Choose wisely. There is only one correct answer to each question.
0%
Keep studying!
Review your answers below to learn more.
1.
If you don't hire a realtor to help buy a house, you can do without a real estate attorney as well to keep your costs down.
False. Regardless of whether you hire a realtor, having a real estate attorney go over the contract and look after the legal details can save you a lot of money.
2.
A bad debt will hit your FICO score harder if it is _______.
Recently incurred. The FICO score weighs recent history more heavily than the past, so any recent credit delinquencies will impact your score more heavily than older bad debts.
3.
How much of your gross monthly income should your total debt load take up at the most?
40 percent. All of your loans, including mortgage, car, student, credit card, etc., shouldn't add up to more than 40 percent of your gross monthly income.
4.
If you make a written purchase offer on a house that is accepted by the seller, you can change your mind later and back out.
False. A written purchase offer on a house is a binding contract, and once the seller has accepted your offer, you can't change your mind unless you are exercising a contingency set forth in that contract.
5.
When you work with a Realtor, he or she will come up with a list of potential homes for you to look at.
True. One of the most important jobs of a Realtor is to comb through home listings and come up with a list that fits your price range, needs, and lifestyle.