| Which type of interest is calculated on home mortgages? | compound |
| Which of these is used to determine property taxes and represents $1.00 for every thousand dollars of property value? | mill |
| Which term is defined as the value of the home minus the loan? | equity |
| According to the Bureau of Labor Statistics, housing represents what percent of the monthly budget of most Americans? | 34% |
| What is the portion of a home’s purchase price paid in cash and is not part of the mortgage loan? | down payment |
| Which term is defined as a fee charged for the use of money? | interest |
| Which of these describes an assumable mortgage? | It can be transferred from a seller to a buyer. |
| Which government official is responsible for determining the amount of property tax a homeowner must pay? | assessor |
| Which of these is a document that gives an estimate of a property’s fair market value? | appraisal |
| What is an amortization schedule? | a display of the number of payments and the amount of interest that will be paid |
