Question 1

What is the most popular type of home ownership?

Accepted Answer

A) condominium 
B) duplex 
C) cooperative 
D) prefabricated home 
E) single family dwelling 
A) condominium 
B) duplex 
C) cooperative 
D) prefabricated home 
E) single family dwelling E

Question 2

Duane Miller wants to know what price home he can afford.His annual gross income is $60,000.He has no other debt expenses and expects property taxes and insurance to cost $400 per month.He knows he can get a 6%,15year mortgage so his mortgage payment factor is 8.43.He expects to make a 10% down payment.What is Duane's affordable home purchase price? Round your answer to the nearest $100.

Accepted Answer

A) $148,300 
B) $177,900 
C) $164,800 
D) $197,700 
E) $1,483,000 
A) $148,300 
B) $177,900 
C) $164,800 
D) $197,700 
E) $1,483,000 C

Question 3

Many people believe that location is the most important factor to consider when selecting a home.

Accepted Answer

A) True 
 B)False  True

Question 4

What factors influence the type of housing a family will select?

Accepted Answer

The answer of What factors influence the type of housing...

Question 5

What does it mean to sublet an apartment?

Accepted Answer

A) increase the rent 
B) lower maintenance costs 
C) convert the units to condominiums 
D) meet certain government housing regulations 
E) obtain another tenant to complete a lease period 
A) increase the rent 
B) lower maintenance costs 
C) convert the units to condominiums 
D) meet certain government housing regulations 
E) obtain another tenant to complete a lease period

Question 6

Ownership of an individual housing unit in a building is commonly called:

Accepted Answer

A) a cooperative. 
B) modular housing. 
C) manufactured housing. 
D) a condominium. 
E) zoned housing. 
A) a cooperative. 
B) modular housing. 
C) manufactured housing. 
D) a condominium. 
E) zoned housing.

Question 7

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?

Accepted Answer

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

Question 8

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

Accepted Answer

A) True 
 B)False

Question 9

Earnest money is used:

Accepted Answer

A) to pay real estate property taxes. 
B) to reduce the mortgage interest rate. 
C) as evidence of good faith by a homebuyer. 
D) to pay the real estate agent's commission. 
E) to pay a mortgage application feE. 
A) to pay real estate property taxes. 
B) to reduce the mortgage interest rate. 
C) as evidence of good faith by a homebuyer. 
D) to pay the real estate agent's commission. 
E) to pay a mortgage application feE.

Question 10

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

Question 11

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

Accepted Answer

A) home inspection fees 
B) realtor fees 
C) earnest money 
D) title insurance 
E) down payment 
A) home inspection fees 
B) realtor fees 
C) earnest money 
D) title insurance 
E) down payment

Question 12

Todd Foley is applying for a $100,000 mortgage.He can select either a $600 monthly payment with no points or a $520 payment with two points.How many months will it take Todd to cover the cost of the discount points if he takes the lower monthly payment?

Accepted Answer

A) 6 
B) 10 
C) 18 
D) 25 
E) 48 
A) 6 
B) 10 
C) 18 
D) 25 
E) 48

Question 13

Condominiums involve the purchase of an individual living unit rather than an entire building.

Accepted Answer

A) True 
 B)False

Question 14

Negotiating a purchase price for a home usually involves an offer and counteroffers.

Accepted Answer

A) True 
 B)False

Question 15

The amount of the down payment will affect the amount of the monthly mortgage needed to purchase a home.

Accepted Answer

A) True 
 B)False

Question 16

Renting is more advantageous than buying a home when you are seeking:

Accepted Answer

A) lower short-term living costs. 
B) a place to remodel. 
C) a long-term investment. 
D) tax benefits. 
E) permanence of residencE. 
A) lower short-term living costs. 
B) a place to remodel. 
C) a long-term investment. 
D) tax benefits. 
E) permanence of residencE.

Question 17

Which one of the following is an advantage of buying?

Accepted Answer

A) mobility 
B) tax benefits 
C) fewer responsibilities 
D) minimal financial commitment 
E) declining equity 
A) mobility 
B) tax benefits 
C) fewer responsibilities 
D) minimal financial commitment 
E) declining equity

Question 18

A balloon mortgage can help a homebuyer when interest rates are high but are expected to come down in the near future.

Accepted Answer

A) True 
 B)False

Question 19

A contract condition that states that the agreement is binding only if a certain event occurs is a(n):

Accepted Answer

A) dual agency. 
B) contingency clause. 
C) counteroffer. 
D) zoning law. 
E) prefabrication. 
A) dual agency. 
B) contingency clause. 
C) counteroffer. 
D) zoning law. 
E) prefabrication.

Question 20

Prepaid interest may be a part of a mortgage agreement.

Accepted Answer

A) True 
 B)False

What is the most popular type of home ownership?

Many people believe that location is the most important factor to consider when selecting a home.

What factors influence the type of housing a family will select?

What does it mean to sublet an apartment?

Ownership of an individual housing unit in a building is commonly called:

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?

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

Earnest money is used:

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?

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

Todd Foley is applying for a $100,000 mortgage.He can select either a $600 monthly payment with no points or a $520 payment with two points.How many months will it take Todd to cover the cost of the discount points if he takes the lower monthly payment?

Condominiums involve the purchase of an individual living unit rather than an entire building.

Negotiating a purchase price for a home usually involves an offer and counteroffers.

The amount of the down payment will affect the amount of the monthly mortgage needed to purchase a home.

Renting is more advantageous than buying a home when you are seeking:

Which one of the following is an advantage of buying?

A balloon mortgage can help a homebuyer when interest rates are high but are expected to come down in the near future.

A contract condition that states that the agreement is binding only if a certain event occurs is a(n):

Prepaid interest may be a part of a mortgage agreement.

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

What is the most popular type of home ownership?

Many people believe that location is the most important factor to consider when selecting a home.

What factors influence the type of housing a family will select?

What does it mean to sublet an apartment?

Ownership of an individual housing unit in a building is commonly called:

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?

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

Earnest money is used:

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?

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

Todd Foley is applying for a $100,000 mortgage.He can select either a $600 monthly payment with no points or a $520 payment with two points.How many months will it take Todd to cover the cost of the discount points if he takes the lower monthly payment?

Condominiums involve the purchase of an individual living unit rather than an entire building.

Negotiating a purchase price for a home usually involves an offer and counteroffers.

The amount of the down payment will affect the amount of the monthly mortgage needed to purchase a home.

Renting is more advantageous than buying a home when you are seeking:

Which one of the following is an advantage of buying?

A balloon mortgage can help a homebuyer when interest rates are high but are expected to come down in the near future.

A contract condition that states that the agreement is binding only if a certain event occurs is a(n):

Prepaid interest may be a part of a mortgage agreement.

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