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Ch 18 Personal Finance

Amount of money a renter pays a landlord to insure against financial losses if the renter damages the dwelling or fails to pay rent Security Deposit
A contract that specifies the conditions, terms, and rent for the use of an asset Lease
The deposit made when a buyer signs a purchase agreement to show the offer is serious. Earnest money
An agreement that calls for certain requirements to be met before the contract is binding. Contingency clause
A home loan Mortgage
The process by which loan payments are applied to the principal, or amount borrowed, as well as to the interest on a loan according to a set schedule Amortization
Fees that must be paid before the sale of a home can be made final Closing costs
A map of the property drawn by a surveyor to show size, boundaries, and characteristics of a property Property Survey
A legal document that proves ownership of a particular piece of property Title
A summary of the public record or history of the ownership of a particular piece of property Abstract of title
An account used to hold money until it can be paid to the party that is owed Escrow account
Insurance that protects the lender from loss if the borrower defaults on the loan Private mortgage insurance
A mortgage that guarantees a fixed or unchanging interest rate for the life of the loan Fixed rate mortgage
A mortgage in which the interest rate is adjusted up or down periodically Adjustable rate mortgage (ARM)
A mortgage that allows the buyer to pay low monthly payments at first and higher payments in the future Graduated payment mortgage
A mortgage in which monthly payments are applied only to the interest, not the principal, for a certain number of years Interest only mortgage
A mortgage made by leaders who charge higher than prime rates to borrowers who have poor or no credit ratings Subprime mortgage
A loan in which the Federal Housing Administration insures the lender against the borrowers' possible default or failure to pay FHA-insured loan
A long-term, fixed rate mortgage insured by the Veterans Administration for veterans of the U.S. Armed Forces VA-guaranteed loan
A loan in which homeowners borrow the money they paid on a mortgage Home equity loan
The Bureau of Labor Statistics provides cost of living figures for different cities and parts of the country (T/F) True
All neighborhoods are pretty much the same (T/F) False
Neighborhood and schools near a home are only important to families with children (T/F) False
Condominium owners have the same tax and equity benefits as house owners (T/F) False
Cooperative apartments are owned by a corporation, and buyers receive shares in the corporation along with the right to occupy a specific unit (T/F) True
Custom-built houses are usually the least expensive type of single-family housing (T/F) False
Manufactured homes generally cost more than other types of housing with comparable living space and facilities (T/F) False
Under no circumstances should people spend more than 2 1/2 times their gross annual income to buy a home (T/F) True
Factors to consider when choosing a home are the same whether you rent or buy (T/F) False
Renters do NOT need to worry about property values (T/F) True
Once you sign a lease, you give up your rights as a tenant (T/F) False
It is a good idea to hire a reliable home inspection service to evaluate any house you are seriously interested in buying (T/F) True
Before spending any money, it is a good idea to create a floor plan for each room you plan to furnish (T/F) True
A floor plan can help you visualize the space you have available for decorating (T/F) True
The price of a given piece of furniture will be pretty much the same regardless of where you buy it (T/F) False
Buying brand name furniture in a well-known department is the least expensive way to furnish a home (T/F) False
Hard floors are colder, noisier, and less comfortable than other flooring (T/F) True
It pays to buy the best quality furniture you can afford regardless of how you intend to use it (T/F) False
It is important to read labels when buying upholstered furniture because much of the construction is hidden (T/F) True
The quality of rugs and carpets depends largely on the fiber content and the density of the pile (T/F) True
Sources of information on places you might like to live include___ All of the above
The main difference between rental, condominium, and cooperative apartments is ____ Ownership
A home designed by an architect for the person or family wanting to build is called a ____ Custom-built home
The amount you can afford to spend on housing depends on all of the following EXCEPT ____ The amount of money your friends spend for housing
Do NOT spend more than guidelines suggest for housing if ____ Nonhousing obligations and debts are high
Advantages of renting a home rather than buying include all of the following EXCEPT _____ You build up equity or ownership
Most apartment leases give renters the right to ____ Occupy a designated apartment
Persons you may need to call on for service and advice when buying a home include all of the following EXCEPT ____ A certified public accountant
Factors to consider when shopping for a mortgage include all EXCEPT ____ Homeowner's insurance coverage
A fixed rate mortgage is a loan in which ____ Monthly payments and the interest rate remain the same throughout the term of the loan
Four points on a $150,000 mortgage comes to ____ $6,000
To get better service and lower rates, plan to move ____ Between mid-October and mid-April
Important factors to consider when furnishing and decorating a home include all EXCEPT ____ The type of furniture your parents own
Arranging furniture patterns on a floor plan can help you ____ All of the above
Factors to consider when buying furniture include ____ All of the above
All of the following describe aggressive rent-to-own plans for furniture and appliances EXCEPT ____ Involve applying for credit, signing a lease agreement, and paying a security deposit and down payment
Location of housing is important when you are buying a home False
Created by: SavvyBean122



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