Personal Finance Ch. 9 quiz

Tax benefits are an advantage of renting an apartment

• True

• False

A legal document that describes the conditions of a rental agreement is called a lease

• True

• False

Renting is often a wise choice for someone who wants....

• Pets

• Stability

• Privacy

• Mobility

The advantages of owning a home are all of the following EXCEPT:

• Stability

• Mobility

• Build Equity

• Tax Benefits

Someone that is living in a place or unit that they rent is called a

• Landlord

• Unit

• Tenant

• Agent

A ___________ deposit refers to money held to cover possible damage in an apartment.

• Cleaning

• Security

• Telephone

• Utilities

The official document that shows the ownership of the property

• mortgage

• appraisal

• deed

• security deposit

When Victoria meets her lender and seller of the property to finalize the purchase of the home:

• amortization

• closing

• deed exchange

• refinance

If a homeowner cannot pay the mortgage loan payments, the lender can____ and take your home.

• dwell

• amortizize

• foreclose

• add points

Which type of loan offers the same monthly payment amount for the whole term of the loan?

• ARM

• balloon loan

• Fixed Rate

• Adjustable Rate