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Business & Merchant

From Roger Dolanch, Broker/Owner

To begin the new year, here are some interesting real estate trivia questions for your enjoyment. Have fun!

Q. According to Feng Shui, the art of home placement, what five elements are needed in a harmonious environment?

A. Wood, fire, earth, metal and water must be balanced to create a happy, prosperous home.

Q. What did 75% of 10,000 Home Buyers surveyed by the NAR (National Association of Realtors) list as their top reasons for selecting a Real Estate Professional?

A. Being knowledgeable in the housing market, knowledge of real estate practices and financing, as well as familiarity with neighborhoods.

Q. What does the abbreviation of PITI Stand for?

A. Principal, Interest, Taxes, and Insurance are the four major items included in a monthly mortgage payment.

Q. What acclaimed house built of stone, concrete, and glass is built over a waterfall?

A. Fallingwater in Mill Run, PA, built by architect Frank Lloyd Wright, is one of the most-visited homes in the U.S.

Q. What is considered one of the greatest U.S. construction projects that was also of great strategic importance to the U.S.?

A. The Panama Canal, begun in 1904 and completed in August of 1914, which cost $366,650.

Q. What is a smart home?

A. A “smart home” is equipped with structured home wiring packages that control the home’s systems via networked technologies.

Q. In what real estate market is more than 90 percent of home sales cash transactions?

A. Palm Beach, home to Princes, Politicians, and CEOs, has homes from 2,000 square feet condos to 56,000 square feet estate homes.

Q. What is the legal term that is used to describe the right of the U.S. government to condemn private land for public use?

A. Right of “eminent domain” allows the government to confiscate private land by paying full market value for the property.

Q. What document must lenders provide within three days of receiving your application for financing?

A. The “truth in lending disclosure statement” will give you complete financial information about the loan.

Q. What are considered the ideal conditions for a buyer’s market?

A. In a buyer’s market, there are more houses for sale than buyers, homes take longer to sell, and sellers may have to cut prices.

Q. What are considered the Ideal conditions for a seller’s market?

A. In a seller’s market, prices are firm and good houses are sold before advertised or as soon as they show up in the MLS.

Q. What five basic components of a “smart home” can be controlled by technology?

A. Lighting and window treatments, security and access control, data communication, environmental/ energy management, and audio/video entertainment can all be operated by a “smart home.”

Q. What is considered one of the slimmest buildings ever designed?

A. The Carnegie Hall Tower, designed by Cesar Pelli, is only 50 feet wide and 60 stories high.

Q. What criteria determine the Hottest Real Estate Markets?

A. Job/personal income growth; population/household growth; housing affordability/appreciation; and current inventory of homes for sale.

Q. What does the common acronym FSBO (pronounced Fizzbo) stand for?

A. For sale by owner. Between 85 to 95% of all existing homes are sold by a Realtor.

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