WorksheetsSearcHDiez
Total questions: 33
Worksheet time: 17mins
According to the Bureau of Labor and Statistics, What is one of the major personal expenditures?
Entertainment
Education
Housing
Clothing
what percentage of a person's monthly income does housing typically account for?
One-fourth or 25%
One-third or 30%
One-half or 50%
One-fifth or 20%
Which of the following is NOT listed as a reason for making a housing choice?
Credit history
Personal and financial goals
Proximity to parks
Amount of money available for housing costs
Which factors should people consider when deciding between renting and owning a home?
Credit history, real state prices and expected stay.
Color of the house, proximity to parks, price and if it has an HOA
Number of previous owners
What is the reason an escrow account is usually added to the home loan?
To pay for monthly rent
To pay for insurance premiums and propery taxes
To increase Homeowners insurance coverage
The landlord is the legal owner of the property that is for rent.
True
False
Which of the following is listed as an advantage of renting an apartment?
Typically more expensive than home ownership
tax deductions
Fewer responsibilities
What is a security deposit primarily used for in a rental agreement?
To cover the cost of new furniture
allows the landlor To use it for repairs beyond wear and tear or if the renter damages the property
To reduce the monthly rent
what might be included in rent payment besides the rental space?
Mortgage payments
Electricity, water, sewer, and/or garbage
Homeowner's insurance
What is the purpose of a lease?
To provide the landlord with the renter's credit history
To protect the landlon/ manager and renter
A monthly payment plan
What is the primary benefit of home ownership ?
It protects hard-earned dollars from taxation.
It provides a stable job.
It allows for frequent relocation.
what is equity in terms of home ownership?
The initial cost of purchasing a home.
The amount of money borrowed for a mortgage.
The profit made if a home is sold for more than its purchase price.
The total amount of mortgage payments made over time.
What is a mortgage primarily used for in home buying?
To cover moving expenses.
To pay for home repairs.
To purchase the home itself.
To decorate the home.
What factor determines the amount of money borrowed for a home loan?
The buyer's credit rating.
The size of the down payment and the purchase price.
The number of previous homes owned.
The location of the property.
What is one benefit of renting a home vs buying a home?
Free to make home improvements.
High mobility and ease of relocation.
Stable mortgage payments.
What is a potential advantage of home ownership vs renting?
Be able to make home renovations and have pets
Less privacy and comfort
increase time money and energy commitment
What should be included in a rental application?
What are the four major expenditure areas for individuals and families?
Housing, transportation, food, and insurance
What is the role of a property manager?
What is a security deposit primarily used for?
To be used by the landlord for repairs and damages beyond normal wear and tear
What is rent?
What is a lease agreement?
What is the maximum amount a person should pay for a house?
The maximum amount a person should pay for a house 2.5 times their annual income.
What factors should be considered when making a housing choice ( to buy or rent)?
Color of the curtains, Distance to the nearest park,Favorite TV show
Credit history, real estate prices, how long is the stay.
Amenities
What is a Duplex?
A duplex is a type of house that is divided into two separate living spaces, connected by a common wall.
What is subleasing?
Subleasing is when a tenant moves out and someone else takes over the rent payments
What is equity in a house?
Equity in a house is the market value that is owed outright after mortage debt
What is the most common way home buyer pay for their home?
Through a real estate agent. Mortgage
What must happen before the renter moves in to a rental property?
Sign a lease agreement and pay security deposit
What is eviction?
Eviction is the legal term used when the tenant does not voluntarity moves out after the landlord has given required notice.
You should read the lease carefully and do not sign if you see this on the lease agreement..
Illegal clauses violating tenant rights. like being removed without notice
What is a tenant?
what is the purpose of a lease?
To allow one party to use an asset owned by another party for a specified period in exchange for payment and establish protection for both parties.
