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PFM Chapter 13 Review

Total questions: 16

Worksheet time: 8mins

Name
Class
Date
1.

Rooms that colleges rent to students at reasonable prices, usually in large complexes.

a)

duplex

b)

dormitory

c)

apartment

d)

condominum

2.

Smallest and least expensive type of apartment, consisting of 1 room that serves as everything.

a)

apartment

b)

condominium

c)

efficiency appartment

d)

duplex

3.

Apartment in a building that houses two separate units.

a)

duplex

b)

apartment

c)

condominium

d)

efficiency apartment

4.

Legal contract you sign that gives you the right to live in an apartment.

a)

memo

b)

letter

c)

note

d)

lease

5.

A renter is also referred to as the _________.

a)

tenant

b)

landlord

6.

Owner of rental property.

a)

landlord

b)

tenant

7.

Money the landlord holds to cover any damages to rental property.

a)

rent

b)

security deposit

8.

A loan to buy real estate

a)

principal

b)

mortgage

9.

Amount of money you borrow

a)

loan

b)

principal

10.

A specified percentage of the purchase price paid up front

a)

points

b)

closing costs

c)

down payment

d)

principal

11.

Same interest rate for the entire term of the loan.

a)

adjustable rate mortgage

b)

fixed rate mortgage

c)

FHA mortgage

d)

VA mortgage

12.

Loan where the interest rate goes up or down as interest rates in the economy rise or fall

a)

fixed rate mortgage

b)

adjustable rate mortgage

c)

FHA mortgage

d)

VA mortgage

13.

Small payments initially and larger ones later

a)

appreciate

b)

graduated-payment mortgage

c)

FHA mortgage

d)

VA mortgage

14.

Increase in value over time

a)

appreciate

b)

depreciate

15.

Proposal to buy the house for a stated price

a)

offer

b)

lease

c)

term

d)

mortgage

16.

Products that meet rigorous federal standards for energy efficiency

a)

energy star products

b)

good products