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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
Whether there are steps inside and outside
B
Freedom to decorate as she wishes
C
Cost of utilities
D
Space to entertain friends
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 manufactured home on a large lot
B
A townhouse with two or three stories
C
A condominium in a retirement development
D
An apartment in a large complex
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
Less authority to make changes
B
No equity building up
C
Greater mobility
D
Fewer tax benefits
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
Utilities and systems
B
Inside the unit
C
Common areas
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
Lease waiver
B
Rental application
C
Security deposit
D
Lease agreement
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
Greater costs and financial responsibilities
B
Complications of joint buying
C
Less mobility
D
Greater financial risk
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
Attend the closing
B
Make an offer
C
Reach an agreement
D
Find an appropriate home to meet your needs
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
Down payment
D
Closing costs
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
FHA loan
B
Adjustable rate mortgage
C
Conventional fixed rate mortgage
D
VA 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
Lease Agreement
B
Security Deposit
C
Eviction
D
Sublet
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