Question 1

__________ percent of the homes for sale in the United States are for sale by owner (FSBO).

Accepted Answer

A)  Five 
B)  Ten 
C)  Fifteen 
D)  Between 15 and 20 
A)  Five 
B)  Ten 
C)  Fifteen 
D)  Between 15 and 20 D

Question 2

The text recommends a professional inspection before purchasing a home.

Accepted Answer

A) True 
 B)False  True

Question 3

Rossi's famous work, Why Families Move, suggests that families move because of __________ factors.

Accepted Answer

A)  push 
B)  pull 
C)  push-and-pull 
D)  environmental 
A)  push 
B)  pull 
C)  push-and-pull 
D)  environmental C

Question 4

Because the crime rate has been rising in the United States for the past twenty years, the majority of Americans fear crime.

Accepted Answer

A) True 
 B)False

Question 5

In 2002, total mortgage financing totaled

Accepted Answer

A)  $100 billion 
B)  $500 billion 
C)  $2.5 trillion 
D)  $4.6 trillion 
A)  $100 billion 
B)  $500 billion 
C)  $2.5 trillion 
D)  $4.6 trillion

Question 6

The median cost of a new single-family dwelling in 2003 was

Accepted Answer

A)  $87,000 
B)  $97,000 
C)  $107,000 
D)  $197,600 
A)  $87,000 
B)  $97,000 
C)  $107,000 
D)  $197,600

Question 7

For the millions of Americans buying a home each year, finding a home is only half the challenge. The other half is

Accepted Answer

A)  finding the right mortgage. 
B)  agreeing with one's spouse about the price. 
C)  whether to employ E-commerce. 
D)  negotiating the best deal. 
A)  finding the right mortgage. 
B)  agreeing with one's spouse about the price. 
C)  whether to employ E-commerce. 
D)  negotiating the best deal.

Question 8

The best neighborhoods are usually out of reach for most first-time home buyers.

Accepted Answer

A) True 
 B)False

Question 9

In rural areas, the real estate commission can be as high as __________ percent.

Accepted Answer

A)  6 
B)  7 
C)  8 
D)  10 
A)  6 
B)  7 
C)  8 
D)  10

Question 10

Which of the following is NOT one of the reasons given in the text for deciding to own a home?

Accepted Answer

A)  Renting is always inferior to owning. 
B)  It is an investment. 
C)  There are strong cultural reasons to own. 
D)  Homeownership guarantees access to a whole array of social services. 
A)  Renting is always inferior to owning. 
B)  It is an investment. 
C)  There are strong cultural reasons to own. 
D)  Homeownership guarantees access to a whole array of social services.

Question 11

The rule of thumb used by banks is that long-term financial obligation should not exceed __________ percent of one's gross financial income.

Accepted Answer

A)  8 
B)  18 
C)  28 
D)  38 
A)  8 
B)  18 
C)  28 
D)  38

Question 12

In terms of mortgage loans, prequalification and preapproval are essentially the same process.

Accepted Answer

A) True 
 B)False

Question 13

Housing types and neighborhoods are distributed randomly across the city.

Accepted Answer

A) True 
 B)False

Question 14

The text points out that, regardless of where you search for a mortgage, the seven- step is the same. List and briefly describe these steps.

Accepted Answer

The seven steps for obtaining a mortgage

Question 15

The most important factor for people in the childrearing stage of the life cycle is

Accepted Answer

A)  money. 
B)  individual freedom. 
C)  the quality of schools. 
D)  parental cooperation. 
A)  money. 
B)  individual freedom. 
C)  the quality of schools. 
D)  parental cooperation.

Question 16

The text points out that the factors involved in the decision to move can be summarized into four categories. Which of the following is NOT one of these categories?

Accepted Answer

A)  changes in the family life cycle 
B)  social mobility 
C)  attachment to the neighborhood 
D)  health considerations 
A)  changes in the family life cycle 
B)  social mobility 
C)  attachment to the neighborhood 
D)  health considerations

Question 17

What are the primary variables involved in terms of deciding what kind of home you want?

Accepted Answer

When deciding on the kind of home you wa

Question 18

Banks take __________ percent of the allowable housing expense figure to cover principle and interest.

Accepted Answer

A)  50 
B)  60 
C)  70 
D)  80 
A)  50 
B)  60 
C)  70 
D)  80

Question 19

According to the text, which of the following is/are among the reasons to hire a broker?

Accepted Answer

A)  A real estate agent can save time and mistakes. 
B)  If the real estate agent knows the market and city, she can steer you away from potential pitfalls. 
C)  A broker typically has access to the Multiple Listing Service (MLS) 
D)  all of the above 
A)  A real estate agent can save time and mistakes. 
B)  If the real estate agent knows the market and city, she can steer you away from potential pitfalls. 
C)  A broker typically has access to the Multiple Listing Service (MLS) 
D)  all of the above

Question 20

The __________ shifts risk from the lender to the borrower by adjusting the interest rate on the loan one or more times a year.

Accepted Answer

A)  savings and loan financing plan 
B)  adjustable-rate mortgage 
C)  garbage cost mortgage 
D)  encryption mortgage 
A)  savings and loan financing plan 
B)  adjustable-rate mortgage 
C)  garbage cost mortgage 
D)  encryption mortgage

__________ percent of the homes for sale in the United States are for sale by owner (FSBO).

The text recommends a professional inspection before purchasing a home.

Rossi's famous work, Why Families Move, suggests that families move because of __________ factors.

Because the crime rate has been rising in the United States for the past twenty years, the majority of Americans fear crime.

In 2002, total mortgage financing totaled

The median cost of a new single-family dwelling in 2003 was

For the millions of Americans buying a home each year, finding a home is only half the challenge. The other half is

The best neighborhoods are usually out of reach for most first-time home buyers.

In rural areas, the real estate commission can be as high as __________ percent.

Which of the following is NOT one of the reasons given in the text for deciding to own a home?

The rule of thumb used by banks is that long-term financial obligation should not exceed __________ percent of one's gross financial income.

In terms of mortgage loans, prequalification and preapproval are essentially the same process.

Housing types and neighborhoods are distributed randomly across the city.

The text points out that, regardless of where you search for a mortgage, the seven- step is the same. List and briefly describe these steps.

The most important factor for people in the childrearing stage of the life cycle is

The text points out that the factors involved in the decision to move can be summarized into four categories. Which of the following is NOT one of these categories?

What are the primary variables involved in terms of deciding what kind of home you want?

Banks take __________ percent of the allowable housing expense figure to cover principle and interest.

According to the text, which of the following is/are among the reasons to hire a broker?

The __________ shifts risk from the lender to the borrower by adjusting the interest rate on the loan one or more times a year.

Why Study the City

Globalization and Urbanization in the More-Developed World

Globalization and Urbanization in the Less-Developed World

The City in Everyday Life

Community in the Modern World

The Community in the Postmodern Era

Reading the City

Choosing a Place to Live

The Suburbanization Process

The Segregation and Location of Groups in Cities

Urban Problems in the Global Era

Urban Planning in the Twenty-First Century

Filters

Exam 9: A Home-Buying Primer: When Theory Meets the Road

__________ percent of the homes for sale in the United States are for sale by owner (FSBO).

The text recommends a professional inspection before purchasing a home.

Rossi's famous work, Why Families Move, suggests that families move because of __________ factors.

Because the crime rate has been rising in the United States for the past twenty years, the majority of Americans fear crime.

In 2002, total mortgage financing totaled

The median cost of a new single-family dwelling in 2003 was

For the millions of Americans buying a home each year, finding a home is only half the challenge. The other half is

The best neighborhoods are usually out of reach for most first-time home buyers.

In rural areas, the real estate commission can be as high as __________ percent.

Which of the following is NOT one of the reasons given in the text for deciding to own a home?

The rule of thumb used by banks is that long-term financial obligation should not exceed __________ percent of one's gross financial income.

In terms of mortgage loans, prequalification and preapproval are essentially the same process.

Housing types and neighborhoods are distributed randomly across the city.

The text points out that, regardless of where you search for a mortgage, the seven- step is the same. List and briefly describe these steps.

The most important factor for people in the childrearing stage of the life cycle is

The text points out that the factors involved in the decision to move can be summarized into four categories. Which of the following is NOT one of these categories?

What are the primary variables involved in terms of deciding what kind of home you want?

Banks take __________ percent of the allowable housing expense figure to cover principle and interest.

According to the text, which of the following is/are among the reasons to hire a broker?

The __________ shifts risk from the lender to the borrower by adjusting the interest rate on the loan one or more times a year.

Why Study the City

Globalization and Urbanization in the More-Developed World

Globalization and Urbanization in the Less-Developed World

The City in Everyday Life

Community in the Modern World

The Community in the Postmodern Era

Reading the City

Choosing a Place to Live

The Suburbanization Process

The Segregation and Location of Groups in Cities

Urban Problems in the Global Era

Urban Planning in the Twenty-First Century

Filters