12.1 Renting a Residence Lesson

12.1 Renting a Residence Lesson

Open Ended

Why would a person choose to rent rather than buy a home?

Multiple Choice

Which of the following best describes an apartment that has a bathroom and one large room serving as a living room, bedroom, and kitchen?

• studio

• complex

• en suite

• subprime

Multiple Select

What are some of the advantages of renting a living space? (Check all that apply.)

• Less free time

• Fewer financial responsibilities

• Less financial risk

• Greater mobility

Multiple Choice

Which of the following is a disadvantage of renting a residence?

• greater financial risk

• less mobility

• no tax benefits

• less free time

Multiple Choice

A contract that specified the conditions, terms, and rent for the use of an asset is a(n) ____________.

• Lease

• Lessee

• Lessor

Multiple Choice

A _________ is the person who owns the property, the _________ is the person who rents the property.

• lessor; lessee

• lessee; lessor

Multiple Choice

An amount a renter pays to help protect the property owner against financial losses in case the renter damages the property or fails to pay rent is a(n) ___________.

• loan

• down payment

• withdrawal

• security deposit

Multiple Choice

The ___________, which is supplied by the property owner, is a detailed list of property items and their condition.

• lease agreement

• rental inventory checklist

• rent-to-own agreement

Multiple Choice

Renters should document all problems thoroughly so you are not charged for them when you move out.

• True

• False

Multiple Choice

___________ is the legal process of removing a tenant who is not paying rent from a rental property if the tenant does not leave voluntarily.

• Foreclosure

• Eviction

• Termination

• Lawsuit

Multiple Choice

Which of the following is a receipt listing goods shipped by a moving company?

• invoice

• bill of landing

• packing slip

• lease

Open Ended

Name one question you would ask before signing a lease agreement.