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