Semester Review: Question Preview (ID: 6410)

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Home ownership offers:
a) financial advantages b) all of the above c) stability d) quality of life
The cost of home ownership is lowered through
a) utility costs b) home maintenance c) tax deductions d) property insurance
Earnest money protects the
a) buyer b) loan company c) real estate agent d) seller
When you apply for a mortgage, which of the following will be checked?
a) your references b) all of these c) your income d) your credit history
To finance your purchase of a house, you must
a) have funds for the down payment and closing costs b) all of these c) select the type of mortgage you want d) meet certain lending requirements
Real estate agents earn commissions that are usually
a) 3-5% b) 15% c) 10-12% d) 5-7%
The amount of money you spend on housing depends on all of the following EXCEPT
a) expected future income and expenses b) the importance you place on a home c) the amount of money your friends spend on housing d) the amount of money left after meeting nonhousehold expenses
Advantages of renting a home rather than buying include all EXCEPT
a) you build equity or ownership b) you do not need a large amount for a down payment c) it is generally easier to move if you are transferred d) you do not need to go into debt
A fixed rate mortgage is a loan in which
a) monthly payments and interest rate remain the same throughout the term of the loan. b) rates of interest are set or fixed by law. c) the loan rate goes up automatically when interest rates rise d) monthly payments are adjusted annually according to a fixed rate schedule
The deposit made when a buyer signs a purchase agreement to show the offer is serious
a) security deposit b) equity c) closing costs d) earnest money
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