Test Your Knowledge of Real Estate Terms (1st Edition)

Click on each term to see if you're right. (All answers below.)

(1) True or False. Deed. "A written instrument which when properly executed (signed) and delivered (accepted) conveys title to real property from one party to another."

(2) True or False. Maturity. "A state of being that a person achieves when they've been in the business for 5 years."

(3) True or False. Elasticity. "Character trait of a real estate professional who gives in to every client's whim."

(4) True or False. Discount Broker. "A licensed broker who provides discount coupons to Lowe's and Kohl's on every purchase of a home."

(5) True or False. Judicial Sale. "A legal process that enforces a judgment lien whereby property is sold to pay the debt."

(6) True or False. Bungalow. "A small early twentieth-century-style one-story house noted for having an open or enclosed front porch."

(7) True or False. Ice Dam. "Condition formed at the lower roof edge by the thawing and re-freezing of melted snow on the overhang. Can force water up and under shingles causing leaks."

(8) True or False. Termites. "Sellers who need their hands in every last thing their realtor® does."

(9) True or False. Fungus. "Your uncle who you have a great time with."

(10) True or False. Zoning Ordinance: "An act by city or county authorities to regulate and control the use of real estate for the health, morals, safety and welfare of the general public."

1. True; 2. False; 3. False; 4. False; 5. True; 6. True; 7. True; 8. False; 9. False; 10. True.

(Many thanks to the following website for information: RealEstateWords.com)