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120 Home Buying 101: Mortgage Terms, Offers, Escrow & Closing Practice Questions (2026)

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Full Question List

  1. Question 1

    What is a mortgage?

  2. Question 2

    What is equity?

  3. Question 3

    What is principal?

  4. Question 4

    What is interest?

  5. Question 5

    What is a down payment?

  6. Question 6

    What is closing?

  7. Question 7

    What is escrow?

  8. Question 8

    What is an MLS?

  9. Question 9

    What is PMI?

  10. Question 10

    What is amortization?

  11. Question 11

    What is a fixed-rate mortgage?

  12. Question 12

    What is an adjustable-rate mortgage (ARM)?

  13. Question 13

    What is an FHA loan?

  14. Question 14

    What is a VA loan?

  15. Question 15

    What is a conventional loan?

  16. How many did you know?

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  17. Question 16

    What is APR?

  18. Question 17

    What are points on a mortgage?

  19. Question 18

    What is loan-to-value ratio (LTV)?

  20. Question 19

    What is debt-to-income ratio (DTI)?

  21. Question 20

    What's the difference between 15-year and 30-year mortgages?

  22. Question 21

    What's the difference between pre-qualification and pre-approval?

  23. Question 22

    Why get pre-approved before house hunting?

  24. Question 23

    What documents do you need for pre-approval?

  25. Question 24

    How long does pre-approval last?

  26. Question 25

    What credit score do you need to buy a home?

  27. Question 26

    Should you shop around for mortgages?

  28. Question 27

    What is a pre-approval letter?

  29. Question 28

    Can you buy a home with no down payment?

  30. Question 29

    What shouldn't you do after getting pre-approved?

  31. Question 30

    What is a mortgage broker?

  32. How many did you know?

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  33. Question 31

    What is a buyer's agent?

  34. Question 32

    What is a seller's agent (listing agent)?

  35. Question 33

    What should you look for during home tours?

  36. Question 34

    What is a comparative market analysis (CMA)?

  37. Question 35

    What are 'comps' in real estate?

  38. Question 36

    What is a seller's market?

  39. Question 37

    What is a buyer's market?

  40. Question 38

    What are days on market (DOM)?

  41. Question 39

    What is an open house?

  42. Question 40

    What are red flags when house hunting?

  43. Question 41

    What is included in a purchase offer?

  44. Question 42

    What is earnest money?

  45. Question 43

    What are contingencies?

  46. Question 44

    What is an inspection contingency?

  47. Question 45

    What is an appraisal contingency?

  48. How many did you know?

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  49. Question 46

    What is a financing contingency?

  50. Question 47

    What does 'as-is' mean?

  51. Question 48

    What is a counteroffer?

  52. Question 49

    How do you make a competitive offer?

  53. Question 50

    What is an escalation clause?

  54. Question 51

    What is a home inspection?

  55. Question 52

    How much does a home inspection cost?

  56. Question 53

    Should you attend the home inspection?

  57. Question 54

    What does a home inspection cover?

  58. Question 55

    What are specialized inspections?

  59. Question 56

    What happens after a bad inspection?

  60. Question 57

    What is a repair addendum?

  61. Question 58

    What's the difference between major and minor issues?

  62. Question 59

    Should every inspection issue be fixed?

  63. Question 60

    What is a re-inspection?

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  65. Question 61

    What is a home appraisal?

  66. Question 62

    Who pays for the appraisal?

  67. Question 63

    What happens if appraisal comes in low?

  68. Question 64

    What happens if appraisal comes in high?

  69. Question 65

    Can you waive the appraisal contingency?

  70. Question 66

    What does an appraiser look at?

  71. Question 67

    Can you challenge a low appraisal?

  72. Question 68

    How long does an appraisal take?

  73. Question 69

    Is appraisal same as market value?

  74. Question 70

    Do you get a copy of the appraisal?

  75. Question 71

    What is title?

  76. Question 72

    What is a title search?

  77. Question 73

    What is title insurance?

  78. Question 74

    What's the difference between lender's and owner's title insurance?

  79. Question 75

    What is a lien?

  80. How many did you know?

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  81. Question 76

    What does the escrow company do?

  82. Question 77

    What is the escrow period?

  83. Question 78

    What is an escrow account after closing?

  84. Question 79

    What is a deed?

  85. Question 80

    What happens if title issues are found?

  86. Question 81

    What is the closing disclosure?

  87. Question 82

    What happens at the closing meeting?

  88. Question 83

    Who attends closing?

  89. Question 84

    How long does closing take?

  90. Question 85

    What should you bring to closing?

  91. Question 86

    When do you actually own the home?

  92. Question 87

    Can closing be delayed?

  93. Question 88

    What is the final walk-through?

  94. Question 89

    What if something is wrong at final walk-through?

  95. Question 90

    What documents do you receive at closing?

  96. How many did you know?

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  97. Question 91

    What are closing costs?

  98. Question 92

    What fees are included in closing costs?

  99. Question 93

    Can you negotiate closing costs?

  100. Question 94

    What are seller concessions?

  101. Question 95

    What is an origination fee?

  102. Question 96

    What are prepaid costs at closing?

  103. Question 97

    Can you roll closing costs into the loan?

  104. Question 98

    What is a no-closing-cost mortgage?

  105. Question 99

    What is the loan estimate?

  106. Question 100

    Are closing costs tax deductible?

  107. Question 101

    What is homeowners insurance?

  108. Question 102

    What are property taxes?

  109. Question 103

    What is a HOA?

  110. Question 104

    What maintenance should new homeowners budget for?

  111. Question 105

    What is a home warranty?

  112. How many did you know?

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  113. Question 106

    Can you refinance a mortgage?

  114. Question 107

    What is a home equity line of credit (HELOC)?

  115. Question 108

    Should you pay off your mortgage early?

  116. Question 109

    What increases home value?

  117. Question 110

    What should you do after buying a home?

  118. Question 111

    What first-time buyer programs are available?

  119. Question 112

    What is down payment assistance (DPA)?

  120. Question 113

    Who qualifies as a first-time homebuyer?

  121. Question 114

    What is a USDA loan?

  122. Question 115

    Should you use retirement funds for down payment?

  123. Question 116

    Can family gift you down payment money?

  124. Question 117

    What is a starter home?

  125. Question 118

    What's the biggest mistake first-time buyers make?

  126. Question 119

    How much emergency fund should homeowners have?

  127. Question 120

    When is the best time to buy a home?

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