Financial Algebra Vocab Ch. 7.1-7.4

Front

Term for a person who rents an apartment.

Back

Tenant

Front

Money paid at rental start to cover damages or non-payment, refundable upon moving out, typically 1-4 months' rent.

Back

Security deposit

Front

Loan from a bank for a home

Back

Mortgage

Front

Owner of the apartment

Back

Landlord

Front

Fees paid to the attorney for representation at closing

Back

attorney fees

Front

Amount a house could be sold for

Back

market value

Front

Covers the cost of applying to rent. Refundable, typically $100-$400, includes a $25 credit report.

Back

application deposit

Front

Money put down before buying a house, usually at least 20% of the cost.

Back

down payment

Front

Amount to determine property tax owed.

Back

Assessed value

Front

Landlord legally removes a tenant for non-payment.

Back

Evict