Homebuying Question Title 1. Are you planning to buy a house in Massachusetts in the next five years? Yes No Question Title 2. What concerns you the most about buying a house? Check all that apply. Understanding the process of buying a house Being able to make every payment on time Finding a house that is affordable I do not have any particular concerns Other (please specify) Question Title 3. How intimidating do you find the process of home-buying? Very intimidating Somewhat intimidating Not very intimidating Not at all intimidating Question Title 4. Have you taken a first-time homebuyer class at a local community development corporation (CDCs) or other public or non-profit organization? First-time homebuyer courses include information about credit, mortgages, real estate agents, home inspections, insurance, and laws. Find information about first-time homebuyers here: http://www.mass.gov/hed/housing/affordable-own/first-time-home-buyer-fthb.html. Yes No Question Title 5. Have you ever purchased a home? Yes No Question Title 6. What information can you find on your credit report? Your name and address The credit accounts you have, open or closed The number of times you made on-time or late payments The total credit you have available The total amount of credit you use Any debt in debt collections All of the above I don’t know Question Title 7. Mortgage lenders determine your credit worthiness by looking at credit reports, credit history, credit scores, debt-to-income ratio, and other indicators. True False Question Title 8. There are mortgage programs or other special loan programs for people who qualify based on certain criteria such as those related to income, status as a veteran, and those that have taken a first-time homebuyer class True False Question Title 9. What is an “Annual Percentage Rate” or “APR”? The interest rate of the loan The total yearly cost in dollars that you will pay A percentage of the total value of the house divided by the number of years the borrower has to pay back the loan The percentage that represents the actual yearly cost over the term of the loan, including interest rates, fees, and other costs. Question Title 10. It is inappropriate for a real estate agent to represent both the buyer and the seller. True, in all circumstances. False, provided that real estate agents have the written consent of the buyer and seller. Question Title 11. Of the following, what functions can a real estate agent provide? a) Provide a comparable valuation of the property by using similar properties in the area b) Negotiate the Purchase and Sale agreement c) Maintain escrow accounts d) Provide legal advice e) All of the above f) Just (a) and (b) g) Just (a), (b), and (c) Question Title 12. What types of problems or issues do home inspectors look for? Home inspectors will point out every problem, cosmetic, structural, and others, and thoroughly search for any latent issues. Home inspectors will inspect readily accessible exposed portions of the structure of the home as well as the plumbing, heating/AC, and electrical systems. Home inspectors test for issues such as lead paint, water quality, termites, air quality, and fungi. Home inspectors do not look for problems in the house. Question Title 13. In what contract should buyers make sure there is a provision for home inspectors and work with the seller to determine the terms of the home inspection? The Offer to Purchase contract The final Purchase and Sale agreement The home inspection terms should not be in any contract directly Question Title 14. It’s important to know when the baths and kitchens were last updated when shopping around for home insurance because: Insurance companies that underwrite homeowners’ policies appreciate that their agents can use updated bathrooms when visiting their customers’ homes Insurance companies do not underwrite homeowners’ policies if the baths or kitchen appliances are older than 10 years. Policy premium rates and the likelihood of a claim may depend on the age of the baths and kitchens. Question Title 15. In what circumstances would the new home owner be required to remove lead paint? having inhabitants over the age of 65 having inhabitants that own pets having inhabitants under 6 years of age never Done
