Personal Finance Courses: Housing

Test your knowledge

Choose wisely. There is only one correct answer to each question.

0%
Keep studying!
Review your answers below to learn more.
1.
You must pay private mortgage insurance if your down payment on a home is less than _______.
Choose wisely. There is only one correct answer.
20%. If your down payment is less than 20% of the price of the home, you will have to pay for mortgage insurance. This insurance protects the lender (but not you) in case you fail to keep making payments on the home.
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.
An advantage of _______ is that you can build equity.
Choose wisely. There is only one correct answer.
Owning a home. When you own a home, the money that you paid on it will be your equity.
4.
Renters must pay condominium fees.
Choose wisely. There is only one correct answer.
False. Owners of condominium units must pay those fees, though they may factor them into any rent they charge to renters.
5.
The proportion of your mortgage that goes to interest _______.
Choose wisely. There is only one correct answer.
Declines over time. Your mortgage payment consists of both principal and interest. The proportion that is interest starts out high and gradually declines over the life of the loan.