A mortgage loan is...

ussually for a term less than 15 years or more than 30 years.

Homeowner's equity is equal to the...

home's value minus the amount owed.

home's value plus the amount owed.

amount owed minus the home's value.

home's value minus the assessed value

A home appraisal is needed to determine...

if the property is sufficient collateral for a loan.

the assessed value of the home.

the required deductible for homeowner's insurance.

Homeowners insurance...

includes coverage for the sstructure of the house and the contents.

is the same as renters innsurance.

is optional if you have a mortgage.

includes coverage for the structure of the house but not the contents.

Amortization is the process of...

paying down an installment loan.

replaces one mortgage with another.

uses the same property as collateral.

is usually done at a lower interest rate.

Why is a renter usually required to make a security deposit when moving in?

To pay for damages to the property.

To pay the insurance deductible.

To pay the homes assessed value.

Why would you buy renters insurance if you do not own the dwelling?

It would protect your personal property in the event of a burglary, fire, or other disaster.

It would protect the assessed value of the home.

It would pay the remaining lease agreement.

It would determine the property tax.

Why do mortgage lenders require an appraisal of the home's value?

To ensure that the property is sufficient collateral for the loan.

To determine the assessed value of property tax.

To pay for damages to the property.

To protect personal property in the event of burglary, fire, or other disaster.

How do you determine the amount of a homeowner's equity?

Subtract the remaining principal owed from the home's value.

The assessed value of property tax.

Subtracting the home's value from the assessed value.

For what purpose is a home's assessed value used?

To determine the insurance deductible.

To refinance one mortgage with another.

To determine the security deposit.

Financial Literacy Chapter 9

Authored by Robin Duncan

others

Used 1+ times

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Content View

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50 questions

Show all answers

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Loan to buy a house.

Amortization

Appraisal

Lease agreement

Mortgage

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Professional assessment of a home's value.

Lessor

Assessed value

Balloon payment

Appraisal

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

The owner of a rental property.

Equity

Amortization

Lessor

Lease Agreement

MULTIPLE SELECT QUESTION

30 sec • 2 pts

Legal agreement to rent a property.

Lease agreement

Appraisal

Assessed value

Amortization

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Potion of a loss for which the policyholder is responsible.

Equity

Deductible

Mortgage

Assessed value

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Payment made by the renter that is held to cover property damage.

Mortgage

Lease agreement

Security deposit

Balloon payment

MULTIPLE CHOICE QUESTION

30 sec • 2 pts

Used to determine property tax.

Assessed value

Equity

Appraisal

Deductible

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Financial Literacy Chapter 9

Loan to buy a house.

Professional assessment of a home's value.

The owner of a rental property.

Legal agreement to rent a property.

Potion of a loss for which the policyholder is responsible.

Payment made by the renter that is held to cover property damage.

Used to determine property tax.

A large and final payment on a loan.

Amount by which a home's value exceeds what is owed.

Process of paying down an installment loan.

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