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Welcome > Resources > Trivia ...We've added these real estate trivia questions for your enjoyment. And you might learn something new in the process! Have fun...
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1992 marked the first year since before the Civil War that there were fewer than 2 million ________ in the United States?
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There are fewer than 2 million farms, and agricultural land is still being carved up for residential and commercial uses.
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Due to low business and living expenses, what areas are considered to be the fastest growing in the country?
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According to recent studies, the Southern and Western regions of the U.S. are among the nation's strongest economies.
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What document must lenders provide within three days of receiving your application for financing?
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The "Truth In Lending Disclosure Statement" will give you complete financial information about the loan.
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What does "contingency" mean in real estate?
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A contingency is a specified event that must take place before a home purchase contract is binding; for example, a sale can be said to be "contingent upon the sale of the buyer's current residence."
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Where is the world's largest mud building?
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The Grand Mosque in west Africa measures 328 feet long and 131 feet wide, and has been carefully maintained for centuries by local craftsmen, especially during the rainy season.
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Estate Trivia >
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Foreclosures >2. What Is a Bank Owned Property? When a home owner misses payments on his or her mortgage, the loan becomes default and the home or property becomes distressed. What happens next depends on an appraisal and the equity of the home. If short sale isn’t a viable option for the home owner and the lender, the foreclosure process takes over and the home or property goes up for foreclosure auction.
A bank-owned property (also referred to as a "real estate owned" or "REO" property) is one that was up for sale at a foreclosure auction but did not sell and therefore now belongs to the lender (usually a bank, but can also be any government agency or loan insurer.)
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