Ch.5 Acquiring Housing TEST

Acquiring housing is divided into two parts. What are they

• Process and acquisition
• Process and cost
• Mortgage and security deposit
• Cost and interest

In housing, the way you acquire housing is:

• process
• mortgage
• cost
• lease

There are often extra fees involved if you pay with:

• Cash
• Credit card

All of the following are costs involved in acquiring housing, EXCEPT:

• Rent or mortgage
• Utilities like electric and water
• Home maintenance
• Car payment

More than _____ of all U.S. residents rent their home.

• one-fourth
• one- third
• one-half
• two-thirds

All of the following are advantages of renting, EXCEPT:

• Tax benefit
• Generally costs less than buying
• Usually move more easily
• Total housing costs are clearer

All of the following are disadvantages of renting, EXCEPT:

• No investment in or from property
• Monthly payment can increase frequently
• Little responsibility for maintenance
• Possibility of eviction

Rent payments are usually paid in:

• weekly installments
• monthly installments
• yearly installments

A legal document spelling out the conditions under which the renter rents the property is called the:

• Deed
• Lease
• Security deposit
• Title

The owner is known as the:

• Lessee
• Attorney
• Lessor
• Appraiser