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Personal Finance Courses: Housing

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1.
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.
2.
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.
3.
Owning a home is _______.
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None of the above.It depends on many factors, such as location and the state of the housing market.
4.
As a renter, you might find that you are responsible for shoveling snow or cutting the grass.
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True. Some leases require you to do some maintenance.
5.
Why does having a cosigner on an apartment lease make a landlord more willing to rent to you than if you didn't?
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The cosigner is liable for the rent if you default on it. The cosigner is like an insurance policy on the rent.