Leasing vs Buying a Home Quiz

Which option is a disadvantage of buying a home?

• Maintenance and repair costs

• Higher upfront costs

• Financial commitment and responsibility

• Limited flexibility in location

What should a tenant do before signing a lease agreement?

• Sign the lease without reading it, it is probably okay

• Thoroughly read and understand the terms and conditions of the lease, inspect the property for any damages or issues

• Don't ask any questions or clarify concerns

• Ignore any damages or issues with the property

What is the process of terminating a lease?

• Returning the keys to the landlord without notice

• Ignoring the lease agreement instructions

• Giving notice to the landlord and following lease agreement instructions

• Selling the leased property to someone else

A common flexible expense associated with renting an apartment is:

• A security deposit

• Apartment insurance

• Electricity

• Rent

Renting an apartment should involve

• making an emotional decision because you want to be happy where you live
• setting a strategy to get what you need for the amount you can afford
• setting a strategy to get what you want, even though it is more than you can afford
• making a decision based only how much it will cost to live there

What is an advantage of buying a home?

• No need for a long-term commitment

• Builds equity over time

• Increases monthly expenses

• No maintenance required

Which of the following is an advantage to renting a place to live?

• Limited expenses for maintainance.
• Limited expenses for utilities
• Limited options for size and location
• Limited rights for redecorating

A landlord can refuse to rent you an apartment if which of the following is true?

• You are married.
• You are of Irish descent.
• You own a cat and a dog.
• You are a Buddhist.

Who is the person who owns the apartment complex?

• Landlord

• Tenant

• Apartment Manager

• Subletter

What is a security deposit?

• A sum of money paid by a landlord to a tenant for renting their property

• A sum of money paid by a tenant to a landlord or property owner before moving in to cover any damages or unpaid rent at the end of the lease term.

• A payment made by a landlord to a tenant for vacating the property before the lease term ends

• A fee paid by a tenant to a landlord for using the property's amenities