Personal Finance Chapter 9
Easy to move
THe following are all advantages of owning a condominium except
True
Tax benefits are a disadvantage of renting a house
True
A legal document that describes the conditions of a rental agreement is called a lease
Property taxes
A lender may ask a buyer to deposit money in an escrow account for paying
Townhouse
An example of an attached home is
Restricted activities
A disadvantage of renting is
Evaluating the house and the land
A home inspector is responsible for
The seller
A bank pays the full amount of mortgage to
False
A buyer usually pays a real estate agent a commission
False
A condominium is a living arrangement where members of the organization do not actually own the building
True
A disadvantage of owning a condominium is that it comes with monthly maintenance fees
True
Most adjustable rate loans have a rate cap
False
Private Mortgage Insurance is not a special policy that protects the lender in case the buyer cannot make payments
Mobility
Renting is often a wise choice for someone who wants
False
Title insurance protects the buyer if problems are found with a property's taxes
False
To sublet is to let a roommate move in with you
Pay points
What might a buyer do to get a lower interest rate
Make needed repairs
What should homeowners do when preparing to sell their house
Whether the interior walls need painting
When deciding how much to offer a home, you should consider each of the following factors except
True
Zoning laws are regulations that limit how property in a given area can be used