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PF 6.03 Review
Test Description: Review Questions from PF section 6.03
Instructions: Answer all questions to get your test result.
1) Tara’s grandma, who uses a walker, is moving into a smaller apartment to make home maintenance easier. Which housing want or need should she consider when selecting housing?
A
Cost of utilities
B
Space to entertain friends
C
Freedom to decorate as she wishes
D
Whether there are steps inside and outside
2) The Smiths have two small, school-age children and need room for them to play outside safely. Which type of housing would BEST match his housing wants and needs?
A
A townhouse with two or three stories
B
A condominium in a retirement development
C
An apartment in a large complex
D
A manufactured home on a large lot
3) The Smiths are a busy, dual-career family with 3 children. They decide to rent a home for a 2-year in a new town. Which advantage of renting is this?
A
Fewer tax benefits
B
Less authority to make changes
C
No equity building up
D
Greater mobility
4) The Nortons asked how many parking spaces they were allotted before they signed a lease to rent. Which thing to inspect in rental units is this?
A
Common areas
B
Inside the unit
C
Utilities and systems
D
Exterior
5) John read carefully when rent was due, the penalty for late payment, and the conditions of renting the apartment before signing. What type of document is this?
A
Security deposit
B
Lease agreement
C
Rental application
D
Lease waiver
6) The Doe’s enrolled their child in a quality day care, but their house payment is so high, they have only a little extra money to work with. Which disadvantage of buying is this?
A
Less mobility
B
Complications of joint buying
C
Greater financial risk
D
Greater costs and financial responsibilities
7) The Nasons met with the banker, home-owner, and realtor to pay all costs, sign documents, and obtain ownership. Which step in purchasing a home is this?
A
Reach an agreement
B
Find an appropriate home to meet your needs
C
Make an offer
D
Attend the closing
8) The Nelsons put $4,000 in a special bank account to be held in trust until time to pay taxes and insurance for their new home. Which cost of buying a home is this?
A
Escrow account
B
Monthly loan payment
C
Closing costs
D
Down payment
9) Cal Vance, who served twenty years of military duty, obtained a loan to buy a new home with no down payment required. Which type of mortgage or special loan is this?
A
VA loan
B
Adjustable rate mortgage
C
Conventional fixed rate mortgage
D
FHA loan
10) John has not paid his rent in the last three months. He receives a legal notice on his door to move out. What type of document did he receive?
A
Security Deposit
B
Sublet
C
Eviction
D
Lease Agreement
*select an answer for all questions
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