Alaric V. just scored a B or better!

Pop Quiz: All About Buying and Selling a House

We hope you'll have a bit of fun with the weekly Pop Quiz. Answer the questions to the best of your ability. In order for the Professor to grade your quiz, all questions must be answered (even if you have to make a very educated guess). After your Pop Quiz has been graded, you'll be able to see how well you did in relation to all of the others who took the test. Those who score a "B" or better are eligible to enter the AdjunctNation.com weekly giveaway drawing. Good luck!

1.

To borrow the money to buy a house, most people do this:

Take out a mortgage
Sign an IOU
Rob a bank

2.

When you buy a house, you should receive this document to show that you own the house:

Mortgage
Deed
Affidavit of Ownership

3.

An open house is:

A time when you make your house available for showing to anyone who wants to see it, without an appointment
A house without a listing price
A house without a buyer

4.

The “closing” of a sale refers to:

The time at which the buyer and seller sign a purchase agreement
The failure of the buyer to make good on an offer
The time at which all of the sale documents are signed

5.

The process of rearranging furniture and adding props and other décor to your house in order to sell it faster is known, in real-estate lingo, as:

Purging
Staging
Faking

6.

Studies have shown that your house won’t sell as quickly if your walls are:

Wallpapered
Painted in neutral colors
Covered with crayon smears

7.

When you sell your house, you are required by law to:

Buy title insurance for the buyer
Disclose all known material defects
Cut the grass the day before closing

8.

A real estate agent’s commission is:

An agent’s contractual obligation to sell your house
Money you pay to the agent for selling your house
Money the agent pays to the seller if the house is not sold

9.

Before buying a house, you should have this performed to make sure the house is in sound condition:

Home inspection
Appraisal
Warranty

10.

The way your house looks from the outside is often referred to by realtors as:

Curb appeal
Exterior value
Shutter-Gutter Effect