Personal Finance Chapter 9

A legal document that describes the conditions of a rental agreement is called a lease True
Title insurance protects the buyer if problems are found with a properties taxes False
To sublet is to let a roommate move in with you and share the cost of rent False
Zoning laws are regulations that limit how property in a given area can be used True
A buyer usually pays a real estate agent a commission False
Most adjustable rate loans have a rate cap True
A disadvantage of owning a condominium is that it may be hard to sell True
A condominium is a living arrangement where members of the organization do not usually own the building False
Private mortgage insurance is a special policy that protects the lender in case the buyer cannot make payments True
Tax benefits are an advantage of renting a house False
A bank pays the full amount of a mortgage to C. The seller
The following are all advantages of owning a condominium EXCEPT A. Easy to move
A lender may ask a buyer to deposit money in an escrow account for paying A. Property taxes
An example of an attached home is a B. townhouse
What should homeowners do when preparing to sell their home D. Make needed repairs
When deciding how much to offer for a home, you should consider each of the following factors except A. Whether the interior walls need painted
A home inspector is responsible for C. Evaluating the house and the land
Renting is often a wise choice for someone who wants D. Mobility
What might a buyer do to get a low interest rate B. pay points
A disadvantage of renting is C. Restricted activity

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