Major Expidentures
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| closing costs | fees, charges associated w/ property purchases
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| depreciation | decrease in value as the item's useful life decreases
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| down payment | portion of the purchase price not borrowed
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| equity | assets (-) liabilities
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| homeowner's association dues | monthly/annual fees that pay for the maintenance of community expenses
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| landlord | person owning the property
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| leasing | renting a product while ownership remains w/ the lease grantor
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| mortgage insurance | protects the lender in case the mortgage payment cannot be paid and the lender must foreclose the property
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| mortgage | loan for the purchase or real estate
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| real estate agent | licensed individual representing a buyer/seller in a contractual transaction to purchase real property
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| rent | price paid for using someone else's property
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| rental agreement | contract specifying the tenant's and landlord's legal responsibilities
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| renter's insurance | optional; covers damage/loss of personal property and liability in a rental home
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| security deposit | $ paid to landlord to cover potential cleaning costs at the lease's end and covers damages suffered while occupied
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| special assessments | fees issued by the local city govt. for utilities, road maintenance, etc.
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| tenant | person who rents property
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| homeowner's insurance | covers damage/loss of structure and contents and liabilities in case of injuries
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Created by:
Tate.cord70
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