Pop Quiz! Can you define these key terms in today’s housing market?

1. Affordability

a. A report highlighting the estimated value of the property completed by a qualified third party b. A measure of whether someone earns enough to quality for a long on a typical home based on the most recent price and income data c. The value in your home above the total amount of the liens against your home d. A provision in a contract requiring certain acts to be completed before the contract is binding

2. Appraisal

a. A provision in a contract requiring certain acts to be completed before the contract is binding b. The value in your home above the total amount of the liens against your home c. A measure of whether someone earns enough to quality for a long on a typical home based on the most recent price and income data d. A report highlighting the estimated value of the property completed by a qualified third party

3. Contingency

a. A measure of whether someone earns enough to quality for a long on a typical home based on the most recent price and income data b. A report highlighting the estimated value of the property completed by a qualified third party c. A provision in a contract requiring certain acts to be completed before the contract is binding d. The value in your home above the total amount of the liens against your home

4. Equity

a. The value in your home above the total amount of the liens against your home b. A measure of whether someone earns enough to quality for a long on a typical home based on the most recent price and income data c. A provision in a contract requiring certain acts to be completed before the contract is binding d. A report highlighting the estimated value of the property completed by a qualified third party

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