6.07
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 and charges associated with the purchase of a property
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| Depreciation | Decrease in the value of an asset associated with the decline in its remaining useful life
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| Down Payment | Portion of the purchase price that is not borrowed
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| Equity | Monetary value of a property minus the amount owed on the property
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| Homeowner's Association Dues | Monthly or yearly fees that pay for the maintenance of shared areas and necessary repairs throughout the community
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| Homeowners Insurance | Covers the damage or loss of the structure and contents, plus liability in case others are injured on the property
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| Landlord | The person who owns the property
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| Leasing | Renting a product while ownership title remains with the lease grantor
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| Mortgage Insurance | Protects the lender in case a mortgage loan payment cannot be made and the lender has to take the property back through a process known as foreclosure (also known as private mortgage insurance)
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| Mortgage | A loan for the purchase or real estate
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| Real Estate Agent | Licensed individual representing a buyer or seller in a contractual transaction to purchase real property
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| Rent | The price paid for the use of someone else's property
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| Rental Agreement | A contract specifying the tenant's and landlord's legal repsponsibilities
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| Renter's Insurance | An optional (but important) purchase that covers damage and/or loss of personal property and liability in a rental home
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| Security Deposit | Money paid to a landlord to cover potential cleaning costs at the end of a lease, as well as any damages the property suffered during occupancy
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| Social Investments | Fees collected by the local city government for utilities, road maintenance, and other services such as fire protection and street lighting
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| Tenant | A person who rents the property
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Created by:
kalyncaudle
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