Introduction to Business

Section 1: Real Estate

Self-Checks

1
______ is land and anything attached to it.
A)Estate
B)Property
C)Real estate
D)Real property
2
Property where an individual or family lives is called ______ .
A)commercial property
B)personal property
C)real property
D)residential property
3
The most popular residential property in the United States is the ______ .
A)apartment
B)condominium
C)duplex
D)single-family house
4
A home that is fully assembled in a factory and located on rented land is called a ______ .
A)cooperative
B)condo
C)mobile home
D)prefabricated house
5
A person licensed to arrange the buying and selling of real estate is a ______ .
A)homebuilder
B)landlord
C)real estate agent
D)sales consultant
6
Equity is the value of a property ______ the amount still owed on the borrowed money.
A)divided by
B)less
C)multiplied by
D)plus
7
The owners of a townhouse owe $70,000 on a property valued at $150,000. They purchased the home ten years ago for $100,000. As of today, the owner's equity in the property is ______ .
A)$70,000
B)$80,000
C)$100,000
D)$150,000
8
Any type of property rented for a length of time is called ______ property.
A)commercial
B)personal
C)real
D)rental
9
In a home sale, the fee for the real estate agent's services is usually ______ .
A)charged to the buyer
B)charged to the mortgage company
C)charged to the seller
D)split between the buyer and seller
10
You have saved $30,000 for a down payment on a home and you plan to apply for a mortgage loan that requires a 20 percent down payment. You should look at homes in the ______ price range.
A)$100,000 to $130,000
B)$120,000 to $160,000
C)$140,000 to $150,000
D)$150,000 to $160,000
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