Quick Knowledge Check

Before moving on, take a moment to reflect on what you’ve learned in this module. The short quiz below is designed to help you track your understanding and highlight anything you may want to revisit.

QUIZ

1. What is Stamp Duty?

A. A tax paid on imported goods

B. A fee for registering a property

C. A tax on property purchases above a certain price threshold

D. A charge for home insurance

E. A cost associated with estate agent fees

2. What is Shared Ownership?

A. A scheme where you rent a property with a friend

B. A government scheme allowing you to buy a portion of a home and rent the rest

C. A temporary lease agreement

D. A type of home insurance policy

E. A way to invest in property with multiple buyers

3. What does 'Under Offer' mean in real estate?

A. A property that has been sold and completed

B. A property that is still available for viewing

C. A property where an offer has been made but not yet accepted

D. A property with a price reduction

E. A home that is being auctioned

4. What is a Valuation Survey?

A. A full structural inspection of a home

B. A professional estimate of a property's market value

C. A survey to check energy efficiency

D. A government tax assessment

E. A tenant satisfaction report

5. What is a Decision in Principle?

A. A formal mortgage approval

B. A lender's initial agreement on how much they might lend you

C. A contract signed by both buyer and seller

D. A legal document confirming property ownership

E. A fixed interest rate agreement

6. What is a Fixed Rate Mortgage?

A. A mortgage where the interest rate remains the same for a set period

B. A mortgage with interest that changes monthly

C. A short-term loan to cover moving costs

D. A government-backed loan for first-time buyers

E. A mortgage with no interest charges

7. What is Equity in real estate?

A. The amount of money paid in rent

B. The difference between a property's market value and the mortgage owed

C. A type of property insurance

D. A legal contract between buyer and seller

E. A mortgage repayment method

8. What is an Energy Performance Certificate (EPC)?

A. A document that assesses a property's energy efficiency

B. A certificate proving property ownership

C. A report on a property's structural integrity

D. A tax document for council fees

E. A certificate for home insurance eligibility

9.What is Council Tax?

A. A tax paid by businesses for commercial property

B. A charge for local services such as waste collection and street maintenance

C. A one-time fee paid when buying a home

D. A property insurance premium

E. A government tax on rental income

Answers:

1.C, 2. B, 3. C, 4. B, 5. B, 6. A, 7. B, 8. A, 9. В