Renting & Owning Review (before mortgage)

The contract between a tenant and a landlord

• Rental agreement
• Lease
• Deed

Money set aside that the landlord keeps if the tenant causes damage to the rental property

• Security deposit
• Safeguard deposit
• Shelter deposit
• Safekeeping deposit

The value of a home minus the amount owed is called ____________

• Collateral
• Equity
• Waste
• Market Value

A policy that covers a renters personal property against loss by theft, fire, or other hazards. 

• Security Deposit
• Equity 
• Renter's Insurance
• Principal

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

• Principal
• Earnest Money
• Closing Costs
• Interest

A ___________ deposit refers to money held to cover possible damage in an apartment.

• Cleaning

• Security

• Telephone

• Utilities

Buying a home will usually have fewer costs then renting.

• True

• False

A common disadvantage of buying a home is:

• Few financial benefits

• Limited mobility (not easy to pick up and move)

• Restrictions on decorating and having pets.

• Conditions in the lease.

A common moving-in cost for an apartment would be:

• A down payment

• Building insurance

• Real estate taxes

• A security deposit

A roomate may reduce the financial burden of renting an apartment.

• True

• False