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Quiz: can you decode home-buying jargon?

Aussie Home Loans blog

Mortgage Resource

6 years ago

Define gazumped.

When you’re hit with that post-auction-day feeling of relief mixed with total exhaustion.

When someone swoops in to make a better offer for a property than what was previously accepted… and wins.

The latest learning app to keep your child entertained when you’re busy talking home-buying.

Correct!

Wrong!

What is Torrens Title?

A register that provides certainty to the title of a land.

A law introduced by the Commonwealth that dictates the regulations of an auction.

The certificate given to a real estate agent that gives them permission to sell houses in multiple states of Australia.

Correct!

Wrong!

What is the definition of Body Corporate?

The Owners’ Corporations a.k.a. – the group that regulates meetings and helps dictate responsibilities between owners when it comes to the upkeep of a property.

The security needed at an auction.

When both parties meet to sign a property agreement.

Correct!

Wrong!

What does zoning refer to?

A restriction on the way land within a particular jurisdiction can be used.

The bedroom area you allocate to your partner during a moving-induced-fight.

The responsibility you have when moving to register with your local council.

Correct!

Wrong!

What is probate?

The process of negotiation when making a property agreement.

The term for the deposit a buyer places on a property.

The legal process of handling a descendant’s will, which dictates the passing on of an estate.

Correct!

Wrong!

What are title deeds?

Legal documents that prove economic stability in order to invest in a property

Legal documents constituting evidence of the right to the ownership of a property.

A deed to a property freely given by an owner of no relation to the new owner.

Correct!

Wrong!

What does ‘abut’ mean?

The French term for ‘sold’.

When a homeowner hands over the keys to the new owner after selling.

A property that shares a boundary e.g. your backyard will abut a park.

Correct!

Wrong!

What is a caveat?

The most popular paint shade for the outer facade of a house in 2017.

The original name for a house on stilts.

The injunction a prospective buyer lodges to confirm interest in a property.

Correct!

Wrong!

What is a cul-de-sac?

The original term for a house with no garage.

When a contract regarding property investment can’t be resolved.

A street that’s closed at one end.

Correct!

Wrong!

What does the term ‘peppercorn rent’ refer to?

An amount of money (often small) paid to rent a property as a token.

When five or more properties in the same complex are put up for rent in the same month.

An astonishingly high rent rate – it burns.

Correct!

Wrong!

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Quiz: can you decode home-buying jargon?

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