Personal Finance Courses: Housing

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1.
Tenants renting apartments are liable for _______.
Choose wisely. There is only one correct answer.
None of the above. Tenants do not pay any of these, though their landlords do pass some of the costs onto them indirectly through their rent.
2.
What kind of loan uses the equity in your home as collateral so that you can borrow money?
Choose wisely. There is only one correct answer.
Home equity loan. Your home equity is the difference between what you own (the current market value of your property) and what you still owe on the property. You can take out a loan against this amount, called a home equity loan.
3.
It is possible to negotiate the rent on an apartment.
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True. Though not all landlords do, some are open to negotiating if it will help them rent a unit.
4.
Whom does title insurance protect?
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You and your lender. Title insurance protects you and your lender in case you discover afterward that someone else could lay claim to the house.
5.
_______ are fees you pay to the lender in exchange for a reduced interest rate on a home.
Choose wisely. There is only one correct answer.
Points. Points are fees you pay to the lender in exchange for a reduced interest rate. A point is 1% of the mortgage amount.