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PCS Financial Math
Chapter 10 Vocabulary - Housing Cost
| Term | Definition |
|---|---|
| mortgage loan | a real estate loan that gives the lender the right to seie and sell the property if the borrower fails to make the payments on the loan |
| interest | the amount of money paid for the use of a lender's money |
| closing costs | the costs of transferring ownership of property, such as credit checks and title searches, to the buyer by the seller |
| principal | the amount borrowed on a loan or put into an account, on which interest is based |
| real estate taxes | taxes collected by the city or county from homeowners to pay for roads, parks, schools, and other public services |
| assessed value | the dollar value assigned to property by a tax assessor for tax purposes, which is found by multiplying the market value times the rate of assessment |
| tax rate | the percent of income, sales, or property value collected in taxes. The tax rate on property is sometimes expressed in mills per dollor |
| market value | the price at which a house can be bought or sold |
| rate of assessment | percent of the market value of property that is taxed |
| homeowners insurance | financial protection for homeowners against fire, theft of contents, personal liability, and other damages |
| loss-of-use coverage | insurance coverage for homeowners that pays for the costs of living away from home while the home is being repaired |
| personal liability | insurance coverage for homeowners if someone is injured in their home |
| medical coverage | insurance for homeowners that pays medical expenses if someone is injured in their home |
| replacement value | the amount required to reconstruct a home if it's destroyed, used to determine the amount of insurance a home should have |
| premium | the amount paid to an insurance company for insurance |
| fire protection class | a number assigned to property based on how safe it is from fire, and whether a house is made of wood or brick, used to determine the cost of insuring it |
| utility costs | the costs of public services such as electricity, water, and gas |
Created by:
Ms.Sala
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