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