Unit 6 Multiple Choice Qs

All of the following are pros to renting except

• Flexibility

• Amenities

• Fewer upfront costs

• Build equity

Which is NOT an upfront cost of renting?

• Security Deposit

• Moving Costs

• Down Payment

• Application Fee

Which is not a monthly cost of renting?

• Renter's insurance

• Internet

• Electric

• Property taxes

Which is NOT an ongoing cost of owning a house?

• Homeowner's Insurance

• Property Taxes

• Closing Costs

• Maintenance & Repairs

Which is NOT an upfront cost of buying a house?

• Closing Costs

• 1 year of water & electric

• Down Payment

• Earnest Money

The adjusted monthly payment can be abbreviated as PITI. What does P stand for?

• Property

• Principal

• Payment

The adjusted monthly payment can be abbreviated as PITI. What do the two Is stand for? Select 2.

• Insurance

• Investment

• Interest

• Inspection

The adjusted monthly payment can be abbreviated as PITI. What does T stand for?

• Time share

• Time

• Taxes

True or False: Renter's insurance is too expensive and is not worth the cost.

• True

• False

True or False: The security deposit protects the landlord in the even the tenant damages the property.

• True

• False