Chapter 11 Housing and Renting

It's best to develop good ______ now instead of waiting until you're on your own to figure it all out.

• money habits
• diet and exrcise plans
• real estate investments
• friendships

Renting is a great option for many people.

• true
• false

Your rent payment should total no more that ____% of your take-home pay.

• 50
• 15
• 75
• 25

When you're ready to buy a house, the best option is a ______.

• 20-year VA loan
• 15-year fixed-rate conventional mortgage
• 30-year equity loan
• 30-year fixed rate mortgage

What does cost of living refer to?

• How much of your monthly income is budgeted specifically for your rent or mortgage
• The average cost of the basic goods and services needed to maintain a certain standard of living
• The level of wealth, comfort, material goods and necessities available to a group of people
• How wealthy or poor you are at the time of purchasing your first home

Making periodic payments to a landlord for the use of their property is called _____.

• down payment
• buying
• renting or leasing
• security deposit

You should rent until you are able to _____.

• buy a home the right way
• become a landlord someday
• invest in stocks
• buy amenities

Buying a house while _____ can put your ______ at risk.

• in debt; home purchase
• getting pre-approved; life
• debt-free; renter's insurance
• on a budget; social life

Living on campus at college will help you _____ living on your own, while living off campus will require you to _____.

• dive into; live with your parents
• ease into; pay for rent, utilities, and groceries
• get used to; cut half your college courses
• enjoy; find roommates

Your decision to rent or buy depends on your _____.

• feelings towards renting or buying
• freinds' opinions
• income tax
• financial situation