Housing

What is a mortgage?

• A loan to purchase a car

• A loan to purchase a house

• A payment made after buying a house

• A tax on property ownership

What percentage of the property value is typically required as a deposit for a mortgage?

• 5%

• 10%

• 25%

• 50%

What is the maximum multiple of your salary that you are normally allowed to borrow for a mortgage?

• 2 times salary

• 3 times salary

• 4 times salary

• 5 times salary

If you fail to make mortgage payments, what can the bank do?

• Increase your interest rate

• Take your home from you

• Reduce your salary

• Force you to take another loan

What is one of the benefits of owning your own home with a mortgage?

• You never have to pay for home repairs

• You can sell the home at any time without any conditions

• You are paying off the debt each month and eventually own the home

• You receive tax benefits from the government

What is typically required to rent a property privately?

• A letter of recommendation from a previous landlord

• 
  Proof of regular monthly income and bank account details over a number of months

• A character reference from a professional

• A credit card with a high credit limit

What is the minimum amount usually required for a deposit when renting a property?

• 2 week's rent

• 1 month's rent

• 2 month's rent

• 3 month's rent

What can happen if you leave a rented property undamaged and with all rent paid?

• The landlord may increase the rent for the next tenant

• The landlord will keep your deposit

• The landlord will be allowed to keep your deposit

• The deposit will be returned to you

Why do many people choose to rent a home instead of buying?

• They are not committed to staying in one place for the long term

• It is cheaper than buying in the short term

• 
  

  Renting homes are generally of higher quality

• 
  

  It is easier to sell a rented home later

What must tenants typically do before making changes such as decorating or putting up shelves in a rented property?

• Pay an additional fee

• 
  

  Get permission from the property manager

• 
  

  Purchase insurance

• 
  

  Gain permission from the landlord