Housing

Question 1

The Landlords responsibilities are…?

Answer 1

• Make sure utilities work
• The common area is clean
• Comply with state, local and housing codes
• pay interest on security deposit

Question 2

What is the #1 thing to think about when buying/renting house/apartment?

Answer 2

Location!!!

Question 3

Evit

Answer 3

When your legally forced to leave

Question 4

Sublet

Answer 4

Someone who takes over the lease

Question 5

What does PITI stand for?

Answer 5

Payment (mortgage amount)
Interest (on the montage loan) 
Taxes (property) 
Insurance (home owners or renters)
(breakdown of total housing cost)

Question 6

When you break down a lease, you think about what?

Answer 6

Total move in cost
Length of lease
Pets allowed?
Can alterations be made? 
Who pays for utilities?

Question 7

Condominium

Answer 7

(Grandma me)

Common areas, shared ownership, property owner cares for lawns/gardens

Question 8

Row house

Answer 8

A row of houses joined by common sidewalls

Question 9

Town house

Answer 9

Multiple family units, no common area, individual ownership

Question 10

Ownerships

Answer 10

Condominium
Townhouse
Cooperative

Question 11

When you find a house you should (blank) and (blank)

Answer 11

Find a mortgage lender, and have it inspected

Question 12

Mortgage

Answer 12

Legal document that pledges the house and a security for a loan

Question 13

Escrow account

Answer 13

Account you pay into for housing costs

The money is held until it needs to be sent to the appropriate person

Question 14

An application for a mortgage requires what?

Answer 14

Personal info, employment/salary, and current debt

Question 15

Down payment should be what % purchase price?

Answer 15

20%

Question 16

Credit report

Answer 16

A report that includes data from all 3 major credit bureaus

Question 17

Credit score (FICO score)

Answer 17

Ranges from 350-800

Mortgage lender wants a score of 650+ for a conventional mortgage

Question 18

Debt-to-income ratio

Answer 18

What of scenario, determines qualification for conventional mortgage
Takes estimate mortgage payment and adds any current installment and credit card payment

Question 19

For conventional mortgage, lender generally want debt ration under (blank)%

Answer 19

38%

Question 20

Appraisal

Answer 20

Estimate value made by a qualified person (required by insurance companies)

Question 21

Ballon payments

Answer 21

A large payment at the end of the loan, which pays off the rest of the loan

Question 22

Bimonthly

Answer 22

Payments are made twice a month, cutting the cost in half because it is payed more quickly

Question 23

Homeowners insurance, 2 main category’s

Answer 23

Property and liability coverage

Question 24

Benefits like having your house close to a fire station lower what?

Answer 24

Premium

Question 25

Real vs personal property insurance

Answer 25

House Things you own inside the home

Question 26

Physical damage protects you from damage to your house, or someone else's?

Answer 26

Someone else's

Question 27

What sources do you use to find an apartment?

Answer 27

Family/friends Websites Newspaper Agencies and/or realtor

Question 28

Why might someone choose to buy rather than rent?

Answer 28

Independence Tax advantages Investment opportunity

Question 29

How much of your gross income should you spend when searching for a home?

Answer 29

30%

Question 30

Property coverage

Answer 30

Protects you house (real property) and stuff (personal property) from damages

Question 31

Liability coverage

Answer 31

Covers people getting hurt at your house or you damaging other people's property

Question 32

Renters do not need to cover the actual structure, but instead cover...?

Answer 32

Personal property

Question 33

Personal liability

Answer 33

Protects you from lawsuits of someone was hurt on your property

Question 34

Medical payment

Answer 34

Protects you from paying medical bills if someone is hurt on your property

Question 35

Physical damage (one of the liabilities)

Answer 35

Protects you from damage you might commit on someone else's property

Question 36

The tenants rights are...?

Answer 36

Receive a written lease, or withhold rent if: - building has code violations - landlord failed to repair - landlord failed to pay utility bill

Question 37

Someone broke in and took your stuff. Which coverage would you use?

Answer 37

Personal property

Question 38

Someone stepped in nails in your garage during a party. Which coverages apply?

Answer 38

Medical payments and personal Liability

Question 39

Tornado record your house. Which coverage would pay for it?

Answer 39

Real property

Question 40

A friend falls down the stairs at your house. You use Med to pay. Why not Liability?

Answer 40

Not your fault she got hurt

Question 41

Neighbors window broken by you. Which coverage will pay for it?

Answer 41

Physical damage