Real Estate Basics

You'll need to have a minimum down payment of ___ of the total cost of the house you want to buy.

• 20%

• 10%

• 5%

• 15%

_______________ means you pay someone else each month for a place to live.

• house poor

• equity

• owning a home

• renting

__________ is the difference between what a house is worth and what is still owed on it.

• equity

• mortgage

• investment amount

• life of the loan

Apartment ______________ such as a pool, fitness center, and other perks are nice but usually mean higher rent prices.

• upgrades

• luxuries

• amenities

• benefits

Another word used for "renting" is:

• buying

• leasing

• investing

• owning

A loan obtained for a home purchase is a(n)

• equity

• inspection

• lease

• mortgage

An individually owned unit in an apartment style complex with shared ownership of common areas.

• Condominium

• Duplex

• Triplex

• Apartment

What is industrial real estate?

• Properties used for agricultural purposes

• Properties used for entertainment and leisure activities

• Properties used for residential purposes

• Properties used for manufacturing, production, research and development, storage, and distribution of goods

What is commercial real estate?

• Industrial property for manufacturing

• Residential property for personal use

• Property used for business purposes

• Vacant land for agricultural purposes

What is residential real estate?

• Vacant land with no buildings

• Industrial properties used for manufacturing

• Commercial properties used for business purposes

• Properties used for living purposes