Housing Test Review Quiz

What is the recommended minimum down payment a person should make when purchasing a car or home?

• 10%

• 20%

• 25%

Rent is defined as:

• an advance payment for costs beyond normal wear and tear

• the fee charged for performing property management tasks

• the cost of using someone else’s property

A rental agreement is often referred to as:

• a lease

• an amenity

• a tenant

Which of the following would NOT be found in a typical lease?

• The beginning and ending dates of the rental agreement

• The address of the unit being rented

• The name of the previous tenant

Your landlord has the right to:

• Terminate the rental agreement within 30 days if she finds a better tenant

• Enter your apartment without your permission to repair a leaky valve in your faucet

• Charge you the late fee stated in your lease if your rent payment is late

Which of the following are considerations in choosing an apartment?

• Cost

• Proximity to work

• Availability of mass transit

• All of the above

The location of a home is important because:

• A good location will make a home easier to sell later

• Homes in good locations will usually appreciate in value

• Not all locations have good school systems or the same amenities

• All of the above

What is the legal process that a lender uses to force the sale of a home when a borrower fails to make mortgage payments?

• Bankruptcy

• Repossession

• Foreclosure

All of the following would be considered closing costs EXCEPT?

• Cost of repainting the kitchen before moving in

• Fee for obtaining a credit report

• Title insurance

Which of the following describes equity?

• The appraised value of a home based on current market conditions

• The value of a home minus the amount still owed on it

• An organized system for paying bills and maintaining financial records