Buying/Renting Houses: Question Preview (ID: 24901)

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The person who owns a property:
a) landlord
b) tenant
c) equity
d) rent

Down payment
a) monetary value of a property minus the amount owed on the propery
b) fees and charges associated with the purchase of a property
c) portion of a purchase price that is not borrowed
d) a loan for the purchase of real estate

All are reasons to buy a house except for:
a) Pride of ownership
b) you do not have good enough credit to rent
c) tax breaks
d) starting a family

A typical down payment is ________ to _________ % of the purchase price of a home.
a) 10%-20%
b) 5% - 20%
c) 40%-50%
d) 0%

Initial expenses that may be required when renting a property does not include:
a) first month's rent
b) down payment
c) security deposit
d) last month's rent

A licensed person representing a buyer or seller in the transaction of purchasing property
a) real estate agent
b) stock broker
c) landlord
d) banker

Before loaning you money, a lender can evaluate all but this to see if they should loan you the money:
a) credit history
b) ethnicity
c) income
d) net worth

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

Mortgage payment
a) can have interest rates up to 300%
b) open-ended loan
c) rent
d) house payment

Rental applications can do all of the following except:
a) ask what your income is
b) protect the renter and the landlord
c) ask who will be living in the property
d) protect only the landlord but not the tenant

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