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Housing
Test your knowledge
Choose wisely. There is only one correct answer to each question.
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Review your answers below to learn more.
1.
An amount paid to secure a price agreement is called _______.
Choose wisely. There is only one correct answer.
Earnest money
An origination fee
Points
Title insurance
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.
Choose wisely. There is only one correct answer.
5%
10%
20%
20%. This is generally the upper limit of a down payment.
3.
Owning a home is _______.
Choose wisely. There is only one correct answer.
More expensive than renting
Less expensive than renting
About equal in cost to renting
None of the above
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.
Choose wisely. There is only one correct answer.
True
False
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?
Choose wisely. There is only one correct answer.
The cosigner is liable for the rent if you default on it.
The cosigner is likely to pursue legal action against you so he or she can get off the hook.
Having a cosigner makes you look more responsible.
It doesn't. Having a cosigner doesn't help at all.
The cosigner is liable for the rent if you default on it. The cosigner is like an insurance policy on the rent.
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