The owner of property that is leased or rented to another.

A person who rents property from a landlord.

A document outlining the terms of a rental agreement.

Insurance that protects a tenant's personal property.

Rent is and it is due .

on the 1st of each month by 5:00 p.m.

on the 5th day of every month by noon.

on the last day of each month by 6:00 p.m.

What is an security deposit?

It is money to be used to fix anything that tentant as broken in the apartment

Many factors should be considered and discussed before you rent a home. Which of these are important to consider before you rent a home? Choose all answers that apply:

Private mortgage insurance (PMI)

When you are thinking about buying a home, it is important to get a pre-approval before you start looking at houses. How much does getting a pre-approval for a home loan typically cost?

It often has no direct cost and is provided free from most lenders.

It requires a fixed fee of $500

It costs 1% of the home's price you're looking to buy.

It's the same as the down payment for the home.

When it comes to housing, there are some helpful general guidelines. Which of the following statements accurately reflects the importance of the 30% or 3x (3 times) rent rule in housing decisions?

These rules help you estimate how much you can afford for housing without straining your finances.

These rules determine how large your home or apartment can be.

These rules are for landlords and lenders to decide how much to charge for rent or lending rates.

These rules only apply when buying a home.

Each type of home, whether it's a condo, townhome, duplex, or single-family home, has its unique characteristics. But, some features are the same between certain types. Which statements below apply to both a duplex and a condo ? Choose two answers.

Both have shared wall(s) with a neighboring unit.

Both types of homes usually have individual owners.

Both share a common entrance door for each residence.

Both have HOAs that maintain the grounds.

Imagine you're renting a house. Your lease agreement has a set of rules you agreed to follow. Which of the following actions could cause you to break the lease? Choose THREE answers.

You have a friend move in without asking the landlord.

You move out without notice and before the lease term is up.

You adopt a dog, although your lease says no pets are allowed.

You are late paying rent each month.

There are many mortgage types, but a 30-year fixed mortgage is the most popular one. What is a key characteristic of a 30-year fixed mortgage?

Your mortgage payment is the same every month for as long as you have the loan.

You pay back the home loan in 15 years.

The interest rate changes annually after the first five years.

It requires the biggest down payment compared to others.

When it comes to fixed loans, the 15-year and the 30-year mortgage are the most common choices. Which of the following is a drawback of a 15-year fixed mortgage?

No need for mortgage insurance.

ARM (Adjustable Rate Mortgage) loans typically have two numbers as part of their name. These numbers have a meaning. In a 5/6 ARM loan, what does the 6 represent?

The 6 represents the number of months between rate adjustments after the initial fixed period.

The 6 signifies the number of payments made before the first adjustment.

The 6 indicates the maximum interest rate allowed over the life of the loan.

The 6 represents the total number of years for the loan term.

There are many mortgage types, but a 30-year fixed mortgage is the most popular one. Which of the following is a drawback of a 30-year fixed mortgage?

Higher interest costs over the loan term.

No requirement for a down payment.

Flexibility to change interest rates after a few years.

Lower monthly payments compared to other mortgage types.

When it comes to fixed loans, the 15-year and the 30-year mortgage are the most common choices. What is a benefit of a 15-year fixed mortgage?

Lower interest rates and faster equity building.

Higher monthly payments and slower equity building.

Longer repayment terms with no benefits.

No impact on interest rates or equity.

If you are unable to save 20% towards the down payment for your home, what additional insurance may you be required to pay for?

PMI (Private Mortgage Insurance)

Resource Library

Math

Financial Literacy

Personal Financial Literacy: Housing Renting Vs Owning

Personal Financial Literacy: Housing Renting vs Owning

Authored by Jeff Da Moude

Mathematics

9th - 12th Grade

CCSS covered

Used 2+ times

Personal Financial Literacy: Housing Renting vs Owning

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50 questions

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MULTIPLE CHOICE QUESTION

30 sec • 1 pt

One of the benefits of buying a home is that it provides freedom.
What freedom does owning a home offer to you?

freedom to customize your home

freedom to move out anytime

freedom from repair costs

freedom from property taxes

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In various scenarios, renting is a better choice than buying a home.
Which of the following is typically an advantage of renting a home?
Choose 1 answer:

less financial stress

building equity

property appreciation

freedom to remodel

DRAG AND DROP QUESTION

1 min • 1 pt

Renting is a great option for people who like the ability to move frequently and easily, but it may not be ideal for everyone. What could be a problem when renting a home?
Choose 1 answer:
(a)

difficulty customizing living space

increasing equity

ability to resell home

cost of home maintenance

Categorize the following advantages and disadvantages:

Groups:

(a) Advantage of Owning

(b) Disadvantage of Owning

(d) Disadvantage of Rentin

Property taxes

Ability to customize

Regular maintenance

Restrictions on activities, per

lease agreement

No risk of falling property values

Property value appreciates

Deposits and fees

No income tax deductions

Limited maintenance

and upkeep

Build equity

No property taxes

Mortgage Interest

DRAG AND DROP QUESTION

1 min • 1 pt

(a) is the estimated price of a property.

Property value

Market rate

Rental income

Tax assessment

DRAG AND DROP QUESTION

1 min • 1 pt

A (a) is the loan acquired to purchase a home.

mortgage

credit card

personal loan

auto loan

DRAG AND DROP QUESTION

1 min • 1 pt

(a) is insurance a person purchases to protect the contents and structure of a home.

Homeowners insurance

Auto insurance

Health insurance

Travel insurance

Renter's Insurance

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Personal Financial Literacy: Housing Renting vs Owning

One of the benefits of buying a home is that it provides freedom.
What freedom does owning a home offer to you?

In various scenarios, renting is a better choice than buying a home.
Which of the following is typically an advantage of renting a home?
Choose 1 answer:

Renting is a great option for people who like the ability to move frequently and easily, but it may not be ideal for everyone. What could be a problem when renting a home?
Choose 1 answer:
(a)

Categorize the following advantages and disadvantages:

(a) is the estimated price of a property.

A (a) is the loan acquired to purchase a home.

(a) is insurance a person purchases to protect the contents and structure of a home.

(a) is the difference between the appraisal and the balance of the mortgage loan.

Match the following:

Alisyn's home was recently appraised for $300,000. She owes $245,000 on the her mortgage. How much equity does she currently have?

(a)

Access all questions and much more by creating a free account

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Mathematics

Personal Financial Literacy: Housing Renting vs Owning

One of the benefits of buying a home is that it provides freedom.What freedom does owning a home offer to you?

In various scenarios, renting is a better choice than buying a home.Which of the following is typically an advantage of renting a home?Choose 1 answer:

Renting is a great option for people who like the ability to move frequently and easily, but it may not be ideal for everyone. What could be a problem when renting a home? Choose 1 answer:​ (a)

Categorize the following advantages and disadvantages:

​ (a) is the estimated price of a property.

A ​ (a) is the loan acquired to purchase a home.

​ (a) is insurance a person purchases to protect the contents and structure of a home.

​ (a) is the difference between the appraisal and the balance of the mortgage loan.

Match the following:

Alisyn's home was recently appraised for $300,000. She owes $245,000 on the her mortgage. How much equity does she currently have? (a)

Access all questions and much more by creating a free account

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Mathematics

One of the benefits of buying a home is that it provides freedom.
What freedom does owning a home offer to you?

In various scenarios, renting is a better choice than buying a home.
Which of the following is typically an advantage of renting a home?
Choose 1 answer:

Renting is a great option for people who like the ability to move frequently and easily, but it may not be ideal for everyone. What could be a problem when renting a home?
Choose 1 answer:
(a)

(a) is the estimated price of a property.

A (a) is the loan acquired to purchase a home.

(a) is insurance a person purchases to protect the contents and structure of a home.

(a) is the difference between the appraisal and the balance of the mortgage loan.

Alisyn's home was recently appraised for $300,000. She owes $245,000 on the her mortgage. How much equity does she currently have?

(a)