Adulting Final 2025

When you get an apartment, you have to sign a legally binding agreement called a _______.

• Lease

• Mortgage

• Prenuptial Agreement

• Loan

Which of these is NOT a factor you should consider when renting an apartment:

• Crime rate in the area

• Amenities offered

• Monthly rent

• Interest Rate

Which of these factors will NOT lead to a higher monthly rent for an apartment?

• More square footage

• Safer neighborhood

• PMI

• Poor credit score

One reason someone may want to rent instead of buying is:

• more flexibility

• to build Equity

• Need for a down payment

• No landlord

If someone is renting a house and the water heater goes out, the tenant:

• Has to fix it themselves

• Has to pay for it themselves

• Has to call the landlord

• Has to go without hot water

Which of these fees is NOT associated with renting an apartment:

• pet fee

• deposit

• down payment

• Application Fee

Someone who is going to rent an apartment for $1000 a month should have a monthly income of AT LEAST:

• $1500

• $2000

• $2500

• $3000

A loan to buy a home is called a ______.

• Deposit

• Home Equity Loan

• Mortgage

• Johnson Loan

A homeowner can determine the equity they have in their home by:

• calling an accountant

• Subtracting the amount owed on the mortgage from the home’s value

• Adding up the amount they owe with the amount they borrowed

• Adding their credit score to the deposit total

A person buying a home will be forced to pay a PMI fee if they cannot put at least ___% down on the home.

• 5%

• 20%

• 35%

• 50%