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 |