Question 1

According to the 28 percent rule,Travis can afford a maximum PITI of $1,400.What is his gross annual income?

Accepted Answer

A) $5,000 
B) $10,000 
C) $60,000 
D) $120,000 
A) $5,000 
B) $10,000 
C) $60,000 
D) $120,000

Question 2

The rate cap on an ARM sets a dollar limit on how much your monthly payment can increase during any adjustment period.

Accepted Answer

A) True 
 B)False

Question 3

In 2017,the median single-family home in the U.S.was ________ square feet.

Accepted Answer

A) 1,940 
B) 2,125 
C) 2,734 
D) 2,467 
A) 1,940 
B) 2,125 
C) 2,734 
D) 2,467

Question 4

Provide the most common one-time or initial costs involved in buying a house.

Accepted Answer

A down payment will be required.Closing

Question 5

Anne is buying a beach house.The house cost $450,000.She will put 20% down and finance the rest with a 15 year,4.5% APR mortgage with monthly payments.What will her monthly payment be?

Accepted Answer

A) $2,257.75 
B) $2,753.98 
C) $2,277.54 
D) $2,454.75 
A) $2,257.75 
B) $2,753.98 
C) $2,277.54 
D) $2,454.75

Question 6

What would be the best housing choice for a young family with children?

Accepted Answer

A) A home in a questionable school district. 
B) A condominium that caters to young adults with active lifestyles. 
C) A co-op with little privacy. 
D) A house in a neighborhood with families that have children. 
A) A home in a questionable school district. 
B) A condominium that caters to young adults with active lifestyles. 
C) A co-op with little privacy. 
D) A house in a neighborhood with families that have children.

Question 7

Most predatory lenders offer prepayment privileges with their mortgages.

Accepted Answer

A) True 
 B)False

Question 8

August's gross monthly income is $4,600.If according to the rule of 36 he can afford a maximum PITI of $1,125,what must his monthly consumer credit debt be?

Accepted Answer

A) $531 
B) $163 
C) $417 
D) $383 
A) $531 
B) $163 
C) $417 
D) $383

Question 9

The safest place to get a mortgage is at your bank,credit union,or savings and loan institution.

Accepted Answer

A) True 
 B)False

Question 10

Private mortgage insurance protects the lender in the event that the borrower is unable to make the mortgage payments.

Accepted Answer

A) True 
 B)False

Question 11

The largest cost associated with renting a home is the rent itself.

Accepted Answer

A) True 
 B)False

Question 12

An automobile warranty provides coverage for the basic parts against manufacturer's defects for a set period of time or miles.

Accepted Answer

A) True 
 B)False

Question 13

Give at least six tips on smart buying.

Accepted Answer

Take advantage of sales,but compare pric

Question 14

A ________ typically originates mortgage loans with funds from other investors,such as pension funds.

Accepted Answer

A) mortgage banker 
B) mortgage broker 
C) mortgagee 
D) mortgagor 
E) none of the above 
A) mortgage banker 
B) mortgage broker 
C) mortgagee 
D) mortgagor 
E) none of the above

Question 15

In many states rental deposits are to be kept in a bank account separate from the landlord's general funds.

Accepted Answer

A) True 
 B)False

Question 16

An appraisal is an estimate of what your home and property are worth.

Accepted Answer

A) True 
 B)False

Question 17

You are considering the purchase of an acre of land out in the country to build your future house on.You pay for an investigation of the public record to determine the current legal owner of the property.This is called a(n)

Accepted Answer

A) legal entity search. 
B) title search. 
C) appraisal search. 
D) escrow search. 
E) none of the above. 
A) legal entity search. 
B) title search. 
C) appraisal search. 
D) escrow search. 
E) none of the above.

According to the 28 percent rule,Travis can afford a maximum PITI of $1,400.What is his gross annual income?

The rate cap on an ARM sets a dollar limit on how much your monthly payment can increase during any adjustment period.

In 2017,the median single-family home in the U.S.was ________ square feet.

Provide the most common one-time or initial costs involved in buying a house.

Anne is buying a beach house.The house cost $450,000.She will put 20% down and finance the rest with a 15 year,4.5% APR mortgage with monthly payments.What will her monthly payment be?

What would be the best housing choice for a young family with children?

Most predatory lenders offer prepayment privileges with their mortgages.

August's gross monthly income is $4,600.If according to the rule of 36 he can afford a maximum PITI of $1,125,what must his monthly consumer credit debt be?

The safest place to get a mortgage is at your bank,credit union,or savings and loan institution.

Private mortgage insurance protects the lender in the event that the borrower is unable to make the mortgage payments.

The largest cost associated with renting a home is the rent itself.

An automobile warranty provides coverage for the basic parts against manufacturer's defects for a set period of time or miles.

Give at least six tips on smart buying.

A ________ typically originates mortgage loans with funds from other investors,such as pension funds.

In many states rental deposits are to be kept in a bank account separate from the landlord's general funds.

An appraisal is an estimate of what your home and property are worth.

You are considering the purchase of an acre of land out in the country to build your future house on.You pay for an investigation of the public record to determine the current legal owner of the property.This is called a(n)

The Financial Planning Process

Measuring Your Financial Health and Making a Plan

Understanding and Appreciating the Time Value of Money

Tax Planning and Strategies

Cash or Liquid Asset Management

Using Credit Cards: the Role of Open Credit

Student and Consumer Loans: the Role of Planned Borrowing

Life and Health Insurance

Property and Liability Insurance

Investment Basics

Investing in Stocks

Investing in Bonds and Other Alternatives

Mutual Funds: an Easy Way to Diversify

Retirement Planning

Estate Planning: Saving Your Heirs Money and Headaches

Financial Life Eventsfitting the Pieces Together

Filters

Exam 8: The Home and Automobile Decision

According to the 28 percent rule,Travis can afford a maximum PITI of $1,400.What is his gross annual income?

The rate cap on an ARM sets a dollar limit on how much your monthly payment can increase during any adjustment period.

In 2017,the median single-family home in the U.S.was ________ square feet.

Provide the most common one-time or initial costs involved in buying a house.

Anne is buying a beach house.The house cost $450,000.She will put 20% down and finance the rest with a 15 year,4.5% APR mortgage with monthly payments.What will her monthly payment be?

What would be the best housing choice for a young family with children?

Most predatory lenders offer prepayment privileges with their mortgages.

August's gross monthly income is $4,600.If according to the rule of 36 he can afford a maximum PITI of $1,125,what must his monthly consumer credit debt be?

The safest place to get a mortgage is at your bank,credit union,or savings and loan institution.

Private mortgage insurance protects the lender in the event that the borrower is unable to make the mortgage payments.

The largest cost associated with renting a home is the rent itself.

An automobile warranty provides coverage for the basic parts against manufacturer's defects for a set period of time or miles.

Give at least six tips on smart buying.

A ________ typically originates mortgage loans with funds from other investors,such as pension funds.

In many states rental deposits are to be kept in a bank account separate from the landlord's general funds.

An appraisal is an estimate of what your home and property are worth.

You are considering the purchase of an acre of land out in the country to build your future house on.You pay for an investigation of the public record to determine the current legal owner of the property.This is called a(n)

The Financial Planning Process

Measuring Your Financial Health and Making a Plan

Understanding and Appreciating the Time Value of Money

Tax Planning and Strategies

Cash or Liquid Asset Management

Using Credit Cards: the Role of Open Credit

Student and Consumer Loans: the Role of Planned Borrowing

Life and Health Insurance

Property and Liability Insurance

Investment Basics

Investing in Stocks

Investing in Bonds and Other Alternatives

Mutual Funds: an Easy Way to Diversify

Retirement Planning

Estate Planning: Saving Your Heirs Money and Headaches

Financial Life Eventsfitting the Pieces Together

Filters