Personal Finance Courses: Housing

Test your knowledge

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

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1.
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.
2.
Whom does title insurance protect?
Choose wisely. There is only one correct answer.
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.
3.
Renting a home is _______ cheaper than owning a home.
Choose wisely. There is only one correct answer.
Often. Often, renting is cheaper. But sometimes, it is more expensive. It depends on a lot of factors.
4.
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.
5.
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.
30%. The rule of thumb for monthly payments is that they shouldn't exceed 30 percent of your monthly gross income.