Exam 9: Obtaining Affordable Housing

A form of housing ownership where the owner holds legal title to a specific housing unit and a proportionate interest in the common grounds and facilities is

If a prospective home buyer simply changes his or her mind after putting up earnest money,he or she usually forfeits the money.

Jillian wants to rent an apartment that has monthly rent payments of $850 and requires a $400 security deposit and a $500 damage deposit.In order to move in,Jillian will probably be required to pay

The process of gradually paying off a mortgage loan though a series of periodic payments to the lender is called amortization.

A private short sale occurs when a home sale is negotiated with the lender at a price below the actual balance of the debt.

A second mortgage amortized over 20 years or more but with a balloon payment due after 5 or 10 years that is paid to the previous owner of a home is an example of

____ are generally not paid by the buyer of a house.

Appreciation benefits of home ownership generally begin to be realized after one or two years of ownership.

Which of the following characteristics would cause a person to prefer renting over buying housing?

Community and housing development rules that govern such things as minimum lot size,the outside appearance and landscaping of the property,allowable secondary buildings,parking of vehicles,and other aspects of the use and appearance of the property are called

What is the maximum amount a lender would lend on a house valued at $160,000 if an 85 percent loan-to-value ratio were required?

You would want to lock-in your mortgage interest rate if you expect rates to decline before the closing.

Interest rates on fixed-rate conventional loans are typically 1 to 3 percent lower than rates on adjustable-rate mortgages.

Which of the following statements is true regarding home mortgages?

The contract a home seller enters into with a real estate broker is called a

The security deposit is an amount paid in advance to a landlord for normal wear and tear on rental property.

A short sale occurs when a home sale is negotiated with the owner at a price below the actual balance of the debt on the home.

When preparing a budget to buy a new home,you should add an additional ____ percent to the monthly payment on the loan for such things as homeowner's insurance,property taxes,maintenance,and upkeep.

Lenders often give a slight reduction in interest rates when a borrower pays a smaller down payment.

____ fee is (are) common miscellaneous costs in buying a home.