LS CH 22.2 RENTING OR BUYING HOUSING

A MORTGAGE THAT GUARANTEES A FIXED OR UNCHANGING INTEREST RATE FOR THE LIFE OF THE LOAN.

• FIXED RATE MORTGAGE

• ADJUSTABLE RATE MORTGAGE

• INTEREST ONLY MORTGAGE

• BALLOON MORTGAGE

A MONTHLY FEE PAID TO THE OWNER OF A PROPERTY IN RETURN FOR LIVING ACCOMMODATIONS.

• RENT

• LEASE

• SUBLEASE

• MORTGAGE

A LEGAL PROCEDURE THAT FORCES A TENANT TO LEAVE A PROPERTY BEFORE THE RENTAL AGREEMENT EXPIRES IF HE OR SHE FAILS TO UPHOLD THE TERMS OF THE LEASE.

• EVICTION

• LEASE

• SUBLEASE

• ARBITRATION

A CONTRACT BETWEEN A TENANT AND A PROPERTY OWNER, LISTING THE RIGHTS AND RESPONSIBILITIES OF BOTH PARTIES.

• LEASE

• SUBLEASE

• MORTGAGE

• RENTER'S AGREEMENT

PASSING A LEASE OVER FROM A RENTER TO A SECOND TENANT WHO PAYS RENT DIRECTLY TO THE OWNER.

• SUBLEASE

• RENTER'S TENANT AGREEMENT

• RENTAL LOAN

• LEASE

A SUM OF MONEY, USUALLY ONE MONTH'S RENT, PAID BY A TENANT BEFORE MOVING INTO A PROPERTY TO COVER POSSIBLE DAMAGES.

• SECURITY DEPOSIT

• ONE MONTH PRE-RENT

• RENTAL INSURANCE

• LEASE DEPOSIT

A MORTGAGE IN WHICH THE INTEREST RATE IS ADJUSTED UP OR DOWN PERIODICALLY.

• ADJUSTABLE RATE MORTGAGE

• INTEREST ONLY MORTGAGE

• FIXED RATE MORTGAGE

• BALLOON MORTGAGE

A LOAN USED TO PAY FOR A HOME

• MORTGAGE

• TITLE LOAN

• HOME EQUITY LOAN

• SECURED LOAN

PRESENT INCOME SHOULD NOT DETERMINE A PERSON'S HOUSING CHOICE BECAUSE HE OR SHE CAN COUNT ON MAKING MORE MONEY IN THE FUTURE.

• TRUE

• FALSE

IF A RENTER MOVES BEFORE THE LEASE EXPIRES, HE OR SHE IS NOT RESPONSIBLE FOR PAYING RENT FOR THE REMAINDER OF THE LEASING TERM.

• TRUE

• FALSE