WorksheetsReal Estate and Contracts Quiz
Total questions: 10
Worksheet time: 5mins
What is a mortgage?
A loan for buying a car
A loan for buying a home
A loan for starting a business
A loan for paying off debts
What is interest?
The fee you pay for using someone else's money
The fee you pay for using your own money
The fee you pay for using a credit card
The fee you pay for using a debit card
What is the prime rate?
The interest rate set by the Toronto Dominion Bank
The interest rate set by financial institutions
The interest rate set by the government
The interest rate set by the Federal Reserve
What is a fixed-rate mortgage?
A home loan with a fixed interest rate
A home loan with a variable interest rate
A home loan with no interest rate
A home loan with decreasing interest rate
What is equity?
The degree to which you own your home
The degree to which the lender owns your home
The degree to which the government owns your home
The degree to which your neighbor owns your home
What is a detached house?
A house attached to another house on both sides
A house attached to another house on one side
A house that stands on its own unattached to any other building
A house that is part of a co-op
What is a condominium?
An apartment that you rent
An apartment that you buy
A house that stands on its own unattached to any other building
A house attached to another house on both sides
What is a down payment?
The amount of money you put towards the purchase of a car
The amount of money you put towards the purchase of a home
The amount of money you put towards starting a business
The amount of money you put towards paying off debts
What is depreciation?
The increase in the value of an asset over time
The gradual decline in the value of an asset over time
The constant value of an asset over time
The fluctuating value of an asset over time
What is a breach of contract?
A violation of the contract by one of the parties
A mutual agreement to terminate the contract
A change in the terms of the contract
A failure to sign the contract
