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