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MFLD MOD5

Module 5 Transportation & Housing

TermDefinition
Base price the basic starting price before additional features are added.
Closing costs the amounts charged to a consumer when they are transferring ownership or borrowing against a property. Closing costs include lender, title and escrow fees and usually range from 3-6% of the purchase price.
Collateral something used to secure a loan; usually an automobile or real property.
Comparison shopping choosing a purchase by comparing different choices against a set of criteria.
Consumer protections laws laws designed to provide consumers with certain rights and prevent sellers from engaging in certain types of behavior before, during, and after a transaction.
Dealership a company specializing in the sale of automobiles.
Deed a legal document conferring ownership of property.
Depreciation a decline in the value of a real asset.
Disclosure statement a statement which indicates any defect or deficiency prior to a sale.
Equity The fair market value of a home minus the unpaid mortgage principal and liens. You build up equity in a home as you pay down your mortgage and as the property value increases. Also called the lendable value or net value.
Escrow an account where funds are held for a specified period of time.
Eviction forced removal from a residence or property.
Fixed Expenses expenses one pays regardless of rate of usage.
Flexible expenses expenses that wary with usage rates.
Fuel economy the relative rates of expense associated with fuel consumption. Kelly Blue Book-a publication which researches used auto prices and suggests appropriate prices based on amenities, location, and condition.
Landlord the owner of a rental property.
Lease agreement an agreement by a tenant to occupy a rental property for a specific amount of time in exchange for rent.
MSRP manufacturer’s suggested retail price.
No-lease agreement a month-to-month exchange of rent for the right to occupy property.
PMI private mortgage insurance, or a payment to protect against default when down payment amounts fall below a prescribed level.
Property manager one who manages a rental property, but doesn’t necessarily own it.
Renters insurance owned to protect yourself from financial loss due to theft or damage to your belongings inside of a rental property.
Retail price price initially charged by business or dealer.
Security deposit money paid up-front in a rental agreement to protect property owner against damage and loss.
Sticker price price on the sales sticker; retail.
Subleasing the process by which the tenant of a property rents the location to another party.
Tax deduction the removal of a portion of total taxable income.
Tenant one who rents a property.
Title insurance a guarantee against previous encumbrances and claims on a real property.
Title document which confers ownership of an asset.
Trade-in value the value one can expect to receive from a dealer when exchanging a vehicle during a purchase.
Verbal contracts an oral agreement to carry out a transaction; can be binding.