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WorksheetsW!SE Consumer Skills: Housing
Total questions: 20
Worksheet time: 10mins
An advantage of renting a home is...
Housing security
Freedom to do as you please
Not as many utitlies
No maintenance costs
A rental lease...
Is implied by law
Defines the conditions of the rental agreement
Have to grant sublet rights
Multi-Unit Housing includes...
Single-Family Home
Apartments
Townhomes
Duplexes
A ____________ owns an apartment building and a ___________ rents from them.
Homeowner/
Tenant
Landlord/
Renter
Landlord/Tenant
Homeowner/
Renter
A security deposit includes all
of the following EXCEPT:
It is commonly equal to one month's rent
It acts as security against unpaid rent or damages to the rental
Landlords can deduct normal "wear and tear" from secutity deposits
A landlord has up to 90 days to return a security deposit
When taking a loan, the principal is...
The main contact you have with the loan company
The total amount you expect to pay over the life
of the laon
The original amount of money borrowed.
If you use ownership financing, the buyer pays the seller directly.
True
False
You offer to buy a property, if the owner accepts,
at closing you should own all of the following EXCEPT:
The well-house located on the property
Lumber loacted on the property
The tractor
in the field
The home located on the property
If you have a variable mortgage,
your interest rate will not change.
True
False
When buying a home, __________ is paid by the buyer a few days after
an accepted offer to show they are serious about the purchase.
Down
Payment
Earnest
Money
Cosing costs
Appriasal Fee
The ______________ determines the risk level of a borrower
and will give approval for the loan.
Appriaser
Inspector
Underwriter
Agent
Maria bought her home a year ago.
She just found out that there is a lien on the property
from the previous owner. What happens?
She will have to pay the amount secured
by the lien out of her pocket.
She will have to sue the previous owner.
This will be covered by title insuance.
A home buyer will need to purchase PMI if...
The property needs to be inspected
Their down payment is less than 20%
They want their title insured
They want protection for their mortgage interest
Closing Costs...
are fees & charges paid to complete a real estate transaction
are normally
2-6% of the purchase price
are also called settlement costs
When obtaining a mortgage, POINTS are...
What your credit score is
prepaid interest
tasks that must be completed
The value of an asset, minus any debt you have on it, is called...
ASSET VALUE - DEBT = ????
Capital
Revenue
Equity
If your neighborhood has an HOA...
It can charge you a monthly fee
It can restrict
how you use
your home
It will manage and upkeep common areas
All of the abouve
If you default on your mortage, you may have the lender__________ the property
Repossess
Foreclose
Terminate
When a contractor does work on your house, and you refuse to pay, they may be able to extablish a __________ on your property.
Security
Foclosure
Lien
Loan
Laws that restrict how the property in an area can be used.
Zoning Laws
Use Laws
Property Laws
