Test your knowledge

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

Keep studying!

Review your answers below to learn more.

As a rule of thumb, a mortgage payment shouldn't exceed how much of your monthly gross income?

Choose wisely. There is only one correct answer.

10%

20%

30%

50%

30%. The rule of thumb for monthly payments is that they shouldn't exceed 30 percent of your monthly gross income.

Mortgage insurance protects your home and its contents.

Choose wisely. There is only one correct answer.

True

False

False. Homeowner insurance is what protects your home and its contents. Mortgage insurance protects the lender who loaned you the money to buy the home in case you default on your payments.

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 landlord

A tenant

A rental agent

A rental agent. Rental agents find apartments for people to rent.

Renters must pay condominium fees.

Choose wisely. There is only one correct answer.

True

False

False. Owners of condominium units must pay those fees, though they may factor them into any rent they charge to renters.

Homes always keep increasing in value.

Choose wisely. There is only one correct answer.

True

False

False. Not always. Over time, the trend is toward growth, but sometimes home values do drop, even for several years in a row.

© Copyright 2024 Precision Information, publisher of the Financial Fitness Group family of products. The trade name Financial Fitness Group and the trademarks Financial Fitness CENTER™, Financial Fitness CHECKUP™ and Financial Fitness ACADEMY™ are exclusive marks of Precision Information, LLC. All rights reserved.