Real Estate Terminology Quiz

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Questions and Answers

What is the term for 'Ground floor' in the UK?

Mezzanine level
Basement level
Street level (correct)
First floor

What does 'Landlord or landlady' refer to?

Property owner who rents to a tenant (correct)
Property manager
Property seller
Property buyer

What is the term for 'Lift' in the UK?

Staircase
Escalator
Moving walkway
Elevator (correct)

What does 'Tenant' mean in real estate?

Person who rents real estate and pays rent (B) Signup and view all the answers

What does 'Let out' or 'Rent out' refer to?

Allowing someone to use a property in exchange for rent (B) Signup and view all the answers

In real estate, what does 'Rent' mean?

Monthly payment made by the tenant to the landlord (B) Signup and view all the answers

What does 'Storey' refer to in the UK?

Level of a building (C) Signup and view all the answers

What is a 'Mortgage' in real estate?

Loan for purchasing a property, secured by the property itself (C) Signup and view all the answers

What does 'Appraisal' mean in real estate?

Estimate of a property's value (B) Signup and view all the answers

What does 'APR' (Annual Percentage Rate) refer to in real estate?

Interest rate on a mortgage loan (D) Signup and view all the answers

What does 'Balance Outstanding' represent in real estate?

Remaining amount of a mortgage loan that the buyer owes to the lender (A) Signup and view all the answers

What is a 'Bridging Loan' used for in real estate?

Temporary financing to bridge the gap between selling a current home and buying a new one (B) Signup and view all the answers

What is a 'Land Certificate' in real estate?

A certificate that proves ownership of a piece of real estate (C) Signup and view all the answers

In real estate, what does 'Leasehold' mean?

Ownership of a property but not the land it's on, with a ground rent (D) Signup and view all the answers

What is a 'Mortgage Deed' in real estate?

A legal document that details the terms of a mortgage loan (A) Signup and view all the answers

What does 'Mortgage Offer' refer to in real estate?

An offer from a bank or lender to provide a mortgage loan (A) Signup and view all the answers

What is 'Negative Equity' in real estate?

When a property's value is less than the outstanding mortgage (D) Signup and view all the answers

What does 'No Sale, No Fee' mean in real estate?

The seller only pays fees if the property sells (C) Signup and view all the answers

In real estate, what does 'OMV' stand for?

Open Market Value (D) Signup and view all the answers

What is 'Public Liability Insurance' (or Homeowner’s insurance) in real estate?

Insurance for homeowners to cover accidents on their property (C) Signup and view all the answers

What is 'Repossession' in real estate?

The process of taking back a property from a tenant (B) Signup and view all the answers

What does 'RTB' (Right to Buy) refer to in real estate?

A right for tenants to buy the property they rent at a discount (C) Signup and view all the answers

What is 'Shared Ownership' in real estate?

Co-ownership of property by two or more individuals (A) Signup and view all the answers

What does the term 'En-suite' refer to in real estate?

A property attached to another room (C) Signup and view all the answers

What is the American term for a 'Flat' in the UK?

Apartment (B) Signup and view all the answers

What does 'For sale' indicate in real estate?

Property is available to be purchased (B) Signup and view all the answers

What is a 'Garden' in the UK or 'Yard' in the USA?

A recreational area with flowers and trees (B) Signup and view all the answers

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Study Notes

Real Estate Terminology and Definitions

Ground floor is called Street level in the UK and First floor in the USA
Landlord or landlady refers to a property owner who rents to a tenant
In the USA, the term for "Lift" in the UK is Elevator
Tenant means a person who rents real estate and pays rent
"Let out" or "Rent out" refers to allowing someone to use a property in exchange for rent
"Rent" in real estate means the monthly payment made by the tenant to the landlord
"Storey" in the UK refers to a level of a building, while "Story" in the USA refers to a narrative
A "Mortgage" in real estate is a loan for purchasing a property, secured by the property itself
"Appraisal" in real estate means an estimate of a property's value
"APR" (Annual Percentage Rate) refers to the interest rate on a mortgage loan
"Balance Outstanding" represents the remaining amount of a mortgage loan that the buyer owes to the lender
"Bridging Loan" in real estate is used for temporary financing to bridge the gap between selling a current home and buying a new one