Question 1

Most tenants sign a lease. Which of the following is part of a lease agreement?

Accepted Answer

A)  The amount of the down payment. 
B)  The conditions under which the landlord may enter the apartment. 
C)  The interest rate for a lease loan. 
D)  The name and address of the buyer. 
E)  The sale date. 
A)  The amount of the down payment. 
B)  The conditions under which the landlord may enter the apartment. 
C)  The interest rate for a lease loan. 
D)  The name and address of the buyer. 
E)  The sale date.

Question 2

When Nancy buys her house, the mortgage company will usually conduct a(n)

Accepted Answer

A)  Appraisal. 
B)  Contingency clause. 
C)  Dual agent. 
D)  Earnest money. 
E)  Purchase agreement. 
A)  Appraisal. 
B)  Contingency clause. 
C)  Dual agent. 
D)  Earnest money. 
E)  Purchase agreement.

Question 3

Quinn applied for a loan. He provided information about his finances and the home he plans to purchase. Results of the affordability mortgage calculation included all of the following except

Accepted Answer

A)  Expected maintenance costs. 
B)  The home purchase price he can afford. 
C)  The monthly mortgage payment he can afford. 
D)  The mortgage amount he can afford. 
E)  None of the above are correct. 
A)  Expected maintenance costs. 
B)  The home purchase price he can afford. 
C)  The monthly mortgage payment he can afford. 
D)  The mortgage amount he can afford. 
E)  None of the above are correct.

Question 4

Paul is looking for a low-interest, low-downpayment loan for his first home, but he is not a veteran.. He might be eligible for a(n)

Accepted Answer

A)  ARM. 
B)  FHA loan. 
C)  Negative amortization. 
D)  Payment cap. 
E)  VA loan. 
A)  ARM. 
B)  FHA loan. 
C)  Negative amortization. 
D)  Payment cap. 
E)  VA loan.

Question 5

Yvette has a flexible-rate mortgage that limits the amount to which her monthly payments can rise. This feature is called a(n)

Accepted Answer

A)  Rate cap 
B)  FHA loan. 
C)  Negative amortization. 
D)  Payment cap. 
E)  VA loan. 
A)  Rate cap 
B)  FHA loan. 
C)  Negative amortization. 
D)  Payment cap. 
E)  VA loan.

Question 6

Jim wants to make an offer to buy an older house. At this point, he should

Accepted Answer

A)  Move into the house. 
B)  Set up a home inspection. 
C)  Contact the seller to purchase his lawn tools. 
D)  Close the purchase transaction. 
E)  Sign his mortgage papers. 
A)  Move into the house. 
B)  Set up a home inspection. 
C)  Contact the seller to purchase his lawn tools. 
D)  Close the purchase transaction. 
E)  Sign his mortgage papers.

Question 7

Which of the following is a form of housing in which the owners pay a monthly fee for maintenance of the common areas?

Accepted Answer

A)  Condominium 
B)  Cooperative housing 
C)  Manufactured home 
D)  Single-family dwelling 
E)  Apartment 
A)  Condominium 
B)  Cooperative housing 
C)  Manufactured home 
D)  Single-family dwelling 
E)  Apartment

Question 8

If you are selling your house by owner, you should still enlist the assistance of

Accepted Answer

A)  A real estate agent to help with the closing. 
B)  A lawyer or title company to assist with the contract, closing, and other legal matters. 
C)  Your brother-in-law to aid with legal issues of the sale. 
D)  A real estate agent to help with marketing efforts. 
E)  All of these are correct. 
A)  A real estate agent to help with the closing. 
B)  A lawyer or title company to assist with the contract, closing, and other legal matters. 
C)  Your brother-in-law to aid with legal issues of the sale. 
D)  A real estate agent to help with marketing efforts. 
E)  All of these are correct.

Question 9

A duplex is a house with two or more separate dwellings.

Accepted Answer

A) True 
 B)False

Question 10

This gives the landlord the right to take legal action against a tenant for nonpayment of rent or destruction of property.

Accepted Answer

A)  Lease 
B)  Lessee 
C)  Lessor 
D)  Rental statement 
E)  Sublease 
A)  Lease 
B)  Lessee 
C)  Lessor 
D)  Rental statement 
E)  Sublease

Question 11

When interest rates are high and the demand for homes is low, prices of homes will likely be higher .

Accepted Answer

A) True 
 B)False

Question 12

When Ingrid was selling her house, she contacted Gabe, her real estate agent, to help her with the sale. Gabe's services included all of the following except

Accepted Answer

A)  Providing advice on features to highlight. 
B)  Screening potential buyers to determine whether they will qualify for a mortgage. 
C)  Suggesting a selling price . 
D)  Showing Ingrid's home to potential buyers. 
E)  Home appraisal. 
A)  Providing advice on features to highlight. 
B)  Screening potential buyers to determine whether they will qualify for a mortgage. 
C)  Suggesting a selling price . 
D)  Showing Ingrid's home to potential buyers. 
E)  Home appraisal.

Question 13

If you do not pay back any of the loan amount for a portion of the loan period, you have a(n)

Accepted Answer

A)  FHA loan. 
B)  Buy-down. 
C)  ARM. 
D)  Home equity mortgage. 
E)  Interest-only mortgage. 
A)  FHA loan. 
B)  Buy-down. 
C)  ARM. 
D)  Home equity mortgage. 
E)  Interest-only mortgage.

Question 14

A real estate agent can help screen potential buyers to determine whether they will qualify for a mortgage..

Accepted Answer

A) True 
 B)False

Question 15

Which of the following is an account used to pay property taxes and homeowner's insurance?

Accepted Answer

A)  Deed 
B)  Escrow 
C)  Mortgage 
D)  PMI 
E)  Points 
A)  Deed 
B)  Escrow 
C)  Mortgage 
D)  PMI 
E)  Points

Question 16

Rental insurance isn't important since the landlord's insurance on the building includes coverage on all tenants' belongings.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following is a form of housing in which shareholders purchase stock to obtain the right to live in a unit of the building?

Accepted Answer

A)  Condominium 
B)  Cooperative housing 
C)  Manufactured home 
D)  Single-family dwelling 
E)  Townhouse 
A)  Condominium 
B)  Cooperative housing 
C)  Manufactured home 
D)  Single-family dwelling 
E)  Townhouse

Most tenants sign a lease. Which of the following is part of a lease agreement?

When Nancy buys her house, the mortgage company will usually conduct a(n)

Quinn applied for a loan. He provided information about his finances and the home he plans to purchase. Results of the affordability mortgage calculation included all of the following except

Paul is looking for a low-interest, low-downpayment loan for his first home, but he is not a veteran.. He might be eligible for a(n)

Yvette has a flexible-rate mortgage that limits the amount to which her monthly payments can rise. This feature is called a(n)

Jim wants to make an offer to buy an older house. At this point, he should

Which of the following is a form of housing in which the owners pay a monthly fee for maintenance of the common areas?

If you are selling your house by owner, you should still enlist the assistance of

A duplex is a house with two or more separate dwellings.

This gives the landlord the right to take legal action against a tenant for nonpayment of rent or destruction of property.

When interest rates are high and the demand for homes is low, prices of homes will likely be higher .

When Ingrid was selling her house, she contacted Gabe, her real estate agent, to help her with the sale. Gabe's services included all of the following except

If you do not pay back any of the loan amount for a portion of the loan period, you have a(n)

A real estate agent can help screen potential buyers to determine whether they will qualify for a mortgage..

Which of the following is an account used to pay property taxes and homeowner's insurance?

Rental insurance isn't important since the landlord's insurance on the building includes coverage on all tenants' belongings.

Which of the following is a form of housing in which shareholders purchase stock to obtain the right to live in a unit of the building?

Personal Financial Planning in Action

Money Management Skills

Taxes in Your Financial Plan

Financial Services: Saving Plans and Payment Accounts

Consumer Credit: Advantages, Disadvantages, Sources, and Costs

Consumer Purchasing Strategies and Wise Buying of Motor Vehicles

Home and Automobile Insurance

Health and Disability Insurance

Financial Planning With Life Insurance

Investing Fundamentals and Bonds

Investing in Stocks

Investing in Mutual Funds

Starting Early: Retirement and Estate Planning

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Exam 7: Selecting and Financing Housing

Most tenants sign a lease. Which of the following is part of a lease agreement?

When Nancy buys her house, the mortgage company will usually conduct a(n)

Quinn applied for a loan. He provided information about his finances and the home he plans to purchase. Results of the affordability mortgage calculation included all of the following except

Paul is looking for a low-interest, low-downpayment loan for his first home, but he is not a veteran.. He might be eligible for a(n)

Yvette has a flexible-rate mortgage that limits the amount to which her monthly payments can rise. This feature is called a(n)

Jim wants to make an offer to buy an older house. At this point, he should

Which of the following is a form of housing in which the owners pay a monthly fee for maintenance of the common areas?

If you are selling your house by owner, you should still enlist the assistance of

A duplex is a house with two or more separate dwellings.

This gives the landlord the right to take legal action against a tenant for nonpayment of rent or destruction of property.

When interest rates are high and the demand for homes is low, prices of homes will likely be higher .

When Ingrid was selling her house, she contacted Gabe, her real estate agent, to help her with the sale. Gabe's services included all of the following except

If you do not pay back any of the loan amount for a portion of the loan period, you have a(n)

A real estate agent can help screen potential buyers to determine whether they will qualify for a mortgage..

Which of the following is an account used to pay property taxes and homeowner's insurance?

Rental insurance isn't important since the landlord's insurance on the building includes coverage on all tenants' belongings.

Which of the following is a form of housing in which shareholders purchase stock to obtain the right to live in a unit of the building?

Personal Financial Planning in Action

Money Management Skills

Taxes in Your Financial Plan

Financial Services: Saving Plans and Payment Accounts

Consumer Credit: Advantages, Disadvantages, Sources, and Costs

Consumer Purchasing Strategies and Wise Buying of Motor Vehicles

Home and Automobile Insurance

Health and Disability Insurance

Financial Planning With Life Insurance

Investing Fundamentals and Bonds

Investing in Stocks

Investing in Mutual Funds

Starting Early: Retirement and Estate Planning

Filters