EPF Vocabulary 4.2

What is a grant?

• A type of lease agreement

• A financial gift

• A type of mortgage

• A type of insurance policy

What is a second mortgage?

• A mortgage taken out on a second property

• A mortgage for commercial properties that have special financing

• A mortgage on property with an existing mortgage

• A mortgage for retirees that is paid back over time

What is a down payment?

• Money used to pay part of the price of something expensive

• Money given to beneficiaries of a inheritance

• Money paid to a landlord on a bi-monthly basis

• Money paid for insurance after your mortgage has been paid in full

What is philanthropy?

• promoting the welfare of others

• The desire to acquire wealth

• The desire to invest in real estate

• The desire to become a politician

What is a conventional mortgage?

• A mortgage guaranteed by the government

• A mortgage with a low-interest rate

• A mortgage made through a private lender

• A mortgage for commercial properties

What is a will?

• A document indicating how one wishes to dispose of their property after death

• A legal contract for renting property after the mortgage has been paid

• A plan for retirement before one is old enough to collect social security

• A document outlining business objectives

What is escrow?

• A type of lease agreement that doesn't take effect until 60 days after move in date

• A financial arrangement where a third party holds funds or property until conditions are met

• A type of insurance that is required by law to be active on all businesses

• A grant given by a government to open new branches of a chain store or restaurant to help with expansion

Who is a beneficiary?

• Someone who receives benefits from a will or insurance policy

• Someone who manages property

• A real estate agent

• A financial advisor

What is a fixed-rate mortgage?

• A mortgage with a variable interest rate

• A mortgage with a fixed interest rate for the entire term

• A mortgage with a flexible repayment schedule

• A mortgage with no interest rate

What is a mortgage?

• A lease agreement to rent an apartment

• A financial gift from a government

• A loan for purchasing real estate

• A type of insurance policy