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Real Estate Basics · Level 1 of 5 · Intro

Real estate vocabulary

The core terms you will hear when buying, selling, or renting.

Study notes

  1. Real property is land and anything permanently attached to it, such as a house. Personal property is movable, such as furniture.
  2. Equity is the market value of a property minus what you still owe on loans secured by it.
  3. A mortgage is a loan secured by real estate. If the borrower does not repay, the lender can foreclose under state law.
  4. Escrow is a neutral third party holding money or documents until the conditions of a deal are met. Lenders also use escrow accounts to pay property taxes and insurance.
  5. Closing is when the sale is finalized, documents are signed, money moves, and ownership transfers.

Quiz: 6 questions

Choose one answer for each question, then check your answers. Score 5 of 6 to pass. Then enter your name and email to download a PDF certificate and have a copy emailed to you. Answers are graded in your browser.

1. Which is real property?

2. A home is worth $300,000 and the loan balance is $220,000. Equity is:

3. A mortgage is:

4. What does an escrow holder do in a purchase?

5. Closing is when:

6. Furniture left in a house is usually:

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