Homebuyer Education Learning Check Module #3 – Finding & Selecting a Home Question Title * 1. Name Question Title * 2. Phone Number Question Title * 3. Email Address Question Title * 4. How many Realtors can represent you at one time? 1 No more than 3 Up to 5 in Santa Fe County and 10 in the City of Albuquerque There is no limit Question Title * 5. Your Realtor can help you (the Buyer) find a home in your price range. They represent you in all stages of the transaction and the cost for this service is: Buyer (you) pay them a 3% commission Buyer (you) negotiate fee based on your income Seller (of the home you buy) usually pays a 3% commission The commission is part of the closing costs of the loan Question Title * 6. True or False – Your Realtor will tell you exactly how much to offer on a home and let you know the name of the best home inspector in town (and who to avoid). True False Question Title * 7. When house hunting, you want to consider all of the following except: Do you like the neighborhood? Are the sizes of the rooms and home adequate for your needs? Do you like the color of the paint? Are there good schools in the area? Question Title * 8. This is a deposit that is given to the seller’s agent to show that the buyer is serious about buying the house once the offer is made: Cost of appraisal Earnest money Inspection fee Contingency Question Title * 9. A signed purchase contract is a legally binding agreement to purchase a home. Contingencies are in place to protect you in certain situations, in which you may legally break the contract. Which of the following is NOT a contingency written into the contract?: Inspection Insurance Financing Buyer changes their mind, has found a better home Question Title * 10. As reviewed in class, www.homewise.org is a good resource for finding current ACTIVE homes on the MLS (Multiple Listing Service used by Realtors). Another recommended resource is: Realtor.com Zillow.com Trulia.com BestHomesUS.com Question Title * 11. Who is responsible for hiring the home inspector? (select one): The buyer (you) Your Realtor The seller hires and pays for the inspection Your Loan Officer Done