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Personal Finance Exam Review 8
Test Description: Final exam review
Instructions: Answer all questions to get your test result.
1) An on-campus building that contains many small rooms that are rented out to students is called a
A
condominium.
B
dormitory.
C
hostel.
D
duplex.
2) Which type of college does not provide any on-campus housing options?
A
residential campus
B
state college
C
commuter campus
D
community college
3) The monthly charge you pay to live in an apartment is called
A
a mortgage.
B
a lease.
C
a security deposit.
D
rent.
4) Which of the following consists of four bedrooms connected to a single kitchen that is shared by the occupants?
A
studio
B
quad
C
townhouse
D
condo
5) Which of the following is probably NOT a question you need to ask of a prospective roommate?
A
What do you like to do for fun?
B
What is your birthday?
C
Are you a smoker?
D
Do you have a job?
6) Most financial experts advise allotting ___ percent of your total budget for houseing.
A
10 to 15
B
20 to 25
C
at least 50
D
2 5 to 35
7) In a typical roommate arrangement, all of the following expenses would be shared equally by all of the roommates except
A
groceries.
B
rent.
C
utilities.
D
long-distance phone calls.
8) Which of the following would generally be considered an advantage of renting?
A
minimum responsibilities
B
lack of storage space
C
small living space
D
lack of privacy
9) A detailed list of current property conditions is called a(n)
A
lease.
B
rental inventory.
C
rental agreement.
D
eviction notice.
10) Which of the following is an obligation of the lessor?
A
give at least 30-days' notice of intent to move
B
provide a dwelling that is habitable
C
all of the above are obligations of the lessor
D
pay the rent on or before the due date
11) For purposes of computing property taxes owed against your home, the city or county in which you live sets a(n) ____ value on the property.
A
assessed
B
estimated
C
market
D
appraised
12) Janice and Steve bought a home five years ago for $130,000. Today, the home is worth $150,000. Which of the following statements is correct?
A
Janice and Steve have $20,000 equity in their home.
B
Janice and Steve's property has appreciated by $20,000.
C
The appraised value of Janice and Steve's home is $20,000.
D
The market value of Janice and Steve's home is $20,000.
13) Because certain tax deductions lower the cost of home ownership, owning real estate is sometimes called a
A
tax shelter.
B
tax loophole.
C
tax avoidance scheme.
D
tax penalty.
14) A fund where money is held to pay amounts that will come due during the year---such as property taxes and property insurance--is called a(n)
A
escrow account.
B
money market account.
C
mortgage.
D
trust deed.
15) Mortgage lenders usually offer lower interest rates in exchange for higher discount points. Whether or not this is a good deal depends mostly on
A
the amount of your down payment.
B
how long you plan to keep your house.
C
the amount of equity you have in the house.
D
the sales price of the house.
16) Real estate agents earn income based on a percentage of the home sale price, usually between ____ percent.
A
7 to 10
B
1 to 3
C
3 to 5
D
5 to 7
17) A serious intent to be bound to an agreement is a(n)
A
proposal.
B
acceptance.
C
contingency.
D
offer.
18) As a general rule, your mortgage payments should not exceed ___ percent of your take-home pay.
A
10 to 20
B
25 to 35
C
30 to 50
D
50 to 60
19) Which of the following statements about mortgages is incorrect?
A
If you obtain a fixed-rate mortgage at 7 percent today, the rate will still be 7 percent 20 years from now.
B
Many adjustable-rate mortgages specify maximum rate increases and ceilings.
C
The rate on ARMs almost always goes up over time.
D
The rate for an adjustable-rate mortgage usually starts higher than the current rates for a fixed-rate mortgage.
20) Legally established ownership of property is a
A
lien.
B
deed.
C
title.
D
tenancy agreement.
*select an answer for all questions
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