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WorksheetsChapter 21 & 22: Renting vs. Buying
Total questions: 36
Worksheet time: 19mins
Name
Class
Date
1.
The most commonly accepted notice for leaving an apartment is what?
a)
90 days
b)
45 days
c)
2 weeks
d)
30 days
2.
Any permanent improvements on rental property become the property of the ...
a)
owner of the property
b)
tenant of the property
c)
new tenant moving in
d)
the sub-lessee
3.
The owner of rental property is responsible for what kind of repairs?
a)
All repairs
b)
Only electrical
c)
Major or Structural repairs
d)
Only plumbing
4.
A landlord should give how much notice before entering the premises of a rental property?
a)
24 hours
b)
48 hours
c)
72 hours
d)
30 days
5.
Unless stated differently, most leases are for how long?
a)
2 years
b)
1 year
c)
5 years
d)
10 years
6.
When a landlord gives a written notice to take possession of a property, you are being ...
a)
Forclosed
b)
Bankrupt
c)
Evicted
d)
Arrested
7.
Which of the following would NOT be considered a major utility in a rental agreement?
a)
Electric Bill
b)
Heating Bill
c)
Water and Sewer Bill
d)
Grocery Bill
8.
What would be an advantage of simply renting over having a lease?
a)
Price locked in for set time
b)
Clearly spelled out responsibilities
c)
Moving whenever you want
d)
Protected from being kicked out
9.
Unless otherwise noted, rent is typically due when?
a)
Last day of the month
b)
First day of the month
c)
Middle of the month
d)
Anniversary of the day you moved in
10.
A written contract specifying the terms for the use of an asset is called:
a)
lease
b)
paper
c)
signing your life away
d)
loose
11.
There is no need to read a lease before signing it.
a)
True
b)
false
12.
Which of the following should you find out before agreeing to rent an apartment?
a)
are pets allowed
b)
late fees
c)
when is rent due
d)
all of the above
13.
This is the title of a person that rents their property to a tenant
a)
Landlord
b)
Supervisor
c)
Generous
d)
Tenant
14.
Your down payment is generally what percentage of the overall housing cost?
a)
20%
b)
10%
c)
30%
d)
5%
15.
This is the title of a person that rents their property from a landlord
a)
Roommate
b)
Beekeeper
c)
Tenant
d)
Interest
16.
________ Costs are what you pay when you finalize your Mortgage.
a)
Closing
b)
Finishing
c)
Interest
d)
Mortgage
17.
Which is easier to move from?
a)
Owning a house
b)
Renting an apartment
18.
The contract between a tenant and a landlord
a)
Rental agreement
b)
Lease
c)
Deed
19.
Mortgages are generally for ____ or ______ years.
a)
5-10
b)
10-20
c)
15-30
d)
15-20
20.
The value of a home minus the amount owed is called ____________
a)
Collateral
b)
Equity
c)
Waste
d)
Market Value
21.
A ________ is a loan to help you purchase a home.
a)
Interest Rate
b)
Mortgage
c)
Appraisal
d)
Closing
22.
What is the final step in the lending process?
a)
Application
b)
Processing
c)
Pre-approval
d)
Closing
23.
5. A benefit of owning a home is that it is an investment in your future.
a)
True
b)
False
24.
Increasing the length of your loan will _______ your monthly payments.
a)
Increase
b)
Decrease
25.
Increasing the length of your loan will ________ the overall interest that you pay.
a)
Increase
b)
Decrease
26.
In the early years of a 30-year mortgage loan,
a)
equal amounts go to principal and interest.
b)
most of the payment goes to the principal.
c)
most of the payment goes to interest.
d)
Principal is more than interest
27.
A partial payment of cash, at the time of purchase. Usually between 5% and 25% or more of the purchase price.
a)
Down Payment
b)
Equity
c)
Closing Costs
d)
Interest
28.
You pay these taxes based on the value of home and the land it sits on.
a)
Property Taxes
b)
Land Taxes
c)
Home Taxes
d)
Income Taxes
29.
The expenses in addition to the purchase price including escrow fees and real estate commission
a)
Deed
b)
Closing Cost
c)
Down Payment
d)
Equity
30.
A legal document transferring ownership of the property
a)
Equity
b)
Agreement of Sale
c)
Mortgage
d)
Deed
31.
1% of the loan amount. Amount charged by the lender providing the loan.
a)
Interest
b)
Points
c)
Purchase Pricve
d)
Principle
32.
Legal term applied to the action of a lender forcing the re-payment of the debt on the home by taking the home and selling it.
a)
HUD
b)
Escrow
c)
Mortgage
d)
Forclosure
33.
A licensed professional who specializes in selling homes.
a)
HUD
b)
Real Estate Agent
c)
Escrow
d)
Title Insurance Broker
34.
A mortgage that after a length of time the rate may increase.
a)
Fluctuating Mortgage
b)
ARM
c)
Fixed Mortgage
d)
Consistent Mortgage
35.
A long term property loan is also called a mortgage.
a)
True
b)
False
36.
When your goal is to get a lower interest rate in order to possibly save money. You can do this will a car loan or a mortgage.
a)
Finance
b)
Refinance
c)
Stated income
d)
Deductible payment
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