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WorksheetsRenting & Owning a Home
Total questions: 37
Worksheet time: 37mins
Which is an example of a fixed expense
Mortgage payment or rent
groceries
Gas and electric bill
What is an example of a variable expense?
Mortgage payment or rent
internet bill
Grocery expenses
What is a mortgage?
A loan borrowed to buy a house (if you don't pay the loan the bank takes your house)
The money you pay monthly for a place to live
What is the minimum down payment for buying a house?
3%
20%
10%
15%
Who will you NOT have to pay in the process of buying a house?
A real estate agent (if you use one)
A home inspector
The home owners every time you visit the house
A lawyer to complete the closing paperwork
What is an appraisal?
An unbiased professional value of a home
An advertisement used to praise a property in order to sell it
an examination of the condition and safety of a real estate property
What is the longest option for the length of a standard mortgage?
10 years
40 years
30 years
50 years
A written estimate of the value of a home.
Closing
Cost
Appraisal
Deed
The delivery of a deed, financial adjustments, the signing of a note, and the disbursement of the funds necessary to consummate, or close, the sale or loan transaction.
Deed
Default
APR
Closing
The formal process where your landlord terminates your lease and asks you to vacate your apartment in a period of time decided by local laws and statutes.
Eviction
Deed
Lease
Principal
The minimum amount of time a landlord has to evict someone?
24 hours
90 days
7 days
30 days
Which of these is NOT a part of a mortgage?
Down Payment
Principal
Interest
Insurance
The owner of your property, or an agent of the owner, who leases out the apartment.
Tenant
Renter
Owner
Landlord
A written estimate of the value of something.
Closing
Cost
Appraisal
Deed
The maximum amount of money that can be loaned to you
Credit Report
Credit Limit
Credit Card
Credit Score
The failure to make payments on a timely basis or in accordance with the terms of your promissory note.
Equity
Deed
Default
Eviction
An interest rate that never changes over the life of a loan.
Fixed Rate
Adjustable Rate
Balloon Loan
Interest Rate
The original amount of a loan, excluding interest.
Principal
Equity
Gross Income
Application
A document a potential tenant fills out so a landlord can decide if they're qualified to rent the apartment.
Application
Deed
Loan
Lease
A public record of how you've managed your credit and debt in your past, including credit cards, loans and other leases.
Credit History
Credit Reprort
Credit Score
Credit Limit
What is the most common option for the length of a standard mortgage?
10 years
40 years
30 years
50 years
An interest rate that changes based on the current market over the life of a loan.
Fixed Rate
Adjustable Rate
Balloon Loan
Interest Rate
Which of these things is NOT impacted by your credit score?
HUD Assistance
If a loan is approved or denied
Terms and Conditions on Loans
Interest Rates on Loans
Which of the following is considered a fair credit score?
425
500
675
745
Which of the following is NOT used to determine a credit score?
Bill-paying history
Credit Checks
Age and History of accounts
Employment History
Which one of these places has a higher cost of living?
Louisiana
Texas
New Mexico
Alaska
What is the term for a person or company who is giving money to someone else to be able to purchase something?
Lender
Tenant
Landlord
Owner
Which one of these steps comes first in the home buying process?
Getting Pre-Approved
Appraisal
Making an Offer
Finding a home!
What does HUD do?
Helps people in need to provide money to them during the closing process
A heads up display for looking at homes using virtual reality
provides decent & safe rental housing for eligible low-income families, the elderly, & persons with disabilities
Determines the closing costs
How much are closing costs usually on a home?
20%
5%
15%
3%
About how long does it take for it to be worth it to buy a home over renting?
8 years
1 year
2 years
4 years
What is a title on a house?
a legal term that refers to ownership of something
the actual legal document that would transfer the ownership of a property from one person to another
the expenses over and above the property's price that buyers and sellers usually incur to complete a real estate transaction
indication of your interest in buying a property & outline your requirements for the sale to go through
What is an offer on a house?
a legal term that refers to ownership of something
the actual legal document that would transfer the ownership of a property from one person to another
the expenses over and above the property's price that buyers and sellers usually incur to complete a real estate transaction
indication of your interest in buying a property & outline your requirements for the sale to go through
What is a deed on a house?
a legal term that refers to ownership of something
the actual legal document that would transfer the ownership of a property from one person to another
the expenses over and above the property's price that buyers and sellers usually incur to complete a real estate transaction
indication of your interest in buying a property & outline your requirements for the sale to go through
It is better to buy a home in the _ than at other times of the year.
(a)
