Renting/Buying a Home

Renting/Buying a Home

9th - 12th Grade

20 Qs

quiz-placeholder

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Renting/Buying a Home

Renting/Buying a Home

Assessment

Quiz

Design

9th - 12th Grade

Medium

Created by

Cathy Howard

Used 18+ times

FREE Resource

20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Most mortgages are usually paid off in how many years?

5

10

20

30

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This is paid by the buyer at the time of buying a house (usually 10%) is called

down payment

escrow account

monthly expense

homeowners insurance

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The difference between the market value of the home and the principal amount owed on the mortgage.

escrow

equity

finance fee

points

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The meeting at which legal papers are signed and the sale of the home is finalized...

closing

equity

escrow

mortgage

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A home loan in which a borrower pays a fixed interest rate for the life of the loan.

conventional mortgage

adjustable rate mortgage

graduated payment mortgage

equity loan

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A home loan in which the interest rate changes depending on current rates in effect; can go up or down.

graduated payment mortgage

adjustable rate mortgage

conventional mortgage

all of the above

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A home loan in which the payment starts out low and increases in the later years of the loan when the owners are likely to have more income and less debt.

conventional mortgage

adjustable payment mortgage

graduated payment mortgage

none of the above

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