Personal Finance 6.03: Question Preview (ID: 9758)


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Two friends decide to buy a townhome. They disagree about how much each person should receive when they sell. Which DISADVANTAGE of buying is this?
a) Complications of joint buying b) Greater costs and financial responsibilities c) Greater financial risk d) Less mobility
The Foremans are debating whether to rent or buy a home. Mr. Foreman is disabled and Mrs. Foreman is retired. Which would be an ADVANTAGE of renting?
a) Fewer home and lawn responsibilities b) Fewer tax benefits c) More renovations to be done d) No ownership from money paid for rent
The Tatums, a low-income family, obtained a loan from Federal Housing to build their new home. Which type of mortgage or special loan is this?
a) Adjustable rate mortgage b) Conventional fixed rate mortgage c) FHA loan d) VA loan
The Fultons sold the home in which they were currently living while the owner completed repairs to the home they would purchase. Which step in purchasing a home is this?
a) Find an appropriate home to meet your needs b) Make an offer c) Meet contingencies d) Reach an agreement
The Mabreys decided the price, characteristics, age, and size of home they are looking for. Which step in purchasing a home is this?
a) Find an appropriate home to meet your needs b) Make an offer c) Meet contingencies d) Reach an agreement
Jane's landlord signed an agreement to allow her to sublet her apartment if needed. What type of document is this?
a) Lease agreement b) Lease waiver c) Rental application d) Security deposit
The Klines made sure the refrigerator and dishwasher were working before they signed a lease to rent. Which part of the rental property is being inspected?
a) Common areas b) Exterior c) Inside the unit d) Safety and security
The Abbots checked the apartment house laundry room was clean and functioning well before they signed a lease to rent. Which part of the rental property is being inspected?
a) Common areas b) Exterior c) Inside the unit d) Utilities and systems
The Elams are considering buying or renting a home for their growing family. Which would be an advantage of buying?
a) Buying is an investment and increases wealth b) Greater costs and financial responsibilities c) Greater mobility d) More free time due to maintenance responsibilities
John is very busy. He is looking for housing for singles, with no outside maintenance and a place to entertain. Which type of housing would BEST match his housing wants and needs?
a) Mobile home in a rural area b) Single family home in a restricted development c) Small one-room apartment with an efficiency kitchen d) Apartment with a clubhouse and pool
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