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Real Estate QUIZMASTER Definitions Analytical Rent vs. Buy Numerical Miscellaneous 100 100 100 100 100 200 200 200 200 200 300 300 300 300 300 400 400 400 400 400 500 500 500 500 500 “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Real Estate QUIZMASTER Analytical Rent vs. Buy Numerical Miscellaneous 100 100 100 100 100 200 200 200 200 200 300 300 300 300 300 400 400 400 400 400 500 500 500 500 500 Definitions “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Definitions for 100 FHA “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Definitions for 200 The avoidance of any lending in specific geographic areas based on a presumption of risk “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Definitions for 300 Prepaid interest rate charges to the mortgage borrower “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Definitions for 400 This act began requiring pro-active lending in all areas from which deposits are collected “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Definitions for 500 GNMA “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Analytical for 100 If demand increases in the rental housing market, rate of return will ________ “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Analytical for 200 Having the seller pay the points results in lower capital requirements by the borrower at ______ “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Analytical for 300 A decrease in household size has caused the number of households to _____ “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Analytical for 400 If supply increases in the rental housing market, rents will ________ “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Analytical for 500 A near peak situation in the stock market could ______ the short term demand for owned housing “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Rent vs. Buy for 100 Most buyers wish to wait until they can personally finance at least ____% of the purchase price “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Rent vs. Buy for 200 The length of time a household expects to stay in a particular location has this effect on the likelihood of it becoming an owner “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Rent vs. Buy for 300 The higher a person’s income tax rate, the _____ likely they are to own vs. rent “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Rent vs. Buy for 400 The ______ your home aspirations, the longer you will wait to enter the home owner cycle “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Rent vs. Buy for 500 The budgeting certainty of renting is more appealing to households with _____ savings “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Numerical for 100 Currently, an owner can exclude up to $_______ of capital gain every 2 Years “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Numerical for 200 In the U.S., the total value of owner occupied housing which includes land is about $______ “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Numerical for 300 If mortgage interest is $2,600, property taxes are $900, and the after tax costs are $2,800, the federal tax bracket for the household is ___% “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Numerical for 400 Average new housing has increased to approximately ______ square feet in the year 2003 “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Numerical for 500 Assuming that lenders do not want to see monthly payments > 25% of household income, what is the maximum value of a house for a household income of $100,000 when mortgage rates for a 85% LTV are 10% paid monthly? (Ignore upfront/ closing costs) “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Miscellaneous for 100 The FNMA is also called _______ Mae “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Miscellaneous for 200 Demand for homes is highest during this season “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Miscellaneous for 300 Of the various before tax costs, the most significant monthly cash flow item for recent homeowners tend to be the _______ “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner DAILY DOUBLE “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Daily Double Miscellaneous for 400 The older the residents of a household the _____ likely they are to be homeowners as opposed to renters “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner Miscellaneous for 500 Approximately ___% of all American households own their own home (as in 2000) “Real Estate Principles for the New Economy”: Norman G. Miller and David M. Geltner