokerage that Melody works for?
A. Berkshire Hathaway HomeServices Michigan's Real Estate
B. Berkshire Hathaway Eastern Real Estate
C. Berkshire Hathaway HomeServices Michigan Real Estate
C
Which of the following is NOT a home loan?
A. MSHDA conventional
B. SBA 504
C. USDA RD
B
What was the average days on the market for a home in Freeland, MI in Feb. 2023?
A. 15
B. 58
C. 37
B
The highest median home values were in counties in ________ (which state?)
California
86% of sellers in 2020 were assisted by a ____________ when selling their home.
Real Estate Agent/REALTOR
Before becoming a Realtor, Melody was
A. an ESL instructor
B. A pre-school teacher
C. An administrative assistant
A
As of March 6, 2023, the average rate for a 30-year fixed mortgage was ___.35%
7
Buyers are most likely to find the home they purchased on the ____________.
INTERNET
The price of homes sold in 2022 by REALTORS on the Saginaw Board increased by __.27% over 2021.
8
In the state of MI, a real estate agent must complete ____ hours of continuing education per year including 2 hours of legal education.
6
Before the Saginaw office came under the umbrella of Berkshire Hathaway, what was the name of its corporate entity?
Prudential
How much money can a first-time homebuyer borrow from an IRA for a down payment without a penalty?
$10,000
According to the real estate mantra, what are the most important things to consider when buying or selling a home?
LOCATION, LOCATION, LOCATION
There's still a housing shortage!
Why are homes not expected to lose value in 2023?
A fine of between $5,000-$25,000 or imprisonment for not more than a year or both
What is the penalty in MI for practicing real estate without a license?
55 agents
How many agents does the Saginaw BHHSMI office have?
An FHA 203K
What type of mortgage can be used to rehab a house?
This happens when a buyer takes over the loan payments of the seller.
What is an assumption?