Options exist to help you avoid foreclosure-including counseling, refinancing, and short sales. Purchasers of foreclosures should be aware that such homes, despite their reputation, are rarely big bargains or easy money-makers, and can be very difficult to buy.
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Welcome > Resources > Trivia ...We've added these real estate trivia questions for your enjoyment. And you might learn something new in the process! Have fun...
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What document must lenders provide within three days of receiving your application for financing?
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The "Truth In Lending Disclosure Statement" will give you complete financial information about the loan.
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What does "contingency" mean in real estate?
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A contingency is a specified event that must take place before a home purchase contract is binding; for example, a sale can be said to be "contingent upon the sale of the buyer's current residence."
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Where is the world's largest mud building?
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The Grand Mosque in west Africa measures 328 feet long and 131 feet wide, and has been carefully maintained for centuries by local craftsmen, especially during the rainy season.
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What 45,000 sq.ft. home on 5-acres on Lake Washington is described as an 'adventurous house' by its owner?
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The home of Microsoft's Bill Gates ($40+ million) has a wall of 24 video monitors featuring art and film and a 60-foot pool.
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Which law allows a person to give another individual up to $10,000 a year without any tax consequences?
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The Federal Gift Tax Law allows both parents to give a child (or anyone) $10,000 each in one year.
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Estate Trivia >
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 The way that you hold title to your property has legal, tax, and estate-planning consequences. Many buyers do not receive adequate professional advice on this important aspect of property ownership.
If you are purchasing property by yourself, you will be acquiring title by sole (or "separate") ownership, single ownership, or severalty ownership. The term "severalty" does not denote more than one person - it is a legal term meaning that sole ownership is severed from all other forms of ownership.
If you are purchasing property with others, the most common forms of co-ownership are tenancy in common, joint tenancy, and community property. Tenants in common can be created when two or more related or unrelated people hold title to a property either equally or unequally. Each individual has the right to do whatever he wishes with his interest in the property. For example, he can sell his interest, give it away, or will it to someone else.
Before you take title, you should seek advice from your tax advisor and an attorney, particularly if you are buying the property with another person.
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All rights reserved. All information deemed reliable but not guaranteed.
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