Housing Quiz

What is an adjustable rate mortgage (ARM)?

• A mortgage with a fixed interest rate

• A mortgage in which the interest rate is adjusted up or down periodically

• A mortgage with no interest rate

• A mortgage that requires no down payment

What does assessed value refer to in real estate?

• The price a buyer is willing to pay

• The value assigned to the property by the city or county for tax purposes

• The cost of building a new home

• The amount of the mortgage loan

What are closing costs?

• Fees paid to the landlord

• Fees that must be paid before the sale of a home can be finalized

• The cost of home insurance

• The cost of home repairs

What is eviction?

• The process of buying a home

• The legal process of removing a tenant from rental property

• The process of selling a home

• The process of renovating a home

What is a fixed rate mortgage?

• A mortgage with a variable interest rate

• A mortgage that guarantees a fixed or unchanging interest rate for the life of the loan

• A mortgage with no interest rate

• A mortgage that requires no down payment

Who is a landlord?

• A person who rents a property

• The owner of rental property

• A person who sells homes

• A person who builds homes

What is a lease?

• A verbal agreement to buy a property

• A written agreement that allows a tenant to use property for a set period of time at a set rent payment

• A contract to sell a property

• A document that transfers property ownership

What does market value mean?

• The lowest price a property can be sold for

• The highest price the property will bring on a competitive open market

• The price set by the government

• The cost of building the property

What is a mortgage?

• A type of insurance

• A home loan where the home is used as collateral

• A rental agreement

• A property tax

What is a security deposit?

• A fee paid to secure a mortgage

• An amount of money a renter pays a landlord to insure against damages

• A payment made to close a sale

• A tax on rental income