Unit 2
Which of the floolwing is an advantage of renting?
Renters have fewer responsibilities for maintenance than home owners
Closing costs
Settlement costs
Which of the following is a disadvantage of renting?
Tenants cannot take tax deductions for mortgage interest and property taxes
Most tenants sign a lease. Which of the following is part of a lease agreement?
The conditions under which the landlord may enter the apartment
The use of property or savings to secure a loan relates to
Collateral
Closing meeting
a meeting at which the buyer pays for the property and receives a deed to it, and all other matters pertaining to the sale are concluded
The APR is the percentage cost of cred on a (blank) basis
annual
Which of the following is the only online source authorized to provide you with a free copy of your credit score annually?
annualcreditreport.com
Which of the following is the document that transfers ownership of property form one party to another?
deed
The periodic charge for the use of cred it called
interest
Which of the following expenses is not usually incurred by a tenant
property taxes
Given the information here, what is the total cost of renting per year? Annual rent payments - 14,400 annual renters income- 300 Annual interest lost on security deposit- 10 Value of apartment- 150,000
$14,710
Information about a personal bankruptcy may be reported in your credit file for......
10 years
FICO score generally range from
350-850
Which of the following is an example of open end credit
A department store credit card
Which of the following is an example of closed end credit?
A mortgage loan
When Nancy buys her house, the mortgage company will usually conduct a(n)
An appraisal
The question "What are your assets and net worth?" relates to
Capitol
Personal bankruptcy can be filed under which section of the U.S. bankruptcy code?
Chapter 7 and 13
The question "Will you repay the loan" relates to
Character
Molly purchased a 1,500 dishwater from Best Appliances. She will make 12 equal payments over the next year to pay for it. She is using
Closed-end credit
When misused, credit an result in
Default, bankruptcy, loss of creditworthiness, a less satisfyingly life
Frank and Diane want to buy a house. Which of the following do they need before they purchase a house?
Down Payment
Which of the following is not one of the three major credit bureaus?
FICO
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
Home appraisal
A legal document that included information about the date of monthly rent is called
Lease
What should a home buyer consider when evaluating a house?
Location, school system, zoning laws, future construction projects
Which of the following is often considered to offer the least expensive loans
Parents or family members
During the closing for a home purchase, you will normally do which of the following?
Pay all closing costs, settle last minute details, and sign documents
