11) 11) Frank and Diane want to buy a house. Which of the following do they need before they purchase a house? A) Down payment. B) Handyman Mortgage principal D) Mortgage interest. E) Renter's insurance. 12) What should a home buyer consider when evaluating a house? A) Location of businesses and future construction projects. B) Zoning laws. Property values of the community. D) School system. E) All of these should be evaluated. 13) - 13) When Ingrid was selling her house, she contacted Gabe, her real estate agent, to help her with the sale. Gabe's services included all of the following except A) Home appraisal. B) Providing advice on features to highlight. C) Showing Ingrid's home to potential buyers. D) Suggesting a selling price. E) Screening potential buyers to determine whether they will qualify for a mortgage. 14) When Nancy buys her house, the mortgage company will usually conduct a(n) A) Appraisal B) Contingency clause. C) Purchase agreement. D) Dual agent. E) Earnest money. 15) 15) Opal is a real estate agent who represents the buyer as well as the seller. In some states, the buyers are required to sign a disclosure acknowledging that they are aware that Opal is working as a(n) A) Contingency clause. B) Earnest money. C) Appraisal D) Dual agent. E) Purchase agreement. 16) Major factors that affect the affordability of your mortgage include all of the following except 16) A) Length of the loan. B) Income. C) Size of the home. D) The amount available for a down payment. E) Current mortgage rates. 17) Ricky has a conventional mortgage. He can monitor the reduction of his loan balance through his payments by using information. A) amortization B) escrow 17) C) lock D) PMI E) points 18) As a result of being an armed services veteran, Dan should be eligible for an) A) Negative amortization B) FHA loan. C) VA loan. D) ARM E) Payment cap. 19) 19) Ursula wants to have an interest rate that can increase or decrease during the life of her loan. She should look for an) A) Negative amortization. B) VA loan. C) FHA loan. D) ARM. E) Second mortgage 20) Paul is looking for a low-interest, low-downpayment loan for his first home, but he is not 20 a veteran He might be eligible for a(n) A) VA loan. B) ARM FHA loan. D) Negative amortization. E) Payment cap. 21) 21) During the closing for a home purchase , you should A) Sign documents and pay half of the settlement costs. B) Review zoning laws for the municipality where the home is located. C) Order an appraisal. D) Schedule an inspection of the condition of the home. E) Pay all closing costs, settle last-minute details, and sign documents 22) 22) Which of the following is the document that transfers ownership of property from one party to another? A) PMI B) Escrow C) Mortgage D) Deed E) Points 23) 23) Which of the following is an account used to pay property taxes and homeowner's insurance? A) Points B) Deed C) Escrow D) PMI E) Mortgage