Pre-Assessment Housing Vocabulary - Missed Questions

________ is the amount paid to an insurance company for insurance.

• premium

• insurance 

• coverage 

• liability 

_________ is the amount borrowed on a loan or deposited into an account, on which interest is calculated.

• principal

• interest 

• down payment 

• tax rate 

A(n) ______ _______ is a real estate loan that gives the lender the right to seize and sell the property if the borrower fails to make payments on the loan. 

• mortgage loan

• market value 

• closing cost 

• down payment 

_____ _______ is insurance for homeowners that pays medical expenses if someone is injured in their home

• property damage 
• homeowners insurance 
• personal liability 
• medical coverage

_________ is the amount of money paid for the use of a lender's money.

• principal 

• interest

• down payment 

• utility cost 

The ____ _____ is the percentage of income, sales, or property value collected in taxes, sometimes expressed in mills per dollar.

• tax rate

• market value 

• medical coverage 

• replacement value 

The _______ _______ is the price at which a house can be bought or sold.

• market value

• replacement value 

• assessed value 

• mortgage loan