Personal Finance Courses: Housing

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1.
An amount paid to secure a price agreement is called _______.
Choose wisely. There is only one correct answer.
Earnest money. To secure the agreed price, the buyer is expected to give earnest money to the seller to secure the agreement.
2.
A person whose job it is to help people find an apartment to rent is called _______.
Choose wisely. There is only one correct answer.
A rental agent. Rental agents find apartments for people to rent.
3.
_______ are fees you pay to the lender in exchange for a reduced interest rate on a home.
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Points. Points are fees you pay to the lender in exchange for a reduced interest rate. A point is 1% of the mortgage amount.
4.
Which of the following is more likely to have predictable housing expenses?
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A renter. Renters do not get hit with unexpected expenses, as owners sometimes do.
5.
Homes always keep increasing in value.
Choose wisely. There is only one correct answer.
False. Not always. Over time, the trend is toward growth, but sometimes home values do drop, even for several years in a row.