Thank you for reading this real estate column during 2009.
The real estate market has changed rapidly during this year and I hope that my articles have kept you updated with the changes that have taken place. If you have read the articles, it is time to test your knowledge by taking the following 2009 real estate quiz.
1. A reverse mortgage is: (a) Where you reverse the mortgage back to the bank. (b) A home loan that allows a person to convert home equity into cash. (c) Changing an adjustable rate mortgage to a fixed rate.
2. The proposed Arizona real estate transfer tax: (a) Became law in April, 2009. (b) Is scheduled to become law January 1, 2010. (c) Was defeated by voters.
3. A minor land division is: (a) When someone under age 18 buys a property. (b) When less than 18 acres is split into 2 parcels. (c) A land split not requiring a public report.
4. When purchasing real estate, women: (a) Tend to make a decision quicker than men. (b) Tend to take more time to make a decision than men. (c) Spend more than men.
5. The population of Payson’s residents over age 65 is: (a) Less than the national average. (b) Greater than the national average. (c) At the national average.
6. In the year 1900, what percent of people lived in rental housing? (a) 40 percent (b) 55 percent (c) 75 percent
7. We affectionately call Valley people “flatlanders.” Of the $14 million collected in property taxes for the Payson School District, what percentage did the “flatlanders” pay? (a) 13 percent (b) 26 percent (c) 34 percent
8. Under the fair housing laws, it is legal to prohibit which of the following in a housing unit? (a) A live-in caregiver for people with a disability (b) Smoking (c) Religious choice
9. Home mortgage interest rates during 2009 were at: (a) All-time highs. (b) Subject to Congressman Barney Frank’s approval. (c) At all-time lows.
10. The “seven year itch” is: (a) Corrected with Desenex foot powder. (b) A description of how often people may move. (c) When mortgages are due.
11. A satirical article was written on housing, however, one of the following became a real proposal by a member of the Obama administration: (a) Roofs on homes should be painted white. (b) All newly constructed homes are to be built with a safe room. (c) No more than a one-car garage may be built onto a home.
Answers: 1b, 2c, 3c, 4a, 5b, 6c, 7c, 8b, 9c, 10b, 11a
Ray Pugel is a designated broker with Coldwell Banker Bishop Realty. Contact him at (928) 474-2216.