renting versus buying

Which of the following is not a basic need? 

• Pool
• Roof
• Bathroom
• Kitchen

The original amount of a loan

• Equity
• Interest
• Principal
• Security Deposit

The fee the lending institution charges the buyer to borrow the money. 

• Principal
• Earnest Money
• Closing Costs
• Interest

A deposit that a buyer pays to show that they are serious about buying a home. 

• Down Payment
• Security Deposit
• Earnest Money
• Equity

The difference between the market value of a property and the principal owed on the mortgage. 

• Principal
• Interest
• Renter's Insurance
• Equity

A partial payment of cash, at the time of purchase. Usually between 5% and 25% or more of the purchase price. 

• Down Payment
• Equity
• Closing Costs
• Interest

A _____________ is one building that contains two separate living units. The units may be attached side by side. 

• Duplex
• Efficiency apartment
• High-Rise apartment
• Triplex

Mortgages are generally for ____ to ______ years. 

• 5-10
• 10-20
• 15-30
• 15-20

An advantage of a new home is __________. 

• Clean
• Unique
• Character
• More space for your $

Which of the following is an advantage to renting a place to live?

• Limited expenses for maintainance.
• Limited expenses for utilities
• Limited options for size and location
• Limited rights for redecorating