J
jas
Guest
1. Real Property is NOT:
Attached to the ground
Often mortgaged
Taxed
Capable of being moved
2. When a large value item or asset is sold voluntarily, it could me called what?
Foreclosed
Repossessed
Liquidated
Autioned
3. If you break an automobile or apartment rental lease before the contract expires, you could be subject to what?
Prepayment
Early termination penalty
Finances charges
Higher interest rates
4. When you begin paying a 30-year loan, what part of the loan are you paying first?
Equity
Interest
Principal
Assets
5. If you don't own your residence, what kind of insurance do you need?
Homeowners insurance
Supplemental insurance
Renters insurance
Private mortgage insurance
6. What are expenses like telephone, electricity and natural gas called?
Assessment expenses
Utility expenses
Luxuries
Budget items
7. Insurance approval and residence, taxes are paid as part of your rent payment.
True
False
9. When you pay finances charges, or interest payments on your first home the amount is deducted from your federal income tax.
True
False
10. What are good reasons for buying/mortgaging a home?
To build equity as savings
You expect to reside in the same area for a long time
Your credit is established and you can get a very low interest rate
Your income is high enough to claim a deduction on your income tax
All of the above
Attached to the ground
Often mortgaged
Taxed
Capable of being moved
2. When a large value item or asset is sold voluntarily, it could me called what?
Foreclosed
Repossessed
Liquidated
Autioned
3. If you break an automobile or apartment rental lease before the contract expires, you could be subject to what?
Prepayment
Early termination penalty
Finances charges
Higher interest rates
4. When you begin paying a 30-year loan, what part of the loan are you paying first?
Equity
Interest
Principal
Assets
5. If you don't own your residence, what kind of insurance do you need?
Homeowners insurance
Supplemental insurance
Renters insurance
Private mortgage insurance
6. What are expenses like telephone, electricity and natural gas called?
Assessment expenses
Utility expenses
Luxuries
Budget items
7. Insurance approval and residence, taxes are paid as part of your rent payment.
True
False
9. When you pay finances charges, or interest payments on your first home the amount is deducted from your federal income tax.
True
False
10. What are good reasons for buying/mortgaging a home?
To build equity as savings
You expect to reside in the same area for a long time
Your credit is established and you can get a very low interest rate
Your income is high enough to claim a deduction on your income tax
All of the above