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WorksheetsPersonal Finance Chp 7 Review 2
Total questions: 20
Worksheet time: 40mins
Renting is a wise choice for someone who wants _______
privacy
mobility
space
a large backyard
A _______ is someone who is familiar with the local housing market.
tenant
librarian
real estate agent
homeowner
The legal document that defines the conditions of the rental agreement between the tenant and the landlord is called a _______.
mortgage
security deposit
deed
lease
The value of the house minus the amount still owed on the money borrowed to purchase it is called _______.
mortgage
equity
points
renters insurance
The most popular type of housing in the United states is the _______.
mobile home
condominium
single-family dwelling
duplex
A _______ is a person who evaluates a house and land for a buyer.
home inspector
real estate agent
tenant
landlord
The _______ is the amount that the owner asks for the house.
listing price
points
down payment
mortgage
A(n) ___________ has an interest rate that increases or decreases during the life of the loan.
Adjustable-Rate Mortgage (ARM)
Principal Balance
Fixed-Rate Mortgage
An escrow account
In the first years of a mortgage, most of the monthly payment goes toward paying off the (a) .
When homeowners (a) , they take out a new mortgage at a lower interest rate.
The ability to move easily from place to place is called (a) .
A(n) (a) is an estimate of the current value of a property.
An amount of money paid to the owner of a property by an tenant to guard against any financial loss or damage that the tenant might cause is called a(n) (a) .
Select 3 services that a real estate agent is responsible for
Negotiate a purchase price
Find a house
Sell the house without your knowledge
Handle the financial aspects of the sale
Decorate the home for you
Select 3 advantages of renting over buying
A sense of stability and permanence
Greater mobility
Lower initial costs
Fewer responsibilities
Tax deductions
Select 3 benefits of owning a home
A sense of stability and permanence
Not tied to a mortgage
Have pets
Fewer responsibilities
Tax deductions
Select 2 advantages of a fixed-rate mortgage
Offer peace of mind because monthly payments always remain the same
The rate changes according to economic indicators
Your rates will change according to the terms of your agreement with the lender.
Guarantee a particular interest rate
Once your house is paid off, you still need to pay ____________ & ___________ each month, in addition to utilities and other household maintenance costs.
(a)
What 4 things are included in your monthly payment to a lender?
Mortgage Payment
Property Taxes
Down Payment
Home Insurance
PMI (if applicable)
Select 3 types of Closing Costs
Security Deposit
Title insurance
Appraisal Fees
Home repair costs
A fee for recording the deed
