Renting/Buying a Home

Most mortgages are usually paid off in how many years?

• 5

• 10

• 20

• 30

This is paid by the buyer at the time of buying a house (usually 10%) is called

• down payment

• escrow account

• monthly expense

• homeowners insurance

The difference between the market value of the home and the principal amount owed on the mortgage.

• escrow

• equity

• finance fee

• points

The meeting at which legal papers are signed and the sale of the home is finalized...

• closing

• equity

• escrow

• mortgage

A home loan in which a borrower pays a fixed interest rate for the life of the loan.

• conventional mortgage

• adjustable rate mortgage

• graduated payment mortgage

• equity loan

A home loan in which the interest rate changes depending on current rates in effect; can go up or down.

• graduated payment mortgage

• adjustable rate mortgage

• conventional mortgage

• all of the above

A home loan in which the payment starts out low and increases in the later years of the loan when the owners are likely to have more income and less debt.

• conventional mortgage

• adjustable payment mortgage

• graduated payment mortgage

• none of the above

The most common breach of contract on the part of the renter is

• damage

• failure to pay rent

• loud noise

• misuse of facilities

Forcing a tenant to leave the property before the rental agreement expires is called

• assigning the lease

• breach of contract

• eviction

• foreclosure

Before the landlord may enter the property, they must first

• bring their own key

• schedule a time and date in advance with the tenant

• come at a time when you are not there

• no notice is required, since they own the property