Fees you pay your lender at the time you buy a house. These costs can include fees for appraisal, title insurance and inspections.

Housing Unit Test Review

Quiz
•
Other
•
12th Grade
•
Medium
Deb Warner
Used 4+ times
FREE Resource
36 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Mortgage
Closing Costs
Property Tax
Down Payment
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A condition that must be met before a sale is finalized
Contingency
Counter offer
28-36 Rule
Rule of three
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A loan that is taken out by people and businesses to buy real estate without paying the entire price up front.
Home Equity Loan
VA Loan
Mortgage
Personal Loan
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An agreement where a third party holds assets or money during a transaction.
Down Payment
Escrow
Home Equity
Contingency
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
An examination to certify the condition of a home, including the roof, foundation, basement.
Home Appraisal
Home Inspection
Home equity
Contingency
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A guideline that a person should spend at most 28% of their gross income on their housing costs and 36% of their gross income on total debt payments.
Rule of three
28-36 Rule
Property Tax
Mortgage
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
A document from a lender that states how much and what type of loan you are expected to qualify for.
Preapproval
Counter offer
Contingency
Closing Cost
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