Are You A Real Estate Expert Take The IQ Test

Are You A Real Estate Expert Take The IQ Test

Real Estate IQ Test Shows Gap in Consumers’ Housing Knowledge

I came across this article today and wanted to post it on my blog. If you are thinking about entering the real estate market, this is a fun way to do it!

Consumers are knowledgeable about some aspects of the real estate process, but gaps in their housing knowledge persist, particularly when it comes to understanding the mortgage process as it relates to appraisals, credit scores, and federal loan programs, according to ERA Real Estate, which has a 13-question “Real Estate IQ” quiz available at its site.Home owners and people over 30 scored higher than non-home owners and people under age 30. Overall, the average score on the test was 73 percent.

Home owners who purchased a home within the past year scored an average of five points lower than those who had bought a home more than two years ago, according to the results. Charlie Young, president and CEO of ERA Real Estate, speculates that is a reflection of last year’s fast-paced market, which was marked by price increases, bidding wars, and rising mortgage rates that increased urgency when completing a deal. The rush may have caused some home buyers to lack the time to fully understand the process, even though they were going through it.

Most of the respondents were familiar with foreclosures, short sales, and homeowner’s insurance, according to the results. More than 90 percent of respondents, for example, knew the difference between homeowner’s insurance and a home warranty. They also knew that homeowner’s insurance was different than PMI. However, only 67 percent of non-home owners knew what an appraisal was, compared with 81 percent of home owners.

Also, overall, respondents showed a lack in knowledge of real estate market indicators – an opportunity for real estate professionals to use when educating their clients about local market conditions, according to ERA.“The business of buying and selling a home has become increasingly complex and multifaceted as we contend with the checks and balances put in place following the Great Recession,” says Young. “Our findings suggest that real estate professionals can provide an invaluable service to their clients by not only educating them on many of the processes involved in buying or selling a home but also by connecting them with experts in related industry services.” Take the real estate quiz.  -- “New Test Focuses on Consumers’ Real Estate IQ,” RISMedia


If you are thinking about entering the real estate market and need the assistance of a trained professional with Mensa like real estate IQ, contact me at:


Philip Crocker
Lead Buyer Consultant
mySanDiegoAgent Realty Group
Keller Williams Real Estate
760.212.7222

To visit my website:

To search homes on your smart phone download my mobile app: 

To see my blog post about the 8 steps to home ownership:

CA BRE# 01131961


Colleen K. Cotter - BRE #01325265 Headshot
Author:
Phone: 619-804-6840
Dated: April 24th 2014
Views: 139
About Colleen K.: ...

Property Search








RSS Feed

View our latest blog posts in your RSS reader. Click here to access. RSS

Search Blog

Recent Blogs

5 Reasons You Should Consider Investing In Condos - Let’s assume, as an investor,
Best Places In Oceanside To Shop For Vintage Home Decor - When furnishing your home,
Jan 27 2017 29137 1 - Chinese Lunar New Year 2017 is
Get It Done San Diego - We all want to enhance our

Saved Properties

This is a list of your favorite properties. We will email you if a property is reduced or leaves the market.

Click 'Save' to add a property to this list.

Register / Login

New & returning visitors please enter your information to login.

By clicking 'register' you are agreeing to our terms of use & giving us expressed written consent to contact you.

Questions? Comments? Complaints?

This message will go directly to the head of our team.

Location & Address

Colleen K. Cotter - mySanDiegoAgent Realty Group
7050 FRIARS ROAD SUITE 100
San Diego, CA
619-313-4634
619-233-5526