House Hunters, the HGTV home-search show, makes it look so easy: You decide to buy a house, you look at a bunch, you pick the one you want, you make an offer, you sign a stack of papers and – bam! – next thing you know you’re hosting a back yard barbecue for your family and friends.
But somewhere between the dreaming and the shopping and the back yard barbecue you’re hit with words like easement and equity and amortization schedule. It’s as if everyone from your broker to your banker is speaking a foreign language and there you are without your English to Real Estate dictionary.
Buying a house is probably one of the biggest purchases you’re likely to make and you don’t want to get it wrong. Understanding the lingo of buying and selling property is at least half the battle. Can you tell a condo from a co-op?
Take our fun quiz, Are You Smarter Than a Broker? and see how well you know 14 common real estate terms.
- Learn what equity means if you’re not in show business
- Discover what earnest money means to a seller
- Understand why TRID could be your new best friend
Take the Are You Smarter Than a Broker? quiz now and test your real estate IQ.