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Home-Buying Vocabulary

Total questions: 7

Worksheet time: 14mins

Name
Class
Date
1.

This is a loan for the purpose of buying property.

a)

mortgage

b)

appraisal

c)

title

d)

deed

2.

A home inspection determines the condition of a home before it is sold while an _________________ determines the value of the home.

a)

appraisal

b)

estimate

c)

interest payment

d)

internal review

3.

The seller had listed the house

for $300,000, but Reggie made

a(n) ___________ of $275,000

in an attempt to get the house

for a lower price.

a)

offer

b)

appraisal

c)

title

d)

Hubbard clause

4.

Reggie used his savings of $15,000 to make a __________ payment towards the purchase price of the home.

a)

down

b)

opening

c)

reverse

d)

mandatory

5.

Because Reggie's down payment

was less than 20% of the value

of the home, his bank insisted

that he get ___________.

a)

PMI (Personal Mortgage Insurance)

b)

a partner

c)

a lucky lottery ticket

d)

lost

6.

When looking for houses online,

a _____________ will often contain information about the house,

such as the price, the number of bedrooms and the size of the property.

a)

listing

b)

mortgage

c)

lender

d)

commercial

7.

Which of the following is paid to the town or city where the house is located?

a)

PMI (Personal Mortgage Insurance)

b)

property tax

c)

principal payment

d)

down payment