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WorksheetsRenting/Buying a Home
Total questions: 20
Worksheet time: 10mins
Most mortgages are usually paid off in how many years?
5
10
20
30
This is paid by the buyer at the time of buying a house (usually 10%) is called
down payment
escrow account
monthly expense
homeowners insurance
The difference between the market value of the home and the principal amount owed on the mortgage.
escrow
equity
finance fee
points
The meeting at which legal papers are signed and the sale of the home is finalized...
closing
equity
escrow
mortgage
A home loan in which a borrower pays a fixed interest rate for the life of the loan.
conventional mortgage
adjustable rate mortgage
graduated payment mortgage
equity loan
A home loan in which the interest rate changes depending on current rates in effect; can go up or down.
graduated payment mortgage
adjustable rate mortgage
conventional mortgage
all of the above
A home loan in which the payment starts out low and increases in the later years of the loan when the owners are likely to have more income and less debt.
conventional mortgage
adjustable payment mortgage
graduated payment mortgage
none of the above
The most common breach of contract on the part of the renter is
damage
failure to pay rent
loud noise
misuse of facilities
Forcing a tenant to leave the property before the rental agreement expires is called
assigning the lease
breach of contract
eviction
foreclosure
Before the landlord may enter the property, they must first
bring their own key
schedule a time and date in advance with the tenant
come at a time when you are not there
no notice is required, since they own the property
At the closing, who does the attorney represent?
buyer
seller
lender (mortgage company)
nobody
Real estate agents can represent the buyer or the seller.
true
false
One advantage to buying an older home is that you usually have a well landscaped established yard.
true
false
The most important factor you need to ask yourself when assessing rental housing is
it's located near shopping centers and malls
does it have a swimming pool
how much can I afford to pay for rent each month
do any of my friends live close by
Subletting an apartment you are renting has no risks once you move out.
true
false
Verbal rental agreements are less desirable than written agreement because a verbal agreement will not hold up in court.
true
false
A lease should state the amount of rent and where to pay it.
true
false
Tenants have the basic right to privacy.
true
false
A lease is an agreement between a tenant and a landlord to rent property.
true
false
Which utility is not commonly included in a rental property?
electricity
water
trash collection
cable T.V. & internet WiFi
