WorksheetsInvestments: HOUSING (MORTGAGES & HOMEOWNERSHIP)
Total questions: 15
Worksheet time: 8mins
Name
Class
Date
1.
True or False: If a seller wants to change part of the buyer’s offer, the seller makes a counteroffer.
a)
True
b)
False
2.
True or False: Your credit score does not impact the costs of your home mortgage?
a)
True
b)
False
3.
A fixed-rate of interest on your mortgage....
a)
Increases each year
b)
Decreases each year
c)
Stays the same
d)
Fluctuates based on the market
4.
In order to avoid PMI, what percentage down-payment should the buyer put down on the house?
a)
5%
b)
10%
c)
20%
d)
You don't need to make a down payment
5.
The difference between the market value of property and the amount owed on it is called ______________.
a)
Closing cost
b)
Acceptance
c)
Debt
d)
Equity
6.
Which of the following is not a factor to consider when buying a home?
a)
Price
b)
Location
c)
Size
d)
Rental Inventory
7.
Which of the following is not a responsibility of home ownership?
a)
Neighborhood Security
b)
Property Insurance
c)
Utilities
d)
Lawn Maintenance
8.
When a property increases in value, it is called _______________.
a)
Depreciation
b)
Elevation
c)
Appreciation
d)
Value Enhanced
9.
A certain amount put toward the purchase price of a house is called a/an ______________.
a)
Upfront payment
b)
Purchase price
c)
Security deposit
d)
Down payment
10.
This term describes a house with two separate living units within one structure.
a)
Condo
b)
Townhouse
c)
Duplex
d)
Apartment
11.
This value is used to compute property taxes owed against your home.
a)
Appraised Value
b)
Equity
c)
Market Value
d)
Assessed Value
12.
The expenses incurred in transferring ownership from the seller to the buyer are called...
a)
Closing costs
b)
Selling costs
c)
Transfer costs
d)
Lawyer fees
13.
The most common source of a down payment is ___________.
a)
The lottery
b)
Savings
c)
Earnest money
d)
Security deposit
14.
What is a typical down payment on a home?
a)
20%
b)
15%
c)
50%
d)
40%
15.
What is the formula to calculate profit on a rental property?
a)
Mortgage Payment - Rent
b)
Rent - Mortgage Payment - Property Taxes - Home Insurance
c)
Rent - Property Taxes
d)
Rental properties are not a source of investment income
100 %
