Exam 9: The Housing Decision: Factors and Finances

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?

(Multiple Choice)

4.9/5

(70)

Question 41

Real estate advisors suggest a price-to-rent ratio of 25 or lower when you buy to possibly avoid a lower home value after your purchase.

(True/False)

4.8/5

(82)

Question 42

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

(Multiple Choice)

4.9/5

(76)

Question 43

The Homeowners Protection Act requires that a PMI policy be terminated automatically when a homeowner's equity reaches _____ percent of the property value at the time the mortgage was executed.

(Multiple Choice)

4.8/5

(77)

Question 44

A payment cap keeps the payments on an adjustable-rate mortgage at a given level or limits the amount to which those payments can rise.

(True/False)

4.8/5

(78)

Question 45

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:

(Multiple Choice)

4.8/5

(80)

Question 46

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

(Multiple Choice)

5.0/5

(82)

Question 47

What does it mean to sublet an apartment?

(Multiple Choice)

4.9/5

(73)

Question 48

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

(Multiple Choice)

5.0/5

(84)

Question 49

A VA-guaranteed loan program provides assistance to:

(Multiple Choice)

4.9/5

(68)

Question 50

An FHA-insured mortgage has low down payment requirements and is fully assumable with no prepayment penalties.

(True/False)

4.8/5

(80)

Question 51

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

(Multiple Choice)

4.7/5

(80)

Question 52

A lease provides protection to both the tenant and the landlord.

(True/False)

4.9/5

(82)

Question 53

What is the term used to describe the reduction of the balance owed on a loan with each payment made over a period of time?

(Multiple Choice)

4.7/5

(71)

Question 54

Negotiating a purchase price for a home can involve an offer and a counteroffer.

(True/False)

4.7/5

(84)

Question 55

What is the affordable monthly mortgage payment if your monthly gross income is $60,000 and monthly payments on an auto loan are $400?

(Multiple Choice)

4.7/5

(92)

Question 56

A loan based on the high equity in a home that provides the homeowner with tax-free income and which is paid back when the home is sold is called a:

(Multiple Choice)

4.9/5

(73)

Question 57

Amortization refers to changes in the monthly payment for a variable rate mortgage.

(True/False)

4.9/5

(74)

Question 58

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

(Multiple Choice)

4.8/5

(79)

Question 59

A possible disadvantage of FHA and VA mortgages can be:

(Multiple Choice)

4.9/5

(81)

Question 60

Showing 41 - 60 of 106

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?

Real estate advisors suggest a price-to-rent ratio of 25 or lower when you buy to possibly avoid a lower home value after your purchase.

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

The Homeowners Protection Act requires that a PMI policy be terminated automatically when a homeowner's equity reaches _____ percent of the property value at the time the mortgage was executed.

A payment cap keeps the payments on an adjustable-rate mortgage at a given level or limits the amount to which those payments can rise.

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:

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

What does it mean to sublet an apartment?

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

A VA-guaranteed loan program provides assistance to:

An FHA-insured mortgage has low down payment requirements and is fully assumable with no prepayment penalties.

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

A lease provides protection to both the tenant and the landlord.

What is the term used to describe the reduction of the balance owed on a loan with each payment made over a period of time?

Negotiating a purchase price for a home can involve an offer and a counteroffer.

What is the affordable monthly mortgage payment if your monthly gross income is $60,000 and monthly payments on an auto loan are $400?

A loan based on the high equity in a home that provides the homeowner with tax-free income and which is paid back when the home is sold is called a:

Amortization refers to changes in the monthly payment for a variable rate mortgage.

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

A possible disadvantage of FHA and VA mortgages can be:

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 Stock

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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