Real Estate Trivia
The difference between the market value of a property and the amount owed on the mortgage.
What is Equity?
This is the Federal Reserve's main tool for combating inflation, which can have a significant impact on the real estate market.
Interest Rates
In real estate law, this term refers to the process by which the government takes private property for public use, with fair compensation to the property owner.
What is eminent domain?
When Selling an investment Property and deferring paying taxes till later.
What is a 1031 Exchange?
In The Wizard of Oz, Dorothy said, "There is no place like home!" Home was in this tornado prone state.
What is Kansas?
a legal process that involves the administration of a deceased person's assets and will.
What is Probate?
The mortgage interest rate for a 30-year fixed loan is currently around this much.
What is 6.6% to 6.8%?
This is the term for the legal document that is most often used to transfer title of real estate from previous to new owner.
What is The Deed?
This term refers to the process of verifying a buyer's financial qualifications before showing them homes, typically done by a lender.
What is pre-qualification/pre-approval?
Movie Starring Tom Hanks and Shelley Long as a couple attempting to Renovate a recently purchased home?
What is The Money Pit
This is the difference between economic obsolescence and functional obsolescence?
What is "economic obsolescence happens outside of the property boundary"?
Generally speaking, is our current market buyers, sellers or balanced?
What is Balanced?
When a real estate broker represents both the buyer and the seller in the same transaction, they are acting in this capacity.
What is Dual Agency
Type of loan many investors use to purchase rental property.
What is a DSCR Loan (Debt Service Coverage Ratio)
This Real estate board game became the best-selling game in America just one year after it was created.
What is Monopoly
Failing to disclose this about their property could land a seller in legal trouble.
What is Hidden Latent Defects?
How much has active inventory changed in Georgia in the past year?
What is +40%?
A sum of money a buyer deposits to demonstrate their serious intent to purchase a property or complete a deal
What is Earnest Money
Insurance that protects a mortgage lender against loss if a borrower defaults.
What is private mortgage insurance (PMI) or for FHA Mortgage Insurance Premium (MIP)
The "Mall of America" is the largest mall in the US and even has it's own Zip code. The company that owns it is in what country?
What is Canada?
What you must obtain prior to showing a property if you are NOT a Realtor?
What is a written buyer agreement.
Current number of months of standing inventory in Georgia
What is 4.8 - 5.0 months?
Traditionally... What are the 3 most Important Things when it comes to Real Estate?
What is
Location Location Location
The Act that requires lenders to disclose the true cost of credit to borrowers?
What is the Truth in Lending Act (TILA)
What 1970's TV Show Started the DIY Craze?
What is THIS OLD HOUSE