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