Pf Hiuisng

Question 1

Ability to move easily from place to place

Answer 1

Mobility

Question 2

Renter

Answer 2

Tenant

Question 3

Person who owns the property being rented

Answer 3

Landlord

Question 4

Legal document that defines the conditions of the rental agreement between landlord and tenant

Answer 4

Lease

Question 5

One a person inspects and finds a living space, they should

Answer 5

Complete an application form

Question 6

Document used to determine a persons credit history, financial history, and references

Answer 6

Application form

Question 7

Who are the payments made too

Answer 7

Landlord or property manager

Question 8

Who works for the owner

Answer 8

Property manager

Question 9

What does the property manager do

Answer 9

Finds and screens tenants
Collects rent
Maintains and secures property
Responds to tenants needs and complaints

Question 10

Written contract specifying the legal responsibilities of both tenant and landlord

Answer 10

Lease agreement

Question 11

Month to month agreement

Not in writing

Answer 11

No lease agreement

Question 12

Short written garments which less formal and easier to understand lease

Change lease

Answer 12

Written agreement

Question 13

What must a lease identify

Answer 13

Rent amount
Payment procedure
Late rent payment penalty

Question 14

When does eviction occur

Answer 14

When tenant doesn’t voluntarily move out after landlord gave notice

Question 15

One time paid fee in advance to miving into a living space to cover the cost of repairs to the space just beyond normal wear and tear

Answer 15

Security deposit

Question 16

In a living space include water garbage electricity heat telephone and Internet service and television

Answer 16

Amenities

Question 17

Items to identify in this agreement

Answer 17

Hanging pictures on the walls, overnight guests, subleasing

Question 18

Tenet allows someone else to move in and take over rent payments

Answer 18

Subleasing

Question 19

Who has permission to enter rental unit one tenant is not there

Answer 19

Landlord

Question 20

Who is allowed to hold the tenant liable for the remaining lease balance if one day late with payment

Answer 20

Landlord

Question 21

Steps to take to get security deposit returned

Answer 21

Send letter to landlord stating the want to have deposit returned

Send copies of all documents

Take person to small claims court

Question 22

Renters insurance isn’t required of

Answer 22

Tenants

Question 23

Used to protect the tenants personal belongings when renting from a landlord

Answer 23

Renters insurance

Question 24

What protects against theft fire or vandalism

Answer 24

Renters insurance

Question 25

What is the largest personal expenditure

Answer 25

Housing | 1/3

Question 26

Costs of renting

Answer 26

Monthly rent Security deposit Utilities Renters insurance

Question 27

Ownership costs

Answer 27

``` Mortgage Down payment Closing cost Utilities Homeowners insurance Maintenance Property taxes ```

Question 28

Advantages of renting

Answer 28

Fixed monthly expenses Low move in costs Less expensive than home ownership

Question 29

Disadvantages of renting

Answer 29

Less privacy Subject to terms of lease No tax deductions No equity is returned

Question 30

Owning a home visit investment because if a person sells a home for more than what it is for for the person makes money.

Answer 30

Equity

Question 31

What percent of buyers take out a mortgage

Answer 31

90

Question 32

An item promised to the lender if the borrower does not pay back the loan

Answer 32

Collateral

Question 33

Amount of money paid on the home at the time of purchase

Answer 33

Down payment | 10-20 of purchase price

Question 34

What is recommended purchase price amount and individual should pay for a home

Answer 34

2 1/2 times their annual household income

Question 35

Advantages of ownership

Answer 35

Build equity, improve buyers credit rating, income tax deductions

Question 36

Disadvantages of ownership

Answer 36

Large down payment, move in costs, and property taxes rise

Question 37

Official document transferring ownership

Answer 37

Deed

Question 38

Settlement costs that involve the legal details related to purchasing a home

Answer 38

Closing costs

Question 39

Take out a new mortgage at a lower interest-rate, monthly payments drop, closing costs.

Answer 39

Refinance

Question 40

FHA

Answer 40

Federal housing administration

Question 41

Program that helps home buyers obtain lower interest, low down payments

Answer 41

FHA

Question 42

VA

Answer 42

Veterans administration

Question 43

Another name for home equity loans

Answer 43

Second mortgage

Question 44

Home equity loan

Answer 44

The difference between the current market value of your home and how much you owe on your mortgage

Question 45

Step one to buying a home

Answer 45

Determine your home ownership needs

Question 46

Drawbacks to buying home

Answer 46

Limited mobility and financial risk | Hi living expenses

Question 47

Single building divided living spaces for two more families

Answer 47

Duplexes and town houses

Question 48

One of a group of apartments or town homes that people own rather than rent, pay a monthly fee

Answer 48

Condominiums

Question 49

Like apartments but only by nonprofit organization’s

Answer 49

Cooperative housing

Question 50

Prefab

Answer 50

Partly assembled

Question 51

Step one to buy a house part 2

Answer 51

How much can you afford price down payment

Question 52

Step 2

Answer 52

Find and evaluate a property to process

Question 53

Regulations on how property in a given area can b used

Answer 53

Zoning laws

Question 54

Step 3

Answer 54

Price the property

Question 55

An account which money is held in trust into it can be delivered to the designated party

Answer 55

Escrow account

Question 56

What goes toward the down payment and his house in an escrow account, buyer pays seller a portion of the purchase price to show the offer serious

Answer 56

Earnest $$

Question 57

Step 4

Answer 57

Obtain financing

Question 58

Long term loan extended to someone who buys property

Answer 58

Mortgage

Question 59

Extra charges that must be paid by the buyer in order to get a lower interest rate

Answer 59

Points

Question 60

The balance of the loan is reduced every time you make a payment, the amount owed is for supplied to interest then to principal.

Answer 60

Amortization

Question 61

Offers the buyer fixed interest rates and fixed schedule payments

Answer 61

Conventional mortgage