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Chapter 32 - Housing Application Test Review
Test Description: Application Problems
Instructions: Answer all questions to get your test result.
1) Points can be purchased from the bank to
A
lower the principal of your mortgage
B
help pay your down payment
C
lower interest ratess
D
lower the cost of the home
2) Which of the following is true about buying a home?
A
It is always better to buy a home than to rent.
B
A monthly mortgage payment is always higher than rent.
C
Buying a home requires a lot of upfront cash.
D
You must pay a 20% down payment to purchase a house.
3) Which of the following is not an advantage of renting over buying a house?
A
You do not have to do landscaping, such as cutting the grass.
B
You can move easily.
C
You can build equity.
D
You have tax advantages.
4) If you have less than 20% equity in your home, your lender will require that you have
A
an appraisal.
B
a co-signer.
C
PMI.
D
more money.
5) What is a written report by a qualified person estimating the value of the property called?
A
Contingency
B
Insurance
C
Appraisal
D
Closing
6) If you do not make your house payment, banks can do what to your house?
A
PMI
B
Warranty
C
Short Sale
D
Foreclosure
7) Which of the following is an example of carrying costs when flipping a house?
A
Closing Costs
B
Insurance
C
Taxes
D
All of the above are carrying costs.
8) Which of the following is NOT true about flipping houses?
A
You do not have to pay property taxes.
B
Plan for 10% more expenses than you think.
C
Start with the main rooms such as kitchens and bathrooms
D
Update the landscaping/curb appeal
9) When you sell your house for less than what you owe.
A
Short sale
B
Sheriff's Sale
C
Warranty
D
Foreclosure
10) When your house is sold at auction and you can possibly buy it back.
A
Sheriff's Sale
B
Foreclosure
C
Short Sale
D
Warranty
11) A home that is fully assembled in a factory and usually located on rented land is called a
A
cooperative
B
mobile home
C
condo
D
prefabricated home
12) Which is the most popular residentail property in the United States?
A
Single-family house
B
Townhome
C
Apartment
D
Duplex
13) Which term refers to unused land intended only for investment purposes?
A
residential property
B
income property
C
undeveloped property
D
rental property
14) What covers the cost of any future damages the renter might cause to the unit?
A
down payment
B
rent
C
security deposit
D
safety deposit
15) Which of the following is a type of income property?
A
multi-unit housing
B
single-family homess
C
office buildings
D
manufactured homes?
*select an answer for all questions
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