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WorksheetsLeasing vs Buying a Home Quiz
Total questions: 18
Worksheet time: 14mins
What is an advantage of leasing a home?
Flexibility and easier relocation
Long-term stability
Ownership of property
Lower monthly payments
What is an advantage of buying a home?
No need for a long-term commitment
Builds equity over time
Increases monthly expenses
No maintenance required
Which option is a disadvantage of buying a home?
Maintenance and repair costs
Higher upfront costs
Financial commitment and responsibility
Limited flexibility in location
What is one advantage of leasing a home?
Ownership
Flexibility
Long-term stability
Lower monthly payments
A ___________ deposit refers to money held to cover possible damage in an apartment.
Cleaning
Security
Telephone
Utilities
The agreement between a renter and a landlord is:
Security Deposit
Mortgage
Lease
Deed
A common flexible expense associated with renting an apartment is:
A security deposit
Apartment insurance
Electricity
Rent
down payment
An initial cash payment made when something is bought on credit.
A percentage of the sale price that goes to the seller's and buyer's agents. Usually paid by the seller.
The proportion of the loan that is charged with interest to the borrower.
What is a security deposit?
A sum of money paid by a landlord to a tenant for renting their property
A sum of money paid by a tenant to a landlord or property owner before moving in to cover any damages or unpaid rent at the end of the lease term.
A payment made by a landlord to a tenant for vacating the property before the lease term ends
A fee paid by a tenant to a landlord for using the property's amenities
How can a lease be renewed?
Extending the lease without any documentation
Allowing the lease to automatically renew
Signing a new lease agreement
Renewing the lease verbally
What is the process of terminating a lease?
Returning the keys to the landlord without notice
Ignoring the lease agreement instructions
Giving notice to the landlord and following lease agreement instructions
Selling the leased property to someone else
What should a tenant do before signing a lease agreement?
Sign the lease without reading it, it is probably okay
Thoroughly read and understand the terms and conditions of the lease, inspect the property for any damages or issues
Don't ask any questions or clarify concerns
Ignore any damages or issues with the property
Who is the person who owns the apartment complex?
Landlord
Tenant
Apartment Manager
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