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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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In what area of the United States did the price of existing homes increase most dramatically in 2005?
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Phoenix, Arizona real estate recorded a 55.2 percent increase in home prices during 2005.
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What is considered one of the few remaining tax shelters in the 1990s?
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Homeownership--property taxes on a residence or vacation home are deductible up to $1 million.
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What city boasts eight of the world's ten biggest hotels?
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Las Vegas has eight of the largest resort hotels; the latest and most extravagant is the $2.7 billion, 2,716-room Wynn Las Vegas.
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What is the largest city square in the world?
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Located in Beijing, China, Tianamen Square, called the "Gate of Heavenly Peace", covers 98 acres.
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What famous American building was originally built in 1792, burned and rebuilt 1814-1818 and restored in 1952?
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The White House in Washington, D.C., modeled after an Irish palace, is a sumptuous example of post-colonial architecture.
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First Time Buyers >The Seller May Pay
The costs of buying a home may be daunting. For example, you may have finally saved enough for a down payment on your first home, with a little left over to buy the furniture you will need. Then you hear about having to pay closing costs you weren't anticipating, and this may seem like a real setback.
One way to cover such a shortage is to make the sellers an offer that calls for them to credit you for some of the closing costs. As a rule, the sellers may pay a maximum of 3 percent of the sales price if the buyer is putting five percent down. If the buyer is making a down payment of 10 percent or more, the seller can contribute up to 6 percent of the sales price to cover the buyer's closing costs. Some items, such as prepaid taxes and the first month's mortgage payment, must be paid by the buyers. Sellers may also contribute to paying the appraisal, points, title insurance, settlement attorney fees, state or local transfer taxes and similar items.
Keep in mind that if the credit is included in the price of the house, the appraiser will have to justify the amount, based on sales prices of similar homes in the neighborhood.
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NUMBER1EXPERT®
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All rights reserved. All information deemed reliable but not guaranteed.
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