Chapter 32 - Housing Application Test Review Question Preview (ID: 42459)


Application Problems. TEACHERS: click here for quick copy question ID numbers.

Points can be purchased from the bank to
a) help pay your down payment
b) lower the principal of your mortgage
c) lower interest ratess
d) lower the cost of the home

Which of the following is true about buying a home?
a) A monthly mortgage payment is always higher than rent.
b) You must pay a 20% down payment to purchase a house.
c) It is always better to buy a home than to rent.
d) Buying a home requires a lot of upfront cash.

Which of the following is not an advantage of renting over buying a house?
a) You can move easily.
b) You have tax advantages.
c) You do not have to do landscaping, such as cutting the grass.
d) You can build equity.

If you have less than 20% equity in your home, your lender will require that you have
a) PMI.
b) a co-signer.
c) more money.
d) an appraisal.

What is a written report by a qualified person estimating the value of the property called?
a) Insurance
b) Closing
c) Appraisal
d) Contingency

If you do not make your house payment, banks can do what to your house?
a) Short Sale
b) Warranty
c) PMI
d) Foreclosure

Which of the following is an example of carrying costs when flipping a house?
a) Insurance
b) Closing Costs
c) Taxes
d) All of the above are carrying costs.

Which of the following is NOT true about flipping houses?
a) You do not have to pay property taxes.
b) Start with the main rooms such as kitchens and bathrooms
c) Update the landscaping/curb appeal
d) Plan for 10% more expenses than you think.

When you sell your house for less than what you owe.
a) Foreclosure
b) Short sale
c) Warranty
d) Sheriff's Sale

When your house is sold at auction and you can possibly buy it back.
a) Foreclosure
b) Sheriff's Sale
c) Warranty
d) Short Sale

A home that is fully assembled in a factory and usually located on rented land is called a
a) condo
b) cooperative
c) mobile home
d) prefabricated home

Which is the most popular residentail property in the United States?
a) Duplex
b) Townhome
c) Apartment
d) Single-family house

Which term refers to unused land intended only for investment purposes?
a) income property
b) rental property
c) residential property
d) undeveloped property

What covers the cost of any future damages the renter might cause to the unit?
a) security deposit
b) safety deposit
c) rent
d) down payment

Which of the following is a type of income property?
a) single-family homess
b) multi-unit housing
c) office buildings
d) manufactured homes?

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