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Semester Review
Test Description: Review for semester final exam
Instructions: Answer all questions to get your test result.
1) Home ownership offers:
A
all of the above
B
financial advantages
C
stability
D
quality of life
2) The cost of home ownership is lowered through
A
tax deductions
B
home maintenance
C
utility costs
D
property insurance
3) Earnest money protects the
A
loan company
B
seller
C
buyer
D
real estate agent
4) When you apply for a mortgage, which of the following will be checked?
A
your income
B
all of these
C
your references
D
your credit history
5) To finance your purchase of a house, you must
A
all of these
B
meet certain lending requirements
C
select the type of mortgage you want
D
have funds for the down payment and closing costs
6) Real estate agents earn commissions that are usually
A
5-7%
B
15%
C
3-5%
D
10-12%
7) The amount of money you spend on housing depends on all of the following EXCEPT
A
the importance you place on a home
B
the amount of money left after meeting nonhousehold expenses
C
the amount of money your friends spend on housing
D
expected future income and expenses
8) Advantages of renting a home rather than buying include all EXCEPT
A
it is generally easier to move if you are transferred
B
you build equity or ownership
C
you do not need to go into debt
D
you do not need a large amount for a down payment
9) A fixed rate mortgage is a loan in which
A
monthly payments are adjusted annually according to a fixed rate schedule
B
the loan rate goes up automatically when interest rates rise
C
rates of interest are set or fixed by law.
D
monthly payments and interest rate remain the same throughout the term of the loan.
10) The deposit made when a buyer signs a purchase agreement to show the offer is serious
A
security deposit
B
earnest money
C
closing costs
D
equity
*select an answer for all questions
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