Real Estate Vocabulary Quiz: Test Your Knowledge with Flashcards

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Questions and Answers

What does 'As-is' mean in real estate vocabulary?

To sell the estate in the state it is at a given time

What is a Blind offer in real estate?

A sale of a property without viewing it

Who is a Buyer's agent in real estate?

An intermediary between parties for real estate transactions

What does 'Conventional sale' refer to in real estate?

Selling a freehold property with no remaining mortgage Signup and view all the answers

In real estate, what is meant by 'Counter offer'?

Disagreeing with the buyer's offer and proposing a different price Signup and view all the answers

What does 'Affordable Housing' imply in real estate?

Properties for sale or rent below-market rate for low-income households Signup and view all the answers

What is the focus of the Minimalist service?

Emphasizing simplicity in living spaces Signup and view all the answers

What does a property being described as Quaint suggest?

It is original and different from current properties Signup and view all the answers

What makes a Short sell more complex than a conventional sale?

It involves selling a property below its value or mortgage payoff funds Signup and view all the answers

In real estate terms, what does 'Gated' refer to?

A type of enclosure surrounding a house with a large gate Signup and view all the answers

What does it mean for a property to be 'Well-priced'?

It is below its real value, providing benefits to the buyer Signup and view all the answers

What is the definition of a 'Back up offer' in real estate?

A prospective buyer who submits an acquisition offer in case the current buyer withdraws Signup and view all the answers

What is a purpose of 'Escrow holder' in a real estate transaction?

To ensure that all conditions of the trust deed are met Signup and view all the answers

What does 'Days on market (DOM)' refer to in real estate?

The length of time a property is listed for sale until a buyer signs a contract Signup and view all the answers

What characterizes a 'Fenced' property in real estate?

A property surrounded by barriers to prevent intrusion Signup and view all the answers

What is the main function of an 'Ibuyer' in real estate?

To use technology to quickly make an offer on a home Signup and view all the answers

How can a property be classified as 'Historical' according to the text?

By meeting criteria such as aging, good preservation, and significant history Signup and view all the answers

'Intimate' in real estate typically refers to a property that is:

Secure and private, protected from external intrusion Signup and view all the answers

'New' properties in real estate are defined as those that were built within what time frame?

No more than 5 years ago, never sold by its first owner, and never lived in Signup and view all the answers

'Equity' in real estate is defined as:

'The net value of real estate' Signup and view all the answers

Match the following real estate vocabulary words with their definitions:

Affordable Housing = Housing for sale or rent, available at below-market rate As-is = May mean to sell the estate in the state it is at a given time Beach front = A property facing and overlooking the sea Counter offer = An act in which a seller expresses disagreement with the buyer's offer Signup and view all the answers

Match the following real estate vocabulary terms with their definitions:

Due diligence = A period of time given to the buyer for necessary checks before closing the sale Ensuite bathroom = A bathroom that opens directly into a bedroom as a suite of rooms Household = All inhabitants of the same dwelling, regardless of family ties Real estate agent = Represents two or more parties in real estate transactions Signup and view all the answers

Match the following property descriptions with their corresponding terms:

Fenced = Property surrounded by a separation device for protection Lake front = Real estate with a view on a lake Intimate = Secure private property protected from the outside environment Modern = Dwelling made with specific materials and environmental standards Signup and view all the answers

Match the following real estate terms with their definitions:

Accommodation = Act of housing an individual under one’s roof Owner = Someone who owns a legally held good Tenant = A person occupying a dwelling in exchange for rent payment Renting a property = Granting the use of a dwelling in return for regular payment Signup and view all the answers

Match the following real estate services with their focuses:

Minimalist = Return to essential, simple living spaces and furniture Short sell = Sale concluded below property value or mortgage funds Termite report = Diagnosis on existence of termites in dwelling X-car garage = Garage capable of housing multiple cars Signup and view all the answers

What is the main focus of the X-car garage in a real estate advertisement?

To highlight the spaciousness of the garage for multiple cars Signup and view all the answers

What distinguishes a Short sell from a conventional sale in real estate?

It requires extra safeguards due to selling below its value Signup and view all the answers

When referring to Walking distance in real estate, what does it indicate?

The proximity of amenities like schools and hospitals Signup and view all the answers

What is the main purpose of a purchase and sale agreement in real estate transactions?

It finalizes the real estate transaction and facilitates the handover of the property Signup and view all the answers

What does it mean when a property is described as 'Alluring' in real estate?

The property has appealing charm and qualities to attract buyers Signup and view all the answers

In real estate, what characterizes a 'Beamed wood ceiling'?

A ceiling featuring traditional wooden structures Signup and view all the answers

'Investment' in real estate typically involves acquiring property for:

'Buy-and-hold' strategies aimed at generating income through renting or leasing Signup and view all the answers

Match the following real estate expressions with their meanings:

Historical = Property must have aging, good preservation, significant history As-is = Refers to property being sold without any changes or repairs Household = All inhabitants of same dwelling, regardless of family ties Ibuyer = Company handling entire process of buying, renovating, reselling property Signup and view all the answers

Study Notes

Real Estate Vocabulary for Beginners

Affordable Housing: for sale or rent, available at below-market rate, often for low-income households
As-is: selling the estate in its current state, may also refer to a lesser value of the good
Beach front: a property facing and overlooking the sea
Blind offer: a sale of a property without viewing it, often for high-value properties
Buyer's agent: an intermediary between two or more parties for the purchase of a real estate, must hold a professional card and meet professional aptitude and character requirements

Real Estate Vocabulary for Intermediate Learners

Conventional sale: a sale of a freehold property with no remaining mortgage to be paid by the first owner
Counter offer: a response to a buyer's offer, usually regarding the price
Double vanity: duplicate pieces of furniture in the bathroom
Due diligence: a period of time given to the buyer to make necessary checks on the property's status before closing the sale
Ensuite bathroom: a bathroom that opens directly into a bedroom as a suite of rooms
Equity: the net value of a real estate, calculated by subtracting the mortgage balance from the market value
Fenced: a property surrounded by a separation device to protect the property from intrusion
Historical: a property that meets three criteria: enough aging, good preservation, and significant history

Real Estate Vocabulary for Advanced Learners

Alluring: a real estate with great appeal to buyers due to its charm and qualities
Back up offer: a prospective buyer who submits an acquisition offer in case the current buyer withdraws
Beamed wood ceiling: the horizontal surface that constitutes the upper part of a room or enclosed space, made of traditional wooden structure
Closing costs: various costs and fees associated with closing a mortgage loan
Days on market (DOM): the length of time between listing a property for sale and signing a contract
Escrow holder: a person or organization entrusted with the responsibility of holding a property in trust
FHA Loans: Federal Housing Administration loans with competitive interest rates, smaller deposits, and lower closing costs

Accommodation: providing food and lodging for a guest
Buying a property: becoming the owner of a property after paying the seller
Cottage: a stocky, mainly wooden mountain dwelling with loggias and an oversized roof
Deck: an open space that may or may not be tied to a building
Flat: a housing unit that covers only a part of a building, usually located in a city
Gated: a large door on an enclosure surrounding a house
Owner: someone who owns a legally held good
Porch: a space often glassed in against a house, used as a small sitting room
Renting a property: granting the use of a dwelling in return for regular payment
Selling a property: transferring ownership of real estate to another person in exchange for payment
Tenant: a person occupying a dwelling in exchange for a rent payment to the owner
Walking distance: a location close to a specified key location
Well-priced: a property priced below its real value, benefiting the buyer### Real Estate Vocabulary
Alluring: a real estate with great appeal to prospective buyers due to its charm and qualities
Back up offer: a prospective buyer submits an acquisition offer in case the current buyer withdraws, paying earnest money for this operation
Beamed wood ceiling: a traditional wooden structure constituting the upper part of a room or enclosed space
Closing costs: various costs and fees associated with closing a mortgage loan, including legal and administrative fees
Days on market (DOM): the length of time between listing a property for sale and signing a contract
Escrow holder: a person or organization entrusted with the responsibility for a property deposited in trust, ensuring all clauses of the trust deed are respected
FHA Loans: Federal Housing Administration loans with competitive interest rates, smaller deposits, and lower closing costs than conventional loans
Ibuyer: a company using technology to make quick offers on homes, handling the entire process of buying, renovating, and reselling properties

Real Estate Concepts

Accommodation: the act of housing an individual, providing food and lodging for a guest
Buying a property: becoming the owner of a property after paying the cost bid by the seller
Cottage: a stocky, mainly wooden mountain dwelling with loggias and an oversized roof
Deck: an open space that may or may not be tied to a building, made of wood, tiles, stone, or concrete
Flat: a housing unit with a certain number of rooms, covering only a part of a building, often located in a city
Gated: a type of big door on an enclosure surrounding a house
Owner: a person who owns a legally held good
Porch: a space often glassed in against a house, used as a small sitting room
Renting a property: granting the use of a dwelling in return for regular payment while remaining the property owner
Selling a property: a transaction that transfers ownership of real estate to another person in exchange for payment
Tenant: a person occupying a dwelling in exchange for a rent payment to the owner
Walking distance: a location close to a specified key location
Well-priced: a property priced below its real value, benefiting the buyer

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