True or False: If a seller wants to change part of the buyer’s offer, the seller makes a counteroffer.

• True
• False

True or False: Your credit score does not impact the costs of your home mortgage?

• True
• False

A fixed-rate of interest on your mortgage....

• Increases each year
• Decreases each year
• Stays the same
• Fluctuates based on the market

In order to avoid PMI, what percentage down-payment should the buyer put down on the house?

• 5%
• 10%
• 20%
• You don't need to make a down payment

The difference between the market value of property and the amount owed on it is called ______________.

• Closing cost
• Acceptance
• Debt
• Equity

Which of the following is not a factor to consider when buying a home?

• Price
• Location
• Size
• Rental Inventory

Which of the following is not a responsibility of home ownership?

• Neighborhood Security
• Property Insurance
• Utilities
• Lawn Maintenance

When a property increases in value, it is called _______________.

• Depreciation
• Elevation
• Appreciation
• Value Enhanced

A certain amount put toward the purchase price of a house is called a/an ______________.

• Upfront payment
• Purchase price
• Security deposit
• Down payment

This term describes a house with two separate living units within one structure.

• Condo
• Townhouse
• Duplex
• Apartment