Question 1

Brian Pittman rents a living unit as a result of his membership in a nonprofit housing organization.What name is commonly used for this type of housing?

Accepted Answer

A)  modular housing 
B)  government-subsidized housing 
C)  zoned housing 
D)  a condominium 
E)  cooperative housing 
A)  modular housing 
B)  government-subsidized housing 
C)  zoned housing 
D)  a condominium 
E)  cooperative housing

Question 2

Ease of mobility is an advantage of renting.

Accepted Answer

A) True 
 B)False

Question 3

Belinda Williams plans to rent instead of buying her house.What advantage of renting will Belinda encounter?

Accepted Answer

A)  tax advantages 
B)  financial benefits 
C)  community pride 
D)  lower initial costs 
E)  home improvement flexibility 
A)  tax advantages 
B)  financial benefits 
C)  community pride 
D)  lower initial costs 
E)  home improvement flexibility

Question 4

Which of the following expenses is paid from an escrow account?

Accepted Answer

A)  title insurance 
B)  property insurance 
C)  points 
D)  loan application fee 
E)  real estate agent's commission 
A)  title insurance 
B)  property insurance 
C)  points 
D)  loan application fee 
E)  real estate agent's commission

Question 5

The amount of mortgage a person is eligible for would be increased by

Accepted Answer

A)  higher interest rates. 
B)  a lower down payment. 
C)  high debt obligations. 
D)  a low family income. 
E)  lower interest rates. 
A)  higher interest rates. 
B)  a lower down payment. 
C)  high debt obligations. 
D)  a low family income. 
E)  lower interest rates.

Question 6

Negotiating a purchase price for a home usually involves an offer and counteroffers.

Accepted Answer

A) True 
 B)False

Question 7

A lease does not protect tenants from rent increases during the term of the lease.

Accepted Answer

A) True 
 B)False

Question 8

If you sell your home without the use of a real estate agent,you should still make use of a

Accepted Answer

A)  broker. 
B)  insurance agent. 
C)  lawyer. 
D)  contractor. 
E)  rental agent. 
A)  broker. 
B)  insurance agent. 
C)  lawyer. 
D)  contractor. 
E)  rental agent.

Question 9

A lease only protects the rights of the tenant.

Accepted Answer

A) True 
 B)False

Question 10

If you decide to purchase a condominium for potential benefits you are probably:

Accepted Answer

A)  single parent. 
B)  young couple,no children. 
C)  couple,young children 
D)  young single 
E)  retired person. 
A)  single parent. 
B)  young couple,no children. 
C)  couple,young children 
D)  young single 
E)  retired person.

Question 11

What is the purpose of subletting an apartment?

Accepted Answer

A)  to increase the rent 
B)  to lower maintenance costs 
C)  to convert the units to condominiums 
D)  to meet certain government housing regulations 
E)  to obtain another tenant to complete a lease period 
A)  to increase the rent 
B)  to lower maintenance costs 
C)  to convert the units to condominiums 
D)  to meet certain government housing regulations 
E)  to obtain another tenant to complete a lease period

Question 12

Financial guidelines suggest that you should "spend no more than 10 to 20 percent of your take home pay on housing".

Accepted Answer

A) True 
 B)False

Question 13

Which of the following is typically excluded from a lease agreement?

Accepted Answer

A)  the conditions under which the landlord may enter the apartment. 
B)  the tenant's right to sublet the rental unit. 
C)  A list of utilities,appliances etc that are included in the rental amount. 
D)  the penalty for missing rental payments. 
E)  restrictions regarding specific activities (e.g.remodeling). 
A)  the conditions under which the landlord may enter the apartment. 
B)  the tenant's right to sublet the rental unit. 
C)  A list of utilities,appliances etc that are included in the rental amount. 
D)  the penalty for missing rental payments. 
E)  restrictions regarding specific activities (e.g.remodeling).

Question 14

A home equity loan is also referred to as a ____________ mortgage.

Accepted Answer

A)  shared appreciation 
B)  graduated payment 
C)  growing equity 
D)  second 
E)  buy down 
A)  shared appreciation 
B)  graduated payment 
C)  growing equity 
D)  second 
E)  buy down

Question 15

Home improvements may contribute more to the value of the home than the cost of the renovations.

Accepted Answer

A) True 
 B)False

Question 16

The purpose of zoning laws is to

Accepted Answer

A)  restrictions on property use. 
B)  encourage new housing development. 
C)  minimize people moving from an area. 
D)  reduce real estate property taxes. 
E)  assist real estate agents in finding homes for sale. 
A)  restrictions on property use. 
B)  encourage new housing development. 
C)  minimize people moving from an area. 
D)  reduce real estate property taxes. 
E)  assist real estate agents in finding homes for sale.

Question 17

The most common service provided by a real estate agent when selling your home is

Accepted Answer

A)  providing legal advice. 
B)  qualifying buyers for a mortgage. 
C)  screening potential buyers. 
D)  making needed repairs. 
E)  getting you the lowest offer 
A)  providing legal advice. 
B)  qualifying buyers for a mortgage. 
C)  screening potential buyers. 
D)  making needed repairs. 
E)  getting you the lowest offer

Question 18

One significant drawback of home ownership is financial uncertainty.

Accepted Answer

A) True 
 B)False

Question 19

Opportunity costs of housing can refer to time and effort involved in finding and repairing a place to live along with lost interest earnings on security deposits and down payments.

Accepted Answer

A) True 
 B)False

Question 20

Many people believe that location is the most important factor to consider when selecting a home.

Accepted Answer

A) True 
 B)False

Brian Pittman rents a living unit as a result of his membership in a nonprofit housing organization.What name is commonly used for this type of housing?

Ease of mobility is an advantage of renting.

Belinda Williams plans to rent instead of buying her house.What advantage of renting will Belinda encounter?

Which of the following expenses is paid from an escrow account?

The amount of mortgage a person is eligible for would be increased by

Negotiating a purchase price for a home usually involves an offer and counteroffers.

A lease does not protect tenants from rent increases during the term of the lease.

If you sell your home without the use of a real estate agent,you should still make use of a

A lease only protects the rights of the tenant.

If you decide to purchase a condominium for potential benefits you are probably:

What is the purpose of subletting an apartment?

Financial guidelines suggest that you should "spend no more than 10 to 20 percent of your take home pay on housing".

Which of the following is typically excluded from a lease agreement?

A home equity loan is also referred to as a ____________ mortgage.

Home improvements may contribute more to the value of the home than the cost of the renovations.

The purpose of zoning laws is to

The most common service provided by a real estate agent when selling your home is

One significant drawback of home ownership is financial uncertainty.

Opportunity costs of housing can refer to time and effort involved in finding and repairing a place to live along with lost interest earnings on security deposits and down payments.

Many people believe that location is the most important factor to consider when selecting a home.

Personal Financial Planning in Action

Money Management Skills

Taxes in Your Financial Plan

Financial Services: Savings Plans and Payment Accounts

Consumer Credit: Advantages, Disadvantages, Sources, and Costs

Consumer Purchasing Strategies and Wise Buying of Motor Vehicles

Home and Automobile Insurance

Health and Disability Income Insurance

Financial Planning With Life Insurance

Investing Basics and Evaluating Bonds

Investing in Stocks

Investing in Mutual Funds

Starting Early: Retirement and Estate Planning

Daily Spending Diary

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Exam 7: Selecting and Financing Housing

Brian Pittman rents a living unit as a result of his membership in a nonprofit housing organization.What name is commonly used for this type of housing?

Ease of mobility is an advantage of renting.

Belinda Williams plans to rent instead of buying her house.What advantage of renting will Belinda encounter?

Which of the following expenses is paid from an escrow account?

The amount of mortgage a person is eligible for would be increased by

Negotiating a purchase price for a home usually involves an offer and counteroffers.

A lease does not protect tenants from rent increases during the term of the lease.

If you sell your home without the use of a real estate agent,you should still make use of a

A lease only protects the rights of the tenant.

If you decide to purchase a condominium for potential benefits you are probably:

What is the purpose of subletting an apartment?

Financial guidelines suggest that you should "spend no more than 10 to 20 percent of your take home pay on housing".

Which of the following is typically excluded from a lease agreement?

A home equity loan is also referred to as a ____________ mortgage.

Home improvements may contribute more to the value of the home than the cost of the renovations.

The purpose of zoning laws is to

The most common service provided by a real estate agent when selling your home is

One significant drawback of home ownership is financial uncertainty.

Opportunity costs of housing can refer to time and effort involved in finding and repairing a place to live along with lost interest earnings on security deposits and down payments.

Many people believe that location is the most important factor to consider when selecting a home.

Personal Financial Planning in Action

Money Management Skills

Taxes in Your Financial Plan

Financial Services: Savings Plans and Payment Accounts

Consumer Credit: Advantages, Disadvantages, Sources, and Costs

Consumer Purchasing Strategies and Wise Buying of Motor Vehicles

Home and Automobile Insurance

Health and Disability Income Insurance

Financial Planning With Life Insurance

Investing Basics and Evaluating Bonds

Investing in Stocks

Investing in Mutual Funds

Starting Early: Retirement and Estate Planning

Daily Spending Diary

Filters