Personal Finance Courses: Housing

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1.
The current market value of your home, minus what you owe on it, is commonly known as your _________.
Choose wisely. There is only one correct answer.
Home equity. Your home equity is the difference between what you own (the current market value of your property) and what you owe on the property.
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.
Mortgage insurance protects your home and its contents.
Choose wisely. There is only one correct answer.
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.
4.
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.
5.
Having a cosigner when you sign a lease on an apartment can be helpful if _______.
Choose wisely. There is only one correct answer.
You have bad credit or not enough credit history. Having a cosigner might make a landlord more willing to rent to you than if you did not.