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Real Estate Yes or No

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Jugadas 5

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Familiarize yourself with Veteran-level financial literacy terminology! Can you complete the entire set?

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Real Estate Yes or No
 

Real Estate Yes or NoVersión en línea

Familiarize yourself with Veteran-level financial literacy terminology! Can you complete the entire set?

por WM
1

Escrow is the portion of a home that a homeowner actually owns, calculated as the home's value minus any outstanding mortgage

2

A fixed-rate mortgage is a home loan with an interest rate that changes over time

3

A title refers to the government rules that determine how land can be used, such as residential or commercial

4

Capital gains tax is a tax on profit made from selling real estate

5

A REIT is a ompany that owns income-producing real estate

6

An appraisal is the upfront amount a buyer pays when purchasing a home, which is a percentage of the total price

7

Closing costs are the fees paid at the end of a real estate transaction, including lender fees, title insurance, and taxes

8

Rental yield is the annual rental income as a percentage of a property's price

9

Points are charges by lenders to process a mortgage application

10

An adjustable-rate mortgage is a home loan with a set interest rate that doesn't change

11

Capital gains refer to the profit made when selling something for more than it was purchased for

12

Zoning is a legal concept that proves property ownership and describes ownership rights and responsibilities

13

An origination fee is paid upfront to reduce a mortgage's interest rate

14

Equity is a third-party account that holds money or documents until all conditions of a sale are met

15

The vacancy rate is the percentage of rental properties that are unoccupied

16

A tenant is a property owner who rents out space

17

The HOA is a group that enforces rules and maintains common areas in a community, often requiring monthly fees

18

Flipping is when you buy a home that needs repairs for a lower price

19

A real estate agent is a licensed professional who helps buyers and sellers with real estate transactions

20

A listing is the price a home would likely sell for in the current market

21

Leverage is borrowing money to invest more money, hoping for higher returns

22

A deed is a physical document transferring property ownership

23

Tax value is the dollar amount a local government assigns to a property, which is used to determine how much property tax a homeowner owes

24

A mortgage is a loan used to buy a house, which you pay back over time with interest

25

Cash flow refers to the money left after paying expenses on an investment property

26

A pre-approval is a lender's confirmation of how much a buyer can borrow before house hunting

27

Property tax is tax paid by homeowners based on property value

28

Market value is the price a home would likely sell for in the current market

29

A down payment refers to the fees paid at the end of a real estate transaction, which includes lender fees, title insurance, and taxes

30

The debt-to-income ratio is the percentage of income used for debt payments, which affects mortgage approval

31

A landlord is a person who rents a property

32

A short sale is when a homeowner fails to pay the mortgage and the lender takes back the property

33

An inspection is a professional evaluation of a home's condition before purchase

34

A fixer-upper is when buy and resell a property quickly for profit

35

Foreclosure is when a property is sold for less than the mortgage balance, often to avoid repossesion

36

Refinancing is replacing an old mortgage with a new one, oftentimes to get better terms

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