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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 condominium in a retirement development
B
An apartment in a large complex
C
A manufactured home on a large lot
D
A townhouse with two or three stories
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
Greater mobility
C
No equity building up
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
Exterior
B
Utilities and systems
C
Common areas
D
Inside the unit
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
Rental application
B
Security deposit
C
Lease agreement
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
Greater costs and financial responsibilities
B
Less mobility
C
Greater financial risk
D
Complications of joint buying
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
Make an offer
C
Attend the closing
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
Closing costs
C
Monthly loan payment
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
FHA loan
B
Conventional fixed rate mortgage
C
VA loan
D
Adjustable rate mortgage
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
Sublet
B
Security Deposit
C
Lease Agreement
D
Eviction
*select an answer for all questions
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