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Housing Unit Test Review

Authored by Deb Warner

Other

12th Grade

Used 4+ times

Housing Unit Test Review
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36 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Fees you pay your lender at the time you buy a house. These costs can include fees for appraisal, title insurance and inspections.

Mortgage

Closing Costs

Property Tax

Down Payment

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A condition that must be met before a sale is finalized

Contingency

Counter offer

28-36 Rule

Rule of three

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A loan that is taken out by people and businesses to buy real estate without paying the entire price up front.

Home Equity Loan

VA Loan

Mortgage

Personal Loan

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An agreement where a third party holds assets or money during a transaction.

Down Payment

Escrow

Home Equity

Contingency

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An examination to certify the condition of a home, including the roof, foundation, basement.

Home Appraisal

Home Inspection

Home equity

Contingency

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A guideline that a person should spend at most 28% of their gross income on their housing costs and 36% of their gross income on total debt payments.

Rule of three

28-36 Rule

Property Tax

Mortgage

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A document from a lender that states how much and what type of loan you are expected to qualify for.

Preapproval

Counter offer

Contingency

Closing Cost

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