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OFFICIAL MAGAZINE OF THE NATIONAL ASSOCIATION OF REALTORS®

QUIZ: FROM CONTRACT TO CLOSING

 There are many obstacles that can get in the way of a successful closing. The best real estate practitioners know how to prepare their clients well for settlement day and handle any unexpected events that happen along the way. Take this quiz to see if you know how to respond to situations and questions that arise around closing time.

1.The best loan product for first-time buyers with little or no money to put down is often:
An adjustable rate mortgage
A 30-year fixed rate loan
An FHA-insured loan
A jumbo mortgage


2.A typical home owners’ insurance policy doesn’t protect against:
Floods
Injuries to those making deliveries to the property
Damage to buildings not attached to the house
The theft of a computer


3.Which of the following is not an option if an appraisal is too low?
Resolving the problem with the appraiser
Lowering the price of the home
Buying an insurance policy to cover the difference
Having the buyers come up with a bigger down payment


4.To help ensure a good credit rating when applying for a loan, borrowers should:
Pay all credit card bills on time
Not make any large purchases on credit before closing
Pay off credit card balances if possible
All of the above


5.If the buyers try to cancel the contract because of buyers' remorse, you should:
Tell them that the sellers will sue them
Go over contract terms again and offer reassurance
Urge the sellers to immediately offer a lower price
Ignore their concerns; after all, you have a contract


6 .A good first step to eliminating basement dampness is to:
Re-grade the lot so that the ground slopes away from the house
Repair gutters to channel water away from the house
Remove porous material from the foundation
All of the above


7 .Which of the following will make a move easier?
Holding a garage sale to weed out unwanted items
Checking home owners’ insurance to make sure that household goods are covered during a move
Arranging for telephone service, Internet service, and utilities for the new home
All of the above


8 .Which of the following closing costs is not typically paid by the buyers?
Private mortgage insurance
Title search
Property inspection
Real estate property tax proration