Chapter 7 Vocabulary

What is a lease?

• A document outlining a home’s sale price

• A legal contract between a landlord and tenant outlining rental terms

• A type of home loan

• A security deposit agreement

What is a security deposit?

• A refundable amount paid to cover damages beyond normal wear and tear

• A monthly rent payment

• A fee for moving into an apartment

• A non-refundable landlord fee

Who is a landlord?

• A person who rents an apartment from someone else

• The owner of a rental property who leases it to tenants

• A real estate agent helping people buy houses

• A legal official handling eviction cases

What is a tenant?

• A person who owns a rental property

• A person who rents an apartment or house from a landlord

• A person who provides mortgage loans

• A person who manages rental properties

What is an eviction?

• The process of finding a new tenant

• A legal process of removing a tenant from a rental unit

• A security deposit refund

• A lease renewal

What is a co-signer?

• A person who manages rental properties

• A person who signs a lease and is responsible if the tenant fails to pay

• A landlord’s legal representative

• A tenant’s roommate

What is a pet deposit?

• A non-refundable payment for pet food

• A fee paid by tenants with pets to cover potential damage

• A monthly rent increase for tenants with pets

• A tax on pet ownership in rental properties

What is a mortgage?

• A contract between a landlord and tenant

• A loan used to purchase a home, typically repaid over time

• A fee for renting an apartment

• A home insurance policy

What is a down payment?

• The total cost of a home purchase

• An upfront payment made by the buyer, usually a percentage of the home’s price

• The monthly mortgage payment

• A tax on home purchases

What are closing costs?

• Additional expenses paid at the time of home purchase, including loan fees and title insurance

• The total cost of a home purchase

• The principal loan amount

• The interest rate on a mortgage