Chp 12 Housing Decisions Lesson

Chp 12 Housing Decisions Lesson

By Carly Jorgensen

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

• house

• subprime

Multiple Select

Which of the following are advantages of leasing?

(Select all that apply)

• Someone else pays for repairs

• Flexibility to move

• No investment

• Cheaper expenses

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 legal contract between the tenant and landlord outlining the rights and responsibilities of both parties.

• mortgage

• lease

• down payment

• value

Multiple Choice

The person who owns a property and rents it out to other people.

• Tenant

• Securer

• Lease

• Lessor/ Landlord

Multiple Choice

The person or party who rents a property.

• Landlord

• Lessee

• Purchaser

• Securer

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) ___________.

• Security Deposit

• Down payment

• Loan

• Mortgage Insurance

Multiple Choice

The ___________, is a detailed list of property items and their condition, supplied by a property owner to the renter to fill out about the condition of their rental unit.

• lease

• rent-to-own agreement

• rental inventory checklist

• title

Multiple Choice

This occurs when the tenant does not voluntarily move out after the landlord has given the notice to vacate the property.

• Subleasing

• Eviction

• Oral agreement

• Lease agreement

Multiple Choice

Approximately ______ of a person's income is spent on housing.

• 1/3
• 1/2
• 1/4
• 1/5

Multiple Choice

The difference between what one owes on a mortgage and the market value of the home is called

• collateral

• equity

• profit

• value

Multiple Choice

Which of the following is an advantage of home ownership?

• greater financial risk

• tax benefits

• less mobility

• less free time

Multiple Choice

For most offers on property, there is usually some _____ between the buyer and seller.

• tension

• negotiation

• animosity

• manipulation

Multiple Choice

What is the price a seller wishes to receive from the sale of the property called?

• market value

• asking price

• selling price

• assessed value

Multiple Choice

The ________________ is the price at which something can be bought or sold at a given point in time.

• Market value

• Selling price

• Asking price

• Assessed value

Multiple Choice

Contract between a homebuyer and a seller that includes a description of the real estate, its location, the purchase price, the possession date, and any other conditions and terms of the sale.

• Contingency clause

• Purchase agreement

• Market value

• Negotiations

Multiple Choice

To show that an offer to purchase a home is serious, the agent will require _____________.

• a rental agreement

• a handshake

• earnest money

• a security deposit

Multiple Choice

Type of secured loan used for buying property.

• Credit card

• Mortgage

• Payday loan

• Title loan

Multiple Choice

Fee or settlement charge that must be paid before the sale of a home is final.

• closing costs

• mortgage payment

• rent

• homeowners insurance

Multiple Choice

A(n) __________________ is a written estimate of the value of the real estate.

• closing costs

• mortgage payment

• homeowners insurance

• appraisal

Multiple Choice

A legal document that proves ownership of a property is called a(n) __________________.

• contract

• title

• lease

• mortgage

Multiple Choice

There are many mortgage options available for financing a home. It is important to do your research to find the mortgage that is best for you.

• True

• False