Real Estate and Contracts Quiz

What is a mortgage?

• A loan for buying a car

• A loan for buying a home

• A loan for starting a business

• A loan for paying off debts

What is interest?

• The fee you pay for using someone else's money

• The fee you pay for using your own money

• The fee you pay for using a credit card

• The fee you pay for using a debit card

What is the prime rate?

• The interest rate set by the Toronto Dominion Bank

• The interest rate set by financial institutions

• The interest rate set by the government

• The interest rate set by the Federal Reserve

What is a fixed-rate mortgage?

• A home loan with a fixed interest rate

• A home loan with a variable interest rate

• A home loan with no interest rate

• A home loan with decreasing interest rate

What is equity?

• The degree to which you own your home

• The degree to which the lender owns your home

• The degree to which the government owns your home

• The degree to which your neighbor owns your home

What is a detached house?

• A house attached to another house on both sides

• A house attached to another house on one side

• A house that stands on its own unattached to any other building

• A house that is part of a co-op

What is a condominium?

• An apartment that you rent

• An apartment that you buy

• A house that stands on its own unattached to any other building

• A house attached to another house on both sides

What is a down payment?

• The amount of money you put towards the purchase of a car

• The amount of money you put towards the purchase of a home

• The amount of money you put towards starting a business

• The amount of money you put towards paying off debts

What is depreciation?

• The increase in the value of an asset over time

• The gradual decline in the value of an asset over time

• The constant value of an asset over time

• The fluctuating value of an asset over time

What is a breach of contract?

• A violation of the contract by one of the parties

• A mutual agreement to terminate the contract

• A change in the terms of the contract

• A failure to sign the contract