Real Estate Trivia

Enjoy!

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

Q What mortgage transactions between borrowers and lending institutions operate in the private sector of the economy?
 
A Conventional mortgages are private sector transactions that are not insured or guaranteed by the government.

Q What did 75% of 10,000 buyers surveyed by the NAR list as their top reasons for selecting a Real Estate Professional?
 
A Knowledge of the housing market, knowledge of real estate practices and financing, and familiarity with neighborhoods.

Q What unique type of home is making news as an affordable, environmentally-friendly housing alternative?
 
A Straw bale homes may well become the non-toxic, affordable home of choice in the future.

Q What does the abbreviation PITI stand for?
 
A Principal, Interest, Taxes and Insurance are the four major items included in a monthly mortgage payment.

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.

Q What area was designed to look like a 1940s southeastern town with traditional architecture?
 
A Disney's "Celebration" in Orlando, FL, will eventually have 8,000 houses and many commercial tourist attractions.

Q What is considered the primary factor distinguishing buyers of prestigious properties from the average home buyer?
 
A Financing doesn't worry these buyers; they often put down 40 percent or more or pay cash for a property

Q What has been described as the world's most beautiful building?
 
A The white marble Taj Mahal in India was built by the Mogul emperor Shah Jahan (1631-53) to enshrine his favorite wife.

Q Who is "Freddie Mac", and why is he a big name in real estate?
 
A "Freddie Mac" is the nickname for FHLMC, the Federal Home Loan Mortgage Corporation, which buys mortgages from lending agencies, thus allowing lenders to continually replenish funds for new mortgage loans.

Q Lenders in 14 states--California, New York, Oregon, Utah, Vermont and Wisconsin and 9 others--have what in common?
 
A Lender in these states must pay interest on funds held in escrow accounts.

Q What U.S. state is home to the world's richest woman?
 
A Alice Walton, daughter of WalMart's founder and heiress to $16.5 billion, lives on a ranch in the state of Texas.

Q What was the longest distance a building has ever been moved?
 
A Detroit's five-story Gem Theater, built in 1927, was moved 1,850 feet (5 blocks) to make way for two new sports stadiums.

Q Which city in the U.S. has the longest formal name, but the shortest abbreviated name?
 
A El Pueblo de Nuestra Senora la Reina de los Angeles de la Porciuncula is the full name for Los Angeles, known as "LA".

Q What areas are known as the 'silk stocking' districts of this famous city?
 
A In Central Park West, Fifth Avenue and Park Avenue in Manhattan, apartments go for $222,610 to $282,709 per room.

Q How can you give your home the equivalent of sunglasses?
 
A Install low "E" squared glass filters sunlight, saves on energy costs and prevents fading of furniture, drapes and carpets.

Q Where is the world's largest mud building?
 
A 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.

Q What 45,000 sq.ft. home on 5-acres on Lake Washington is described as an 'adventurous house' by its owner?
 
A 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.

Q Which law allows a person to give another individual up to $10,000 a year without any tax consequences?
 
A The Federal Gift Tax Law allows both parents to give a child (or anyone) $10,000 each in one year.

Q What bizarre post-midnight pageant celebrated the great transformation in Manhattan architecture during the 1920s?
 
A Beaux-Arts Architects' Ball (January 23, 1931) at the Hotel Astor commemorated the end of the first skyscraper age.

Q What information does nearly every state in America require the seller of a home to reveal to the buyer?
 
A Most states require disclosure of any existing problems or conditions that could affect the value of the house.

Q What economic factor can make the purchase of a home an excellent long-term investment?
 
A Home price appreciation can result in a substantial return on the buyer's investment as a house increases in value over time.

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 What oceanfront area is currently the most popular choice among people searching for second homes and vacation homes?
 
A According to statistic published early in 2005, the Florida coast is the most sought-after vacation and retirement destination in the United States. 

Q In what real estate market are more than 90 percent of home sales cash transactions?
 
A Palm Beach, home to princes, politicians, and CEOs, has homes from 2,000 sq.ft. condos to 56,000 sq.ft. estates.

Q What is the legal term 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 is the average age range of a second-home buyer in the United States?
 
A Currently, second-home buyers in America are most often between 41 and 44 years of age.

Q What famous American monument is also the world's heaviest statue?
 
A The Statue of Liberty, officially named "Liberty Enlightening the World", weighs 54.31 million pounds.

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 Originally incorporated under the name Georgiana, what is the oldest incorporated city in the United States?
 
A York, Maine, which received an English charter in March 1642, is the oldest incorporated city in the U.S.

Q Who is considered the world's most renowned living architect?
 
A I.M. Pei who retired in 1991; he earned this status after designing the glass pyramid entrance pavilion to the Louvre in Paris (1989).

Q In which 'Oil Sheikdom' of the Far East do the wealthy still choose to live in primitive houses on stilts?
 
A Brunei's oil wealth results in no income tax, free education and health services, and cheap housing loans for its average citizen.

Q What land did the U.S. Government buy for $7.2 million?
 
A In March 1867, the US bought all of Russian America (Alaska) from Russia.

Q Who received the largest land grant ever given to an English subject for only two beaver skins per year?
 
A William Penn, the Quaker leader, received Pennsylvania and Delaware to settle a debt owed his father by King Charles II.

Q 1992 marked the first year since before the Civil War that there were fewer than 2 million ________ in the United States?
 
A There are fewer than 2 million farms, and agricultural land is still being carved up for residential and commercial uses.

Q Where was the great land boom (1919) in which investors paid up to $25,000 for lots not yet dredged up from the ocean?
 
A The great Florida land boom brought hundreds of investors to the state after Carl Fisher founded Miami Beach in 1919.

Q At the doors of what famous temple do you find yourself when you climb the 'Stairway to Heaven'?
 
A The Temple of Heaven in Beijing, China, attracts the local faithful and tourists.

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 is arguably the world's strangest (and most dysfunctional) kitchen?
 
A In 1998 the Kemper Museum of Contemporary Art in Kansas City first displayed a kitchen made entirely of 40 million colored glass beads by artist Liza Lou of Topanga, California.

Q The upper walls of what famous holy temple are lined with gold?
 
A The Golden Temple in Amritsar, India is the most sacred temple and spiritual center of the Sikhs.
made entirely of 40 million colored glass beads by artist Liza Lou of Topanga, California.

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The Turk Team
Keller Williams Biltmore Partners
2920 E. Camelback Road #100
Phoenix, AZ. 85016
Cell: 602-369-0007
Office: 602-553-4347
Fax: 602-553-4409
Email: Brad@TheTurkTeam.com

As a Phoenix native and lifetime resident Brad Turk's knowledge of the area and local community is one of his strongest assets. Brad has built a solid reputation for success by understanding what home really means. If you asked a group of people to define what home means to them, you might be surprised at their answers - they would be as diverse as the people themselves. Home means different things to different people - it's where you live your life, nurture your dreams, and reap the rewards of a lifetime of hard work. Handling every detail with ease and expertise, Brad's successful real estate transactions are the result of strong negotiating skills, market knowledge and industry experience. Add innovative marketing, fresh concepts, and a genuine understanding of the real estate process, and you will quickly see why Brad Turk and The Turk Teamconsistenly deliver results that exceed client expectations. Honest, passionate and dependable, Brad Turk and The Turk Team are the consummate real estate professionals who can handle all of your real estate needs. Whether you're moving around the corner or across town, if it's time to move on with your life...it's time to call The Turk Team.