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Welcome > Resources > Trivia ...I've added these real estate trivia questions for your enjoyment. And you might learn something new in the process! Have fun...
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Who is "Freddie Mac", and why is he a big name in real estate?
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"Freddie Mac" is the nickname for FHLMC, the Federal Home Loan Mortgage Corporation, which buys mortgages from lending agencies, thus allowing lenders to continually replenish funds for new mortgage loans.
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What is arguably the world's strangest (and most dysfunctional) kitchen?
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In 1998 the Kemper Museum of Contemporary Art in Kansas City first displayed a kitchen made entirely of 40 million colored glass beads by artist Liza Lou of Topanga, California.
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According to Feng Shui, the art of home placement, what five elements are needed in a harmonious environment?
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Wood, fire, earth, metal and water must be balanced to create a happy, prosperous home.
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Originally incorporated under the name Georgiana, what is the oldest incorporated city in the United States?
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York, Maine, which received an English charter in March 1642, is the oldest incorporated city in the U.S.
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What is the maximum interest you can deduct on your federal tax return to purchase or improve a first or second home?
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One of the greatest benefits of home ownership is the federal tax deduction for interest up to, but not exceeding, $1million.
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Estate Trivia >
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Closing or Settlement >The Settlement
The final stage of a home sale transaction is the time to tie up all the loose ends. The buyer and seller will sign the settlement sheet at the closing, detailing all of the charges that each party has incurred during the sale of the house. It is crucial to go over the sheet for accuracy and to make sure that you understand everything on it before you complete the transaction.
When a contract is negotiated, each side agrees how to divide the loan fees (or points), as well as the other closing charges, such as state or local taxes or escrow fees. Your real estate agent can go over the settlement sheet and help you compare it with your purchase agreement. The seller's charges usually include the brokerage fee, the mortgage payoff, and any charges involved in clearing the title, as well as pro-rated property taxes, payments for termite treatment and escrow for repairs that could not be completed by closing. The buyer's costs include charges for the loan and title searches, insurance and any other legal fees. A good closing officer will go over the settlement sheet line by line, explaining each item and correcting any misplaced charges.
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NUMBER1EXPERT®
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All rights reserved. All information deemed reliable but not guaranteed.
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