Housing Test Review Flashcard

Front

What is the recommended minimum down payment a person should make when purchasing a car or home? Options: 10%, 20%, 25%

Back

20%

Front

Rent is defined as:

Back

the cost of using someone else’s property

Front

A rental agreement is often referred to as:

Back

a lease

Front

Which of the following would NOT be found in a typical lease?
The beginning and ending dates of the rental agreement
The address of the unit being rented
The name of the previous tenant

Back

The name of the previous tenant

Front

Your landlord has the right to:

Back

Charge you the late fee stated in your lease if your rent payment is late.

Front

Which of the following are considerations in choosing an apartment? Cost, Proximity to work, Availability of mass transit

Back

All of the above

Front

The location of a home is important because:

Back

A good location will make a home easier to sell later, Homes in good locations will usually appreciate in value, Not all locations have good school systems or the same amenities.

Front

What is the legal process that a lender uses to force the sale of a home when a borrower fails to make mortgage payments?

Back

Foreclosure

Front

All of the following would be considered closing costs EXCEPT? Cost of repainting the kitchen before moving in, Fee for obtaining a credit report, Title insurance

Back

Cost of repainting the kitchen before moving in

Front

Which of the following describes equity?
Options:
The appraised value of a home based on current market conditions
The value of a home minus the amount still owed on it
An organized system for paying bills and maintaining financial records

Back

The value of a home minus the amount still owed on it