Quiz about Housing Cost Vocabulary Test (Ch. 10)

Question 1

A(n) ______ _______ is a real estate loan that gives the lender the right to seize and sell the property if the borrower fails to make the payments on the loan.

Accepted Answer

mortgage loan

Answer

market value

Answer

closing cost

Answer

down payment

Question 2

_________ is the amount of money paid for the use of a lender's money

Accepted Answer

interest

Answer

principal

Answer

down payment

Answer

utility cost

Question 3

______ ________ are the costs of transferring ownership of property, such as credit checks and title searches, to the buyer by the seller

Accepted Answer

closing costs

Answer

tax rate

Answer

personal liability

Answer

market value

Question 4

_________ is the amount borrowed on a loan or put into an account, on which interest is based

Accepted Answer

principal

Answer

interest

Answer

down payment

Answer

tax rate

Question 5

_____ ______ _______ are taxes collected by the city or county from homeowners to pay for roads, parks, schools, and other public services

Accepted Answer

real estate taxes

Answer

rate of assessment

Answer

fire protection class

Answer

utility cost

Question 6

The _____ ______ is the dollar value assigned to property by a tax assessor for tax purposes, which is founded by multiplying the market value times the rate of assessment

Accepted Answer

assessed value

Answer

closing cost

Answer

market value

Answer

homeowners insurance

Question 7

The ____ _____ is the percent of income, sales, or property value collected in taxes, sometimes expressed in mills per dollar

Accepted Answer

tax rate

Answer

market value

Answer

medical coverage

Answer

replacement value

Question 8

The _______ _______ is the price at which a house can be bought or sold

Accepted Answer

market value

Answer

replacement value

Answer

assessed value

Answer

mortgage loan

Question 9

The _____ ____ ______ is the percent of the market value of property that is taxed

Accepted Answer

rate of assessment

Answer

fire protection class

Answer

homeowners insurance

Answer

property damage

Question 10

________  ________ is financial protection for homeowners against fire, theft of contents, personal liability, and other damages

Accepted Answer

homeowners insurance

Answer

security deposit

Answer

medical coverage

Answer

flood insurance

Question 11

_____ ____ ____ ______  is insurance for homeowners that pays for the costs of living away from home while the home is being prepared

Accepted Answer

loss-of-use coverage

Answer

fire protection class

Answer

rate of assessment

Answer

utility cost

Question 12

_____ ______  is insurance for homeowners if someone is injured in their home

Accepted Answer

personal liability

Answer

homeowners insurance

Answer

medical coverage

Answer

property damage

Question 13

_____ _______ is insurance for homeowners that pays medical expenses if someone is injured in their home

Accepted Answer

medical coverage

Answer

property damage

Answer

homeowners insurance

Answer

personal liability

Question 14

______ ________ is the amount required to reconstruct a home if it's destroyed, used to determine the amount of insurance a home should have

Accepted Answer

replacement value

Answer

assessed value

Answer

homeowners insurance

Answer

security deposit

Question 15

________ is the amount paid to an insurance company for insurance

Accepted Answer

premium

Answer

insurance

Answer

coverage

Answer

liability

Question 16

The _____ _____ _____  is a number assigned to property based on how safe it is from fire, and whether a house is made of wood or brick, used to determine the cost of insuring it

Accepted Answer

fire protection class

Answer

real estate taxes

Answer

rate of assessment

Answer

loss of use coverage

Question 17

_____ ______  are costs of public services such as electricity, water, and gas

Accepted Answer

utility costs

Answer

general costs

Answer

closing costs

Answer

security deposit

Question 18

_____ ______  coverage pays for damage to the home and personal property such as computers, furniture, and clothing

Accepted Answer

property damage

Answer

security deposit

Answer

flood insurance

Answer

replacement value

Question 19

A(n) ______ ________ is paid when signing a lease, it is a one-time payment that may be used for cleaning an apt at termination of the rental agreement, to repair damage or to change locks

Accepted Answer

security deposit

Answer

utility costs

Answer

property damage

Answer

market value

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