Exam 9: The Housing Decision: Factors and Finances

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

A common opportunity cost associated with renting is interest lost on money spent for:

The assessed value of your home is the:

Which document is used to transfer ownership of property from one party to another?

Prefabricated housing refers to:

An escrow account is designed to reduce the cost of a mortgage.

Refinancing of a mortgage is recommended when:

Explain how current interest rates can affect the price of a home.

Explain what amortization is and how a down payment and loan duration impact it.

Most people select a place of residence based on available financial resources,needs,and lifestyle.

Differentiate between a cooperative and a condominium.Be sure to include a discussion of the ownership and responsibility for the common areas.

A home equity loan may also be referred to as a ____________ mortgage.

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

The purpose of title insurance is to:

Which of these is a common financial benefit of home ownership?

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

A is a building that contains exactly two separate homes.

What is the name commonly used to refer to the recent national crisis in which with many mortgages were issued to borrowers with poor credit histories,resulting in numerous loan defaults?

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:

Gerry Intel is considering buying a home.What actions would you recommend for her to take to accomplish this goal of buying a home?