Clay MADISEN :: Home Buyer Quiz

Home Buyer Quiz

Test your knowledge about the home buying process.

Question: To view a property I see advertised in a magazine or advertisement, I can :

Drive by the property and try to contact the owner directly to discount realtor commissions.

Only contact the listing representing the property.

Call any real estate agent I choose and enjoy working with.

Question: When looking for a new house, it is best to :

Call each and every individual real estate agent listing a property that you find appealing.

Call one agent who can get to know your needs and wants, and can keep you informed of all listings matching your criteria so you can make an educated purchase.

Drive around town and hope to stumble upon your ideal home.

Question: If I am working with an agent that I don't feel comfortable with or who is not showing me properties that meet my desired requests, I can work with another agent that better meets my needs.

Question: When purchasing a new home, I am obligated to use the same agent who showed me the property, unless I viewed it at an open house or have a signed agreement with another real estate agent.

Question: Dual agency means both the buyer and seller are represented by the same agent or by agents who work for the same real estate firm.

Question: When buying a house where dual agency exists, my agent can NOT tell me :

How much the sellers paid for the property.

Any financial information about the seller, unless the seller signed a confidentiality release form.

How long the property has been on the market.

Question: When viewing an open house, which of the following should you NOT do ?

Look around carefully and examine the house for obvious material defects.

Tell the agent why I like the house and how much I can spend on it.

Contact the neighbors to find out more about the neighborhood, because I am seriously interested in the property.

Examining the homebuyer's background to see if he or she is descended from royalty.

Examining local public land records to determine the legal ownership of a property.

Looking for books in the public library that tell about home financing.

Question: When purchasing a home specified in “as is ” condition, which one of these becomes true after a purchase agreement has been executed ?

You do not have an option for a home inspection and the seller is not warranting anything.

The sellers are not required to fill out a seller's disclosure and you must have the home inspected by yourself.

It becomes mandatory by state law to verify any defective conditions of the home by a state licensed home inspector.

You have the right to a home inspection and will have an option to address any issues found.

Question: What is a “Quit Claim Deed ” ?

A legal document used to convey all or part of your interest in a property to another person.

A legal document used to claim your interest in personal property.

A legal document that says you “Quit ” the transaction