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Renting vs Owning-What Do You Know!

Total questions: 49

Worksheet time: 26mins

Name
Class
Date
1.
This is the title of a person that rents their property to a tenant
a)
Landlord
b)
Supervisor
c)
Generous
d)
Tenant
2.
Your down payment is generally what percentage of the overall housing cost?
a)
20%
b)
10%
c)
30%
d)
5%
3.
Which of the following factors does NOT play a part in your interest rate?
a)
Credit score
b)
Length of time of loan
c)
Current financial market
d)
The size of your house
4.
This is the title of a person that rents their property from a landlord
a)
Roommate
b)
Beekeeper
c)
Tenant
d)
Interest
5.
________ Costs are what you pay when you finalize your Mortgage.
a)
Closing
b)
Finishing
c)
Interest
d)
Mortgage
6.
The difference between what a house is worth and what is still owed on the house is known as...
a)
Down Payment
b)
Mortgage Payment
c)
Equity
d)
Home Loan
7.
Which is easier to move from?
a)
Owning a house
b)
Renting an apartment
8.
The contract between a tenant and a landlord
a)
Rental agreement
b)
Lease
c)
Deed
9.
Money set aside that the landlord keeps if the tenant causes damage to the rental property
a)
Security deposit
b)
Safeguard deposit
c)
Shelter deposit
d)
Safekeeping deposit
10.
Mortgages are generally for ____ to ______ years. 
a)
5-10
b)
10-20
c)
15-30
d)
15-20
11.
People who desire a one of a kind home may choose to have this type of home designed. 
a)
Custom-Built Homes
b)
Stock Home Plans
c)
Development Homes 
d)
Homes Built on Spec
12.
If you don't make your payments on time you can damage your ________
a)
Mortgage
b)
Credit rating
c)
Debt
d)
Appraisal
13.
Fee that covers the cost of any future damage the renter might cause to the unit. 
a)
Material Resources
b)
Renter's Insurance
c)
Security Deposit
d)
Interest
14.
Which is easier to move from?
a)
Owning a house
b)
Renting an apartment
15.
The contract between a tenant and a landlord
a)
Rental agreement
b)
Lease
c)
Deed
16.
Which of the following are ways to save money when looking into a home?
a)
Don't eat out as often and eliminate soft drinks and desserts when you do
b)
Walk or take public transportation rather than a car
c)
Get a roommate
d)
All of these
17.
This is the title of a person that rents their property from a landlord
a)
Roommate
b)
Beekeeper
c)
Tenant
d)
Interest
18.
A policy that covers a renters personal property against loss by theft, fire, or other hazards. 
a)
Security Deposit
b)
Equity 
c)
Renter's Insurance
d)
Principal
19.
Which of the following is not a basic need? 
a)
Pool
b)
Roof
c)
Bathroom
d)
Kitchen
20.
If you don't make your payments on time you can damage your ________
a)
Mortgage
b)
Credit rating
c)
Debt
d)
Appraisal
21.
5.  A benefit of owning a home is that it is an investment in your future.
a)
True
b)
False
22.
Increasing the length of your loan will _______ your monthly payments.
a)
Increase
b)
Decrease
23.

Who is the landlord?

a)

Tenant

b)

Co-signer

c)

Real estate agent

d)

Owner of the property that is being rented.

24.

A loan for the purchase of real estate.

a)

Lease

b)

Mortgage

c)

Note

d)

Security deposit

25.

Protects the lender in case the mortgage payment cannot be paid. This amount will be added to the mortgage if the borrower cannot provide a 20% down payment.

a)

TMI (too much information)

b)

PBJ (Peanut butter & Jelly)

c)

MTV (music Television)

d)

PMI (private mortgage insurance)

26.

Decrease in value of an asset.

a)

Appreciation

b)

Depreciation

c)

Acceleration

d)

Deceleratioin

27.

You find a box of kittens on the side of the road you want to bring them home but your landlord doesn’t allow pets. This is an example of which of the following:

a)

Advantage to owning a home

b)

Advantage to renting a home

c)

Disadvantage to owning a home

d)

Disadvantage to renting a home

28.

You don't have to ask paint your room a bright neon orange color. This is an example of which of the following:

a)

Advantage to owning a home

b)

Advantage to renting a home

c)

Disadvantage to owning a home

d)

Disadvantage to renting a home

29.

All of the following components are commonly found in rental housing agreements EXCEPT:

a)

Whether the renter can have pets in the house

b)

How much the renter will pay

c)

What type of renter's insurance the renter must buy

d)

Which repair types the renter will be responsible for

30.
Failure to repay a loan is called __________
a)
Default
b)
Deficiency
c)
Neglect
d)
Oversight
31.
The fee the lending institution charges the buyer to borrow the money. 
a)
Principal
b)
Earnest Money
c)
Closing Costs
d)
Interest
32.
This type of mortgage changes based on the market. The interest rate may increase or decrease each year. 
a)
Adjustable rate
b)
Conventional
c)
Graduated
33.
If you sublease your apartment, you become the landlord to the new tenant.
a)
True
b)
False
34.
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
35.
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
36.
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
37.
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
38.
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
39.
A ________ is a loan to help you purchase a home.
a)
Interest Rate
b)
Mortgage
c)
Appraisal
d)
Closing
40.
5.  A benefit of owning a home is that it is an investment in your future.
a)
True
b)
False
41.
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
42.
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
43.
A licensed professional who specializes in selling homes.
a)
HUD
b)
Real Estate Agent
c)
Escrow
d)
Title Insurance Broker
44.
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
45.
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
46.
There is no need to read a lease before signing it.
a)
True 
b)
false 
47.

All of the following are responsibilities of the tenant EXCEPT:

a)

Paying rent on time

b)

Taking reasonable care of the property

c)

Giving notice if leaving at the end of the lease

d)

Withholding rent if the landlord doesn't make repairs in a reasonable amount of time

48.

All of the following are the landlord's rights EXCEPT:

a)

Charging extra if the rent is late

b)

Keeping part or all of the security deposit

c)

Charging rent through the length of the lease even if you aren't living on the premises

d)

Making repairs in a reasonable about of time

49.

Which is the correct order of the home-buying process?

a)
  1. Close the purchase transaction
  2. Price the property
  3. Determine home-ownership needs
  4. Locate and evaluate a home
  5. Obtain financing
b)
  1. Price the property
  2. Close the purchase transaction
  3. Locate and evaluate a home
  4. Obtain financing
  5. Determine home-ownership needs
c)
  1. Determine home-ownership needs
  2. Locate and evaluate a home
  3. Price the property
  4. Obtain financing
  5. Close the purchase transaction

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