Explanation should include

• using professional property location resources (e.g., real estate agent, Internet sources)
• establishing a timeline with realistic expectations
• identifying strategies to save money during the process
• identifying alternative locations
• making informed decisions
• reviewing documents.

Process/Skill Questions:

Thinking

• What are the advantages and disadvantages of home ownership vs. renting?
• What factors might prevent one from obtaining a home loan?
• What factors might prevent one from renting a home?

Communication

• What free resources are available to help one find a home?
• Why do most Americans hire a real estate agent to help them buy or sell a home?
• How does one establish a fair price for a home?
• What is the purpose of a home inspection prior to purchase?
• Why do lenders require an appraisal of the property?

Leadership

• What neighborhood or location concerns might influence one’s desire to purchase or rent a home?
• What are the consequences of buying more house than one can afford?
• What criteria would one use to help determine a property’s condition?

Management

• What are the risks associated with a mortgage, and how can one reduce risk?
• How is the minimum down payment for a mortgage loan determined?
• What are fair expectations when hiring a real estate agent?
• How does buying a new home differ from buying an existing home?
• When choosing to rent, how does one determine whether to rent from an individual or a rental agency?