FREE House Buying Question and Answers
What legal action can you take if a vendor tells you he will accept your offer but later declines it?
Explanation:
Unfortunately, short of pleading with the seller, there isn't much you can do. Verbal agreements are not legally enforceable, and your options for legal action are limited.
Which of the following should you carry out before you begin house hunting?
Explanation:
Check your credit score well ahead of the home-shopping process. If you discover an error, you'll have plenty of time to go through the official process of correcting it.
Describe amortization.
Explanation:
Amortization is the process of repaying a loan's principle in small, recurring installments that slowly reduce the principal.
Which kind of clause should you make sure the contract contains if you sign a deal with a buyer's agent?
Explanation:
Make sure your buyer's agency agreement contains a "release clause" in case you decide you don't like your agent after all. You can break things off in the future without any issues if you do this.
Which of the following categories of real estate agent works for a company that exclusively represents purchasers and doesn't accept any listings?
Explanation:
An office that exclusively serves purchasers and does not sell properties employs exclusive buyer agents (EBAs). A single agency buyer agent (SA) works for a firm that handles both buyer and seller representation, but not simultaneously. A conventional buyer agent (BA) may operate as both a buyer and a seller's agent in a single transaction.
You ought to browse around for loans in addition to houses. To give yourself the advantage over a seller, which status should you pursue?
Explanation:
It's recommended to have your loan pre-approved before looking for a home. Pre-qualification is free, but it's also frequently inaccurate and very unofficial. Pre-approval indicates that a lender has conducted a more thorough analysis of your credit and financial status, which will give the seller the impression that you are a serious buyer.
Which of the following mortgage conditions offers you the greatest tax benefit?
Explanation:
Due to the largest interest deduction, the 30-year period offers the highest tax benefit.
