Enjoy!

I've added these real estate trivia questions for your enjoyment. And you might learn something new in the process! Have fun...


Q	Who is "Fannie Mae" and why is she a big name in real estate?
A	"Fannie Mae" is the real estate industry nickname for FNMA, or Federal National Mortgage Association, the stockholder-owned corporation that purchases mortgages from mortgage lenders.

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
A

Q	Fewer than 2 percent of homeowners build this type of home:
A	Fewer than 2 percent build a custom home; most buy an older home or select from a home builder's menu.

Q	What is an encumbrance against a property, which may be voluntary or involuntary?
A	There are many different kinds of liens: a tax lien, a judgment lien, a mortgage lien, and a mechanic's lien.

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Titles >Do You Really Need Title Insurance

When a home is purchased, title insurance is one of the closing cost items on the closing statement. This insurance protects the buyer from defects in the title that are not discovered until after the closing. There are two kinds of title insurance--coverage that protects the lender for the balance of the mortgage if the buyers have a loan, and coverage that protects the buyers' equity in the property.

It is prudent to purchase owners' coverage because most of the title problems that arise after a closing are not from a sloppy title search, but are the result of inaccurate information in the public records. The ownership chain goes back a long way, and fraud or misrepresentation anywhere in the chain could mean big problems. Title insurance will protect you if a wife or husband did not properly sign off on the ownership papers or if the property was sold as part of an estate that was later disputed. Most people do not have to deal with the title insurance company after the closing, but this coverage could save your investment if a problem arises.

	See All Tips In The "Titles" Category >
	See Complete Library Of Hundreds Of Tips In 30+ Categories >

Barbara Berkowitz, REALTOR®, real estate agent and broker for Granby, Simsbury and Suffield, Connecticut home listings, property and land for sale - NUMBER1EXPERT

Barbara j. Berkowitz
Coldwell Banker Residential Brokerage
700 Hopmeadow Street
SIMSBURY, CT 06070
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