WorksheetsHousing Quiz
Total questions: 25
Worksheet time: 14mins
A fixed amount paid each month to a landlord for housing is called
A loan used to buy a house is called
True or False? Tenants who rent an apartment are responsible for all repairs and maintenance needed in the apartment.
True
Which of the following best describes the term equity?
Equity is the difference between the value of a property and the amount owned on a mortgage.
Equity is the cost of moving out of a home.
Equity is the amount paid each month.
Equity is the amount borrowed for a mortgage.
True or False? Tenants who rent their homes can build equity.
An initial payment made when making a purchase using a loan is called a
The Jones plan to pay 20% towards a down payment on their next home. If their next home costs $350,000, how much will their pay for their down payment?
$7,000
$700,000
$35,000
Caleb pays $1,248 each month in rent. How much will he pay in rent this year?
$12,480
$24,960
$40,000
When purchasing a home, it is recommended to put at least ___ % as a down payment.
0
10
20
40
Benefits of renting include all of the following EXCEPT
Easier to relocate
Little to no responsibility for maintenence
Amenities (pool, gym etc)
increased privacy
Which of the following is a main disadvantage of renting versus owning a home?
renters are less able to relocate
renters are more responsible for repairs and maintenance
renters are expected to pay for homeowners insurance
renters do not build equity
What is a loan term?
A fee a lender charges in exchange for a loan is called a
What is a budget?
A plan for making and spending money
A detailed report of past expenses
A loan request form
A wish list of items to buy
A lease is a(an)
court document
form developed by the local government
legally binding agreement between a tenant and a landlord
agreement o purchase a home
Why is renters insurance important?
It covers the cost of rent if you lose your job
It provides coverage for your personal belongings in case of theft, fire, or damage
It is a requirement for signing a lease
It covers all utilities
A lease is a(an)
court document
form developed by the local government
legally binding agreement between a tenant and a landlord
agreement o purchase a home
Rent or Buy?
Ari is looking to invest in her future home. Property values in her current town are rising, and she would like to find housing to help her build equity and wealth for her future.
Rent or Buy?
Samuel and Mei are married and gave saved $40,000 for their future home. They've decided they are happy with their current careers and plan to live in their town for the foreseeable future.
Rent or Buy?
Sarah has accepted a new job and will be moving to a new city. She is unsure if she will like her new career and would like the flexibility to move to another city if it isn't a good fit.
Rent or Buy?
Megan is a chef and would like to be able to design the kitchen in her new home. She would like custom appliances and many cabinets to store her supplies.
Rent or Buy?
Ethan & Olivia are recently retired and no longer wants to maintain their yard. They are looking for a housing option where they won't have to take care of any yard work.
Buy
