Housing Cost Vocabulary Test (Ch. 10)

A(n) ______ _______ is a real estate loan that gives the lender the right to seize and sell the property if the borrower fails to make the payments on the loan. 

• mortgage loan
• market value 
• closing cost 
• down payment 

_________ is the amount of money paid for the use of a lender's money

• principal 
• interest
• down payment 
• utility cost 

______ ________ are the costs of transferring ownership of property, such as credit checks and title searches, to the buyer by the seller

• tax rate 
• personal liability 
• market value 
• closing costs

_________ is the amount borrowed on a loan or put into an account, on which interest is based

• principal
• interest 
• down payment 
• tax rate 

_____ ______ _______ are taxes collected by the city or county from homeowners to pay for roads, parks, schools, and other public services

• rate of assessment 
• real estate taxes
• fire protection class 
• utility cost 

The _____ ______ is the dollar value assigned to property by a tax assessor for tax purposes, which is founded by multiplying the market value times the rate of assessment

• assessed value
• closing cost 
• market value 
• homeowners insurance 

The ____ _____ is the percent of income, sales, or property value collected in taxes, sometimes expressed in mills per dollar

• tax rate
• market value 
• medical coverage 
• replacement value 

The _______ _______ is the price at which a house can be bought or sold

• market value
• replacement value 
• assessed value 
• mortgage loan 

The _____ ____ ______ is the percent of the market value of property that is taxed

• rate of assessment
• fire protection class 
• homeowners insurance 
• property damage 

________  ________ is financial protection for homeowners against fire, theft of contents, personal liability, and other damages

• security deposit 
• medical coverage 
• homeowners insurance
• flood insurance