Personal Finance Courses: Housing

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1.
Tenants renting apartments are liable for _______.
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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.
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.
3.
An amount paid to secure a price agreement is called _______.
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Earnest money. To secure the agreed price, the buyer is expected to give earnest money to the seller to secure the agreement.
4.
What kind of loan uses the equity in your home as collateral so that you can borrow money?
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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.
5.
A down payment on a home could cost as much as _______ of the actual price of the home.
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20%. This is generally the upper limit of a down payment.