Chapter 12 and 13 Personal Finance

River View Riv vu
Single Sgl
1/2 bath 1/2 ba
Dishwasher & Disposal d&d
Phone PH
Wall to Wall Carpeting w-w
Deluxe dlx
Wood Burning Fireplace w/b/f
Near nr
House hse
Subterranean Parking sub prkg
Air Conditioning A/C
Room rm
Floor Number 3 floor
Sublet sblt
Security Deposit sec dep
Large lg
Hot Water Heat hwh
References ref
Furnish furn
Walk in Closet WIC
Contract for Deed C4D
Heat Paid ht pd
Washer/Dryer Hookups W/D hookups
C/A Central Air
Bedroom BD or BR
BA Bath
Sorority A(n) ______________ is a social organization of female students who share a residence
Bundling ________________ is combining telephone, Internet, and cable TV into one package
Fee A(n) __________ is a nonrefundable charge for a service
Tenant The person who rents property is called the __________
Condominium A(n) ____________ is an individually owned unit in an apartment-style complex with shared ownership of common areas
Security Deposit A(n) is a refundable amount paid in advance to protect the owner against damage or non payment
Renting _________ is the process of using another’s property for a fee
Furnished A(n) ____________ rental contains basic furniture, such as a bed, dresser, sofa chairs, and dining table and chairs
Duplex A(n) _____________ is a building with two separate living units that share a common central wall
Landlord The ___________ is the owner of the property that is rented or leased
Inventory A rental ____________ is a detailed list of current property conditions
Dormitories Buildings that contain many small rooms for on-campus student housing are called ____________
Lease A(n) __________ is a written agreement to rent property at a certain price for a specified time period
Efficiency Apartment A studio apartment, or an _________________ has one large room that serves as the living room, dining area, and bedroom
Eviction __________ is the legal process of removing a tenant from rental property
Pledging __________ is the process by which students join fraternities and sororities
Lessor The landlord is also known as the _________ when signing a lease
Co-op In a housing ___________, students share in cooking, cleaning, and maintaining the building
Rent to Own With a ______________ option, you rent furniture with the option to buy
True Unfurnished rentals are usually lower than furnished rentals
False Renting a moving truck for a local move is just as expensive as moving across the state
True Utility companies often require new customers to pay a deposit, which is usually refundable when their credit has been established
True Both a lease and a month-to-month rental agreement are legally binding when signed
True It is necessary to give at least 30 days’ notice if you intend to move out of your rented residence; otherwise, you may lose all or part of your deposit
False Most people begin their independent lives as homeowners
True A major disadvantage of apartment living is the lack of privacy
False Most apartments have more space than the average duplex or house
True It is important to determine if potential roommates have compatible personalities and living habits
True Generally, the larger the apartment, the more rent you will pay
True A rental application is used to screen an applicant’s ability to pay rent
False A lease move-in special is always advantageous to the renter, even if he or she has to move out early
True An inventory should be taken when you first move into any rental unit
B College students usually find ________ to be the most economical housing choiceA. duplexesB. dormitoriesC. rental housesD. condominiums
C An expense that would probably be shared equally by roommates isA. entertainmentB. laundryC. utilitiesD. clothing
D You should begin to plan the actual move to a residence _________ in advanceA. several daysB. two weeksC. one monthD. several months
B A(n) ___________ often has all or part of the utilities included in the rentA. Co-opB. ApartmentC. CondominiumD. Rental House
B Which of the following item(s) would not likely be provided in a furnished apartmentA. dining tableB. towels and sheetsC. sofa and chairsD. bed and dresser
D Some schools permit only ___________ to live in on-campus apartmentsA. students with familiesB. married studentsC. graduate studentsD. all of these
A When deciding where to live, all of the following are factors to consider exceptA. installation chargesB. distance from school or workC. safetyD. repairs and maintenance
Condominium-Individually Owned Unit with a multi unit structure, Apartment-Individually Unit that is rented How does a condominium differ from an apartment?
A Which of the following situations might require an additional security deposit or fee for a tenantA. Having a petB. Using the on-site laundry facilitiesC. Using the on-site recreational facilitiesD. On-Street Parking
B To live in a sorority or fraternity, new members must go throughA. HazingB. PledgingC. Credit ChecksD. All of these
B Which of the following statements is true regarding dormitories?A. Most rooms have their own bathroomsB. Rooms usually come furnishedC. Most rooms are intended for single occupancyD. Meals at the college cafeteria are usually not included with the cost of the room
D A landlord cannot refuse to rent you property based onA. Your past rental historyB. Your credit ratingC. Your employment historyD. Whether you are divorced or have children
C Which of the following is not an advantage to renting?A. Lower costB. Fewer responsibilitiesC. Tax benefitsD. All of these
Deposits or FeesRoommatesLength of TimeDistance from Work or SchoolDistance from Services 5 Questions to Ask yourself when deciding where to live
SavingsIncomeSuppliesReservations 4 Things do you need to have before you move
MobilityConvenienceSocial LifeLower Cost than Owning 4 Advantages of renting an apartment
NoiseLack of PrivacySmallLack of Storage SpaceNo Equity 5 Disadvantages of renting
Rent increases in a month to month any time, lease is fixed until it is overLeases last longer than a month unlike a month to monthYou can move out of a month to month lease with a 30-60 notice with little penalty, but it cost a lot to move out with a lease 3 Differences between a lease and a month-to-month tenancy
It prevents future conflict over damage before you move in officially Why should the landlord sign an inventory sheet
Gives the landlord the opportunity to check employment, references, previous rental experience, and credit history What is the purpose of a rental application
Exterior MaintenanceFloors, Walls, Ceilings, RailingsAdequate LocksElevators, Halls, and Stairwells met codePlumbing 5 Landlord responsibilities
Pay rent on time30-60 day notice of intent to moveKeep premises in good, clean conditionUse premises for what it was intendedProvide landlord access to make repairs 5 Tenant responsibilities
EquityPrivacyTax Savings 3 Advantage of owning a home
MaintenanceUtilitiesClosing CostsHomeowner’s InsuranceHigh Down Payment 5 Disadvantages of owning a home
ARMS have caps on interest rates and FRMS don’tARMS have adjustable mortgage to interest rate and FRMS dontARM is lower initially than an FRM 3 Differences between ARMs and FRMS
PersonalizedNew HomeExpensiveNew House problems 2 Advantages and Disadvantages of House Built

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