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Buying/Renting Houses
Test Description: Blah
Instructions: Answer all questions to get your test result.
1) The person who owns a property:
A
landlord
B
rent
C
equity
D
tenant
2) Down payment
A
monetary value of a property minus the amount owed on the propery
B
fees and charges associated with the purchase of a property
C
portion of a purchase price that is not borrowed
D
a loan for the purchase of real estate
3) All are reasons to buy a house except for:
A
starting a family
B
Pride of ownership
C
tax breaks
D
you do not have good enough credit to rent
4) A typical down payment is ________ to _________ % of the purchase price of a home.
A
10%-20%
B
40%-50%
C
5% - 20%
D
0%
5) Initial expenses that may be required when renting a property does not include:
A
first month's rent
B
security deposit
C
down payment
D
last month's rent
6) A licensed person representing a buyer or seller in the transaction of purchasing property
A
stock broker
B
landlord
C
real estate agent
D
banker
7) Before loaning you money, a lender can evaluate all but this to see if they should loan you the money:
A
credit history
B
net worth
C
ethnicity
D
income
8) Security deposit
A
fees and charges associated with the purchase of a property
B
a loan for the purchase of property
C
money paid to a landlord to cover potential deposit
D
portion of the purchase price that is not borrowed
9) Mortgage payment
A
rent
B
house payment
C
can have interest rates up to 300%
D
open-ended loan
10) Rental applications can do all of the following except:
A
ask what your income is
B
protect only the landlord but not the tenant
C
protect the renter and the landlord
D
ask who will be living in the property
*select an answer for all questions
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