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Financial Lit
| Question | Answer |
|---|---|
| Mortgage loans | A mortgage is a loan in which property or real estate is used as collateral. The borrower enters into an agreement with the lender |
| Closing costs | Closing costs are fees paid at the closing of a real estate transaction. This point in time called the closing is when the title to the property is transferred to the buyer. |
| Real estate taxes | Property tax is a tax assessed on real estate. The tax is usually based on the value of the property |
| Assessed value | An assessed value is the dollar value assigned to a property to measure applicable taxes |
| Tax rate | A tax rate is the percentage at which an individual or corporation is taxed |
| Market value | the amount for which something can be sold on a given market. |
| Rate of assessment | An assessed value is the dollar value assigned to a property to measure applicable taxes |
| Homeowners insurance | Homeowners insurance is a form of property insurance designed to protect an individual's home against damages to the house itself, or to possessions in the home |
| Property damage coverage | This coverage typically pays if another person's property is damaged when you're legally at fault in an accident |
| Personal liability coverage | The personal liability coverage within your homeowners policy provides coverage for bodily injury and property damage sustained by others for which you or your family members are legally responsible |
| Medical coverage | pays for medical and surgical expenses incurred by the insured |
| Loss-of-use coverage | pays for medical and surgical expenses incurred by the insured |
| Replacement value | he amount that an entity would have to pay to replace an asset at the present time |
| Premium | an amount to be paid for an insurance policy |
| Fire protection costs | It is a number from 1 to 10 that refers to the public protection facilities in a geographic area |
| utility costs | expenditures: Electricity. Heat (gas) Sewer. Water. |
| Security deposit | a sum of money held in trust either as an initial part-payment in a purchasing process |
Created by:
quinnballou
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