The Home Buyers' Quiz - Tigard Oregon Homes

1. With home ownership, a typical monthly payment includes

A. Principle and interest
B. Principle, interest, and income taxes
C. Principle, interest, property taxes, homeowners insurance, and mortgage insurance
D. Interest and property taxes

2. When you purchase a home “AS IS”

A. You cannot get a home inspection.
B. The Seller still has to disclose known defects.
C. The Seller does not have to disclose the presence of dry rot.
D. You can get a home inspection, but you cannot request any repairs.

3. Who typically pays the commission to the Buyer’s Agent?

A, The Buyer
B. The Seller
C. Both the Buyer and the Seller
D. The Sellers' Agent

4. Oregon law requires a home inspection when purchasing a home.

A. True
B. False

5. What is the most important factor when determining the market value of a house?

A. Age of the house.
B. How much the Bank will loan on the house.
C. Number of bathrooms
D. Location of the house.

6. How much of your income should a typical monthly payment represent?

A. 29% of your monthly gross
B. 32% of your take home pay
C. 50% of your take home pay
D. 50% of your monthly gross

7. What are points?

A. A score of your Lender by the Government Mortgage Association.
B. A Lender fee equal to 1% of the loan.
C. The interest rate on an adjustable loan.
D. This term relates to mortgage insurance.

8. How much is the required 3.5% down payment on a $265,000 loan and the annual property taxes are $2800.00?

A. $9373.00
B. $ 9275.00
C. $9177.00
D. $9199.00

9. FHA loans require mortgage insurance.

A. True
B. False

10. According to Oregon Law, in order for a purchase contract to be valid, there has to be earnest money.

A. True
B. False

The Home Buyers’ Quiz

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