Virtual Business: Personal Finance Reading Quiz Lessons 4

In which of the following locations could you find an ad for an apartment?

• In the local newspaper

• On the internet

• In the phone book

• All of these

Which of the following best describes a lease?

• A legal document that contains all the details of the agreement between the landlord and renter which is signed by both parties

• An informal agreement between the renter and the landlord in which the renter signs it when he or she is thinking of renting an apartment

• A document that describes in detail the apartment for rent

• An agreement between someone searching for an apartment to rent and his or her real estate agent

Which of the following utilities may be billed separately form your rent?

• Water

• Electricity

• Phone service

• All of these

How much of your take-home paycheck should be budgeted for base rent?

• 20%

• 30%

• 40%

• 50%

Most landlords require the renter to pay a security deposit at the beginning of the rental agreement. Which of the following is true about the security deposit?

• The deposit is kept by the landlord to cover his management costs

• The deposit can never be greater than $100

• The deposit can be used to repair damage caused by the tenant during the term of the lease

• None of these

Your landlord has the right to:

• Charge you the late fee stated in your lease if your rent payment is late

• Enter your apartment without your permission to repair a leaky valve in your faucet

• Terminate the rental agreement withing 30 days if she finds a better tenant

• Terminate your lease if she discovers you have lost your job

The most important thing to consider when choosing an apartment is:

• Whether or not pets are allowed

• How many bedrooms there are

• Whether or not the apartment is located on a bus line.

• If you can afford to pay your rent and other costs on an ongoing basis

Which of the following information would not be found in a typical lease?

• The amount of the monthly rent payment and the day of the month it is due

• The name of the previous tenant

• The address of the unit being rented

• The beginning and ending dates of the rental agreement

A landlord can refuse to rent you an apartment if which of the following is true?

• You are married

• You are Irish descent

• You own a cat and/or a dog

• You are Buddhist

Which of the following are considerations in choosing an apartment?

• Cost

• Proximity to work

• Availability of mass transit

• All of these