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Exam 9: The Housing Decision: Factors and Finances

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Question 1

Multiple Choice

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Ownership of an individual housing unit in a building is commonly called:

A) a cooperative.
B) modular housing.
C) manufactured housing.
D) a condominium.
E) zoned housing.

F) A) and D)
G) A) and E)

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Question 2

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A balloon mortgage can help a homebuyer when interest rates are high but are expected to come down in the near future.

A) True
B) False

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Question 3

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Negotiating a purchase price for a home usually involves an offer and counteroffers.

Many people believe that location is the most important factor to consider when selecting a home.

The amount of the down payment will affect the amount of the monthly mortgage needed to purchase a home.

Which of the following is an example of a closing cost?

Renting is more advantageous than buying a home when you are seeking:

Condominiums involve the purchase of an individual living unit rather than an entire building.

A contract condition that states that the agreement is binding only if a certain event occurs is a(n) :

Jennifer Garland is purchasing a home that was assembled in a factory and then moved to the living site.What type of housing is Jennifer purchasing?

Duane Miller wants to know what price home he can afford.His annual gross income is $60,000.He has no other debt expenses and expects property taxes and insurance to cost $400 per month.He knows he can get a 6%,15year mortgage so his mortgage payment factor is 8.43.He expects to make a 10% down payment.What is Duane's affordable home purchase price? Round your answer to the nearest $100.

A lease protects the rights of both the tenant and the landlord.

Earnest money is used:

What is the most popular type of home ownership?

What does it mean to sublet an apartment?

Todd Foley is applying for a $100,000 mortgage.He can select either a $600 monthly payment with no points or a $520 payment with two points.How many months will it take Todd to cover the cost of the discount points if he takes the lower monthly payment?

Prepaid interest may be a part of a mortgage agreement.

A newly married couple is having trouble affording a home.What type of mortgage arrangement would reduce the monthly payment as a result of an interest rate subsidy from a builder or real estate developer?

What factors influence the type of housing a family will select?

Which one of the following is an advantage of buying?