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Worksheets

Renting/Buying a Home

Total questions: 20

Worksheet time: 10mins

Name
Class
Date
1.

Most mortgages are usually paid off in how many years?

a)

5

b)

10

c)

20

d)

30

2.

This is paid by the buyer at the time of buying a house (usually 10%) is called

a)

down payment

b)

escrow account

c)

monthly expense

d)

homeowners insurance

3.

The difference between the market value of the home and the principal amount owed on the mortgage.

a)

escrow

b)

equity

c)

finance fee

d)

points

4.

The meeting at which legal papers are signed and the sale of the home is finalized...

a)

closing

b)

equity

c)

escrow

d)

mortgage

5.

A home loan in which a borrower pays a fixed interest rate for the life of the loan.

a)

conventional mortgage

b)

adjustable rate mortgage

c)

graduated payment mortgage

d)

equity loan

6.

A home loan in which the interest rate changes depending on current rates in effect; can go up or down.

a)

graduated payment mortgage

b)

adjustable rate mortgage

c)

conventional mortgage

d)

all of the above

7.

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.

a)

conventional mortgage

b)

adjustable payment mortgage

c)

graduated payment mortgage

d)

none of the above

8.

The most common breach of contract on the part of the renter is

a)

damage

b)

failure to pay rent

c)

loud noise

d)

misuse of facilities

9.

Forcing a tenant to leave the property before the rental agreement expires is called

a)

assigning the lease

b)

breach of contract

c)

eviction

d)

foreclosure

10.

Before the landlord may enter the property, they must first

a)

bring their own key

b)

schedule a time and date in advance with the tenant

c)

come at a time when you are not there

d)

no notice is required, since they own the property

11.

At the closing, who does the attorney represent?

a)

buyer

b)

seller

c)

lender (mortgage company)

d)

nobody

12.

Real estate agents can represent the buyer or the seller.

a)

true

b)

false

13.

One advantage to buying an older home is that you usually have a well landscaped established yard.

a)

true

b)

false

14.

The most important factor you need to ask yourself when assessing rental housing is

a)

it's located near shopping centers and malls

b)

does it have a swimming pool

c)

how much can I afford to pay for rent each month

d)

do any of my friends live close by

15.

Subletting an apartment you are renting has no risks once you move out.

a)

true

b)

false

16.

Verbal rental agreements are less desirable than written agreement because a verbal agreement will not hold up in court.

a)

true

b)

false

17.

A lease should state the amount of rent and where to pay it.

a)

true

b)

false

18.

Tenants have the basic right to privacy.

a)

true

b)

false

19.

A lease is an agreement between a tenant and a landlord to rent property.

a)

true

b)

false

20.

Which utility is not commonly included in a rental property?

a)

electricity

b)

water

c)

trash collection

d)

cable T.V. & internet WiFi