All of the following components are commonly found in rental housing agreements EXCEPT:
answer
What type of renter's insurance the renter must buy
question
Jim is in the market for a car that will last for the next 10 years and has saved up some money for the purpose of a car. What's the best transportation option for Jim?
answer
Utilizing his saving as a down payment and buying the car using an auto loan.
question
Renting provides _________ flexibility but can lead to _________ costs in the long-term.
answer
greater; higher
question
A _________ is generally considered an appreciating asset because it may _________ in value over time.
answer
house; increase
question
Which combination of factors would result in the lowest monthly mortgage payment?
answer
Small down payment, a shorter term loan, and small interest rate
question
Which of the following statements about renting & owning is CORRECT?
answer
An owner has complete responsibility and control over the property.
question
John would like to move from the suburbs into the city, but the rent in the city is very high. John has found an apartment he really likes, but he can only afford about 60% of the monthly rent. What is the best housing option for John?
answer
Rent the apartment with a roommate
question
The biggest factor in determining the price of a mortgage is:
answer
The total cost of the home
question
Select the statement that is NOT a component of a standard housing lease.
answer
Purchasing homeowner's insurance
question
Someone may choose to own a car instead of leasing because:
answer
The car can be resold later to make some money back
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