6.5 Housing: The Basics of Renting

Which of the following attributes is associated with renting?

• down payment

• application fee

• unlimited privilege to use property far into the future

• tax-deductible monthly expenses

Which of the following is the most important neighborhood factor that should shape someone's apartment hunting search?

• quality of schools

• location of restaurants

• access to movie theaters and other activities

• safety

Haley just graduated from college. She accepted a position with a firm at an annual salary of $40,000. Using HUD guidelines, what is the maximum Haley should pay for rent on a MONTHLY basis?

• $12,000

• $4,000

• $1,333

• $1,000

Answer explanation

($40,000 / 12 months)*30% = $1,000 per month

Someone who guarantees that a renter will either pay the rent on time or make the payment for the renter is called a:

• co-signer

• tenant

• roommate

• reletter

Which of the following reasons might require you to get a guarantor for a lease agreement?

• you have a low credit score

• you do not have to have a credit report

• you have never rented before

• all of the answer choices

Money paid in advance to cover the cost of excess damage you might cause while renting is called a(n):

• reletting fee

• application fee

• security deposit

• renter's insurance

Although most landlords make a tenant pay extra for a pet, which of the following pets tends to be the most acceptable among landlords?

• cat

• small dog

• large dog

• alligator

Which of the following is an illegal lease clause?

• Forbidding you to have a pet

• Forbidding you have a roommate

• Requiring you to pay for normal wear and tear

• Requiring you to pay an early lease termination fee

When you rent an apartment, you are entitled to which of the following?

• paid cable and internet

• quiet times during the day and evening

• a refund of your application fee if you are accepted into an apartment complex but decide not to move in

• all of the answer choices are correct

Which of the following will increase wear and tear and decrease your chances of getting 100% of your security deposit back?

• hosting parties on a regular basis

• vacuuming twice per year

• letting things stay in the refrigerator for months at a time

• all of the answer choices are correct