Exam 9: The Housing Decision: Factors and Finances

James Monroe is a member of a nonprofit organization that allows him to rent a living unit in a building. What type of housing is James most likely living in?

During which phase of the home-buying process would you assess types of housing units?

A conventional mortgage usually involves:

A _________ is a building that contains exactly two separate homes.

Noelle and Larry have decided to perform the landscaping of their new home by themselves. They also plan to take a do-it-yourself class at a local home store so they can replace the tile in the master bathroom without using a contractor. The effect of performing these tasks themselves will result in an increase in their:

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

The appraised value of your home is the:

Jennifer Garland is purchasing a home that was assembled in a factory and then moved to the living site. What type of housing is Jennifer purchasing?

Which type of home is most apt to depreciate in value?

A cooperative housing arrangement involves:

Explain negative amortization and how such a situation can occur.

Brett has hired a professional to assess the soundness of the roof, foundation, and building materials of a potential home he is considering. The professional will also be checking other aspects of the home including the plumbing, heating, and cooling systems. Brett is paying for a(n):

The purpose of a rate cap in an adjustable rate mortgage is to limit the amount by which the interest rate can vary.

The most commonly considered factor when selecting a home is the:

Renting would be most appropriate for people who:

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

A renter is required to pay a security deposit of $800, on which 4 percent interest will be paid. What amount would the person earn each year?

Which types of problems are least likely to be covered by a home buyer warranty?

Ted pays $4,500 in real estate property taxes and is in the 28 percent tax bracket. What is the value of this federal tax deduction?

A lease protects the rights of both the tenant and the landlord.