Question 1

Which home improvement is least likely to increase the value of your home?

Accepted Answer

A) Energy-efficient features 
B) A remodeled kitchen 
C) An extra bathroom 
D) A finished basement 
E) An exercise room 
A) Energy-efficient features 
B) A remodeled kitchen 
C) An extra bathroom 
D) A finished basement 
E) An exercise room

Question 2

Most people do not select a place of residence based on:

Accepted Answer

A) lifestyle. 
B) needs. 
C) values. 
D) attitudes. 
E) credit score. 
A) lifestyle. 
B) needs. 
C) values. 
D) attitudes. 
E) credit score.

Question 3

Which of the following is not a benefit of tiny houses (usually 400 square feet or less)?

Accepted Answer

A) Lower home ownership costs 
B) Environmentally friendly design 
C) Less clutter 
D) Limited privacy 
E) A simpler lifestyle 
A) Lower home ownership costs 
B) Environmentally friendly design 
C) Less clutter 
D) Limited privacy 
E) A simpler lifestyle

Question 4

A condominium involves:

Accepted Answer

A) renting a mobile home. 
B) buying stock in a nonprofit organization. 
C) ownership of an individual housing unit in a building. 
D) government-subsidized housing. 
E) renting a house with the option to buy. 
A) renting a mobile home. 
B) buying stock in a nonprofit organization. 
C) ownership of an individual housing unit in a building. 
D) government-subsidized housing. 
E) renting a house with the option to buy.

Question 5

A ________ is a building that contains exactly two housing units.

Accepted Answer

A) mobile home 
B) duplex 
C) condominium 
D) prefabricated home 
E) cooperative 
A) mobile home 
B) duplex 
C) condominium 
D) prefabricated home 
E) cooperative

Question 6

Which of the following is an example of a closing cost?

Accepted Answer

A) Home inspection fees 
B) Moving expenses 
C) Earnest money 
D) Title insurance 
E) Down payment 
A) Home inspection fees 
B) Moving expenses 
C) Earnest money 
D) Title insurance 
E) Down payment

Question 7

Which type of home has a tendency to quickly depreciate in value?

Accepted Answer

A) Cooperative 
B) Mobile home 
C) Condominium 
D) Duplex 
E) Previously-owned single family home 
A) Cooperative 
B) Mobile home 
C) Condominium 
D) Duplex 
E) Previously-owned single family home

Question 8

The purpose of a rate cap with an adjustable rate mortgage is to:

Accepted Answer

A) minimize interest costs. 
B) prevent changes in the amount of the monthly payment. 
C) increase negative amortization. 
D) restrict the amount by which the interest rate can increase or decrease during the ARM term. 
E) lower the escrow account. 
A) minimize interest costs. 
B) prevent changes in the amount of the monthly payment. 
C) increase negative amortization. 
D) restrict the amount by which the interest rate can increase or decrease during the ARM term. 
E) lower the escrow account.

Question 9

The Internet of Things (IoT)is the interconnection of devices embedded in household items to send and receive data and includes all of the following,except:

Accepted Answer

A) a smart thermostat. 
B) a ceiling fan that only turns on and off when you speak. 
C) a Wi-Fi-enabled coffee maker that is programmable. 
D) a light bulb with a speaker that streams audio from an app. 
E) an intelligent countertop oven. 
A) a smart thermostat. 
B) a ceiling fan that only turns on and off when you speak. 
C) a Wi-Fi-enabled coffee maker that is programmable. 
D) a light bulb with a speaker that streams audio from an app. 
E) an intelligent countertop oven.

Question 10

The legal document involved in renting an apartment is called a:

Accepted Answer

A) service contract. 
B) mortgage. 
C) lease. 
D) security deposit. 
E) escrow account. 
A) service contract. 
B) mortgage. 
C) lease. 
D) security deposit. 
E) escrow account.

Question 11

Which of the following can affect the price of a home?

Accepted Answer

A) Cost of the home inspection 
B) Number of realtors in the area 
C) Cost of the appraisal 
D) Current mortgage rates 
E) Number of loan officers in the area 
A) Cost of the home inspection 
B) Number of realtors in the area 
C) Cost of the appraisal 
D) Current mortgage rates 
E) Number of loan officers in the area

Question 12

Gary Smith is purchasing one housing unit in a building with several units.What type of housing is Gary most likely going to live in?

Accepted Answer

A) Condominium 
B) Duplex 
C) Cooperative 
D) Prefabricated home 
E) Mobile home 
A) Condominium 
B) Duplex 
C) Cooperative 
D) Prefabricated home 
E) Mobile home

Question 13

The amount of mortgage a person is eligible for will be larger when:

Accepted Answer

A) the value of the collateral is lower. 
B) the down payment is lower. 
C) other debt obligations are higher. 
D) the family's income is lower. 
E) the interest rates are lower. 
A) the value of the collateral is lower. 
B) the down payment is lower. 
C) other debt obligations are higher. 
D) the family's income is lower. 
E) the interest rates are lower.

Question 14

Which one of these situations creates negative amortization?

Accepted Answer

A) When the amount of the monthly mortgage payment increases 
B) When the monthly mortgage payment does not cover the interest owed 
C) When the amount paid into an escrow account decreases 
D) When the mortgage interest rate decreases 
E) When the amount of the down payment is lowered 
A) When the amount of the monthly mortgage payment increases 
B) When the monthly mortgage payment does not cover the interest owed 
C) When the amount paid into an escrow account decreases 
D) When the mortgage interest rate decreases 
E) When the amount of the down payment is lowered

Question 15

Which of the following is a form of housing in which the units in a building are owned by a nonprofit organization?

Accepted Answer

A) Mobile home 
B) Condominium 
C) Cooperative housing 
D) Duplex 
E) Townhouse 
A) Mobile home 
B) Condominium 
C) Cooperative housing 
D) Duplex 
E) Townhouse

Question 16

Which of the following can help you prepare your home for selling?

Accepted Answer

A) Moving furniture to the garage 
B) Painting worn exterior 
C) Closing the drapes when showing your home 
D) Trimming the grass around old vehicles in the yard 
E) Turning off the lights to conserve energy when showing your home 
A) Moving furniture to the garage 
B) Painting worn exterior 
C) Closing the drapes when showing your home 
D) Trimming the grass around old vehicles in the yard 
E) Turning off the lights to conserve energy when showing your home

Question 17

Prepaid interest may be charged by the lender for a lower mortgage rate.

Accepted Answer

A) True 
 B)False

Question 18

Which type of repair problem is more likely to be covered by a new homeowner service contract?

Accepted Answer

A) Structural damage 
B) Roof damage from a hurricane 
C) Paint for worn exterior 
D) Heating and air-conditioning system failure 
E) Remodeling the kitchen 
A) Structural damage 
B) Roof damage from a hurricane 
C) Paint for worn exterior 
D) Heating and air-conditioning system failure 
E) Remodeling the kitchen

Question 19

The amount of cash available for a down payment will affect the size of the mortgage loan needed to purchase a home.

Accepted Answer

A) True 
 B)False

Question 20

A newly married couple is having trouble affording a home.What type of mortgage arrangement would reduce the monthly payment as a result of an interest rate subsidy from a builder or real estate developer?

Accepted Answer

A) FHA-insured loan 
B) Balloon mortgage 
C) Buy-down 
D) Shared-appreciation mortgage 
E) Growing-equity mortgage 
A) FHA-insured loan 
B) Balloon mortgage 
C) Buy-down 
D) Shared-appreciation mortgage 
E) Growing-equity mortgage

Which home improvement is least likely to increase the value of your home?

Most people do not select a place of residence based on:

Which of the following is not a benefit of tiny houses (usually 400 square feet or less)?

A condominium involves:

A ________ is a building that contains exactly two housing units.

Which of the following is an example of a closing cost?

Which type of home has a tendency to quickly depreciate in value?

The purpose of a rate cap with an adjustable rate mortgage is to:

The Internet of Things (IoT)is the interconnection of devices embedded in household items to send and receive data and includes all of the following,except:

The legal document involved in renting an apartment is called a:

Which of the following can affect the price of a home?

Gary Smith is purchasing one housing unit in a building with several units.What type of housing is Gary most likely going to live in?

The amount of mortgage a person is eligible for will be larger when:

Which one of these situations creates negative amortization?

Which of the following is a form of housing in which the units in a building are owned by a nonprofit organization?

Which of the following can help you prepare your home for selling?

Prepaid interest may be charged by the lender for a lower mortgage rate.

Which type of repair problem is more likely to be covered by a new homeowner service contract?

The amount of cash available for a down payment will affect the size of the mortgage loan needed to purchase a home.

A newly married couple is having trouble affording a home.What type of mortgage arrangement would reduce the monthly payment as a result of an interest rate subsidy from a builder or real estate developer?

Personal Finance Basics and the Time Value of Money

Financial Aspects of Career Planning

Money Management Strategy: Financial Statements and Budgeting

Planning Your Tax Strategy

Financial Services: Savings Plans and Payment Accounts

Introduction to Consumer Credit

Choosing a Source of Credit: the Costs of Credit Alternatives

Consumer Purchasing Strategies and Legal Protection

Property and Motor Vehicle Insurance

Health,disability,and Long-Term Care Insurance

Life Insurance

Investing Fundamentals

Investing in Stocks

Investing in Bonds

Investing in Mutual Funds

Investing in Real Estate and Other Investment Alternatives

Starting Early: Retirement Planning

Estate Planning

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Exam 9: The Housing Decision: Factors and Finances

Which home improvement is least likely to increase the value of your home?

Most people do not select a place of residence based on:

Which of the following is not a benefit of tiny houses (usually 400 square feet or less)?

A condominium involves:

A ________ is a building that contains exactly two housing units.

Which of the following is an example of a closing cost?

Which type of home has a tendency to quickly depreciate in value?

The purpose of a rate cap with an adjustable rate mortgage is to:

The Internet of Things (IoT)is the interconnection of devices embedded in household items to send and receive data and includes all of the following,except:

The legal document involved in renting an apartment is called a:

Which of the following can affect the price of a home?

Gary Smith is purchasing one housing unit in a building with several units.What type of housing is Gary most likely going to live in?

The amount of mortgage a person is eligible for will be larger when:

Which one of these situations creates negative amortization?

Which of the following is a form of housing in which the units in a building are owned by a nonprofit organization?

Which of the following can help you prepare your home for selling?

Prepaid interest may be charged by the lender for a lower mortgage rate.

Which type of repair problem is more likely to be covered by a new homeowner service contract?

The amount of cash available for a down payment will affect the size of the mortgage loan needed to purchase a home.

A newly married couple is having trouble affording a home.What type of mortgage arrangement would reduce the monthly payment as a result of an interest rate subsidy from a builder or real estate developer?

Personal Finance Basics and the Time Value of Money

Financial Aspects of Career Planning

Money Management Strategy: Financial Statements and Budgeting

Planning Your Tax Strategy

Financial Services: Savings Plans and Payment Accounts

Introduction to Consumer Credit

Choosing a Source of Credit: the Costs of Credit Alternatives

Consumer Purchasing Strategies and Legal Protection

Property and Motor Vehicle Insurance

Health,disability,and Long-Term Care Insurance

Life Insurance

Investing Fundamentals

Investing in Stocks

Investing in Bonds

Investing in Mutual Funds

Investing in Real Estate and Other Investment Alternatives

Starting Early: Retirement Planning

Estate Planning

Filters