Housing Test Study Guide

A loan taken by a person in order to buy a home is called a......

• Rent

• Mortgage

• Bad Idea

• Lease

A lease is....

• A fee you pay before renting a house or an apartment

• A rental agreement

• Extra living expenses

• A security deposit

Tags

CCSS.7.RP.A.3

Which of the following are generally considered when deciding where to live?

• Quality of schools

• Proximity to family

• Job opportunities

• ALL options

• Cost of living

What are some of the main reasons home-buying is harder and at a historic low right now?

• High interest rates

• Limited housing supply

• Increased property taxes

• Economic uncertainty

What is the difference between a deposit and a fee?

• A deposit is a refundable amount paid in advance, while a fee is a non-refundable charge.

• A deposit is a non-refundable charge, while a fee is a refundable amount paid in advance.

• Both deposit and fee are refundable amounts paid in advance.

• Both deposit and fee are non-refundable charges.

Tags

CCSS.3.OA.D.9

What is one advantage of renting?

• Flexibility to move without selling property

• Building equity over time

• Potential tax benefits

• Long-term financial investment

Which of the following is an advantage of buying a house?

• Building equity over time

• High initial costs

• Limited mobility

• Maintenance responsibilities

Which of the following is something that will NOT negatively impact your credit score?

• Missing payments

• High credit card balances

• Opening multiple new accounts quickly

• Paying bills on time

Why is having good credit important to the home buying process?

• It helps in getting a lower interest rate.

• It is not important at all.

• It makes the process longer.

• It increases the down payment required.

What can you do to help yourself afford more when it comes to home buying?

• Save for a larger down payment

• Improve your credit score

• Reduce existing debt

• All of the above