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PF 6.03
Test Description: 6.03 questions
Instructions: Answer all questions to get your test result.
1) Tara’s grandmother, who uses a walker, is moving into a smaller apartment to make home maintenance easier for her. Which housing want or need should she consider when selecting?
A
Whether there are steps inside and outside
B
Freedom to decorate as she wishes
C
Space to entertain friends
D
Cost of utilities
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
An apartment in a large complex
B
A manufactured home on a large lot
C
A condominium in a retirement development
D
A townhouse with two or three stories
3) The Bartons are a busy, dual-career family with three young children. They decided to rent a home for a two-year stay in a new town. Which advantage of renting is this?
A
Fewer tax benefits
B
Greater mobility
C
Less authority to make changes
D
No equity building up
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
Less authority to make changes
B
Greater mobility
C
Fewer tax benefits
D
No equity building up
5) Before signing, Lawrence read carefully when rent was due, the amount of penalty for late payment, and all of the conditions of renting the apartment. What type of document is it?
A
Security deposit
B
Lease waiver
C
Lease agreement
D
Rental application
6) The young couple 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
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
Reach an agreement
C
Find an appropriate home to meet your needs
D
Make an offer
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
Monthly loan payment
B
Escrow account
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
Adjustable rate mortgage
B
VA loan
C
FHA loan
D
Conventional fixed rate mortgage
10) What is a manufactured "mobile" home?
A
A custom-built, development, modular, or kit house or townhouse
B
To pay a security deposit and monthly payments to a landlord
C
A single-wide or double-wide moveable home
D
A building that houses more than one family; each person owns walls and air space of the unit
*select an answer for all questions
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