all of the following components are commonly found in rental housing agreements except:

Asked by 3 years ago
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RentingThe process of using another person's property for a fee
LandlordThe owner, or owner's representative, of rental property
TenantA person who rents property
LeaseA written agreement that allows a tenant to use property for a set period of time at a set rent payment
LessorThe landlord or person responsible for the property
LesseeThe person who takes possession of the property
Rental AgreementA month-to-month written contract that allows a tenant to leave a rented residence any time as long as he or she gives the required notice
Rental inventoryA detailed list of current property conditions
EvictionThe legal process of removing a tenant from rental property
Market ValueThe highest price that a home will bring on the market
Appraised ValueHome value determined by examining the structure, size, features, and quality as compared to similar homes in the same geographic area
Assessed ValueHome value set annually by the city or county in which you live for purposes of computing property taxes owed against your home
EquityThe difference between the market value of property and the amount owed on it
Tax ShelterA legal write-off that reduces tax liability
MortgageA loan to purchase real estate
Escrow AccountA fund where money is held by your financial institution to pay amounts that will come due during the year
Loan Origination FeeThe amount charged by a bank or other lender to process the loan papers
Closing CostsThe expenses incurred in transferring ownership from buyer to seller in a real estate transaction
CC&RsRules designed to maintain property values and protect the interests of all property owners
- Market Value - Appraised Value - Assessed Value - Estimate ValueValuation methods commonly used in real estate
Closing ValueWhich is not a valuation method commonly used in real estate?
TrueT/F: Financial advantages of home ownership include an increase in equity as property values increase and the loan balance is paid down
FalseT/F: Real estate is not considered a tax shelter because mortgage interest and property taxes on primary residences are not tax deductible
Conventional LoanThis requires a larger down payment than other types of loans
FHA or other government-backed loanThis often requires a smaller down payment but also requires the borrower to carry mortgage insurance
PrequalifyThe process of determining how much money you are qualified to borrow
Ernest Money OfferAn offer to buy property accompanied by a deposit
ContingenciesConditions that limit a buyer's liability in case one or more of them are not met
Inspection ReportA written report that details the existing conditions of the house and property
Seller's AcceptanceA formal agreement to the terms of the buyer's offer, forming a contract between the parties
Seller's CounterofferA rejection of the original offer with a listing of what terms would be acceptable
Escrow CloserAn independent person who gathers and verifies information, prepares the closing statement, and makes sure that title passes to the buyer of property
TitleLegally established ownership to property
Title InsuranceA policy that protects the buyer from any claims arising from a defective title
DeedThe legal document that transfers title of real property from one party to another
TrueT/F: The first thing you should do, before starting your house search, is to determine the price range you can afford and prioritize a list of the features you want
FalseT/F: Real estate agents' commission is a percentage of the home sales price, paid by the buyer
Earnest moneyOnce you have selected a home, you will make a(n) __________ offer to buy it
LiensPrior to closing, you will want to have the title verified as free of any __________.
TrueT/F: At the closing, you will sign papers and money will change hands. Then, the deed will transfer title to you
TrueT/F: The interest you pay on your home loan, along with the property taxes, are tax deductible
FalseT/F: Renting or owning real estate is a type of tax shelter
FalseT/F: The most common source for down payment money is a bank
TrueT/F: Each loan payment you make decreases your debt and increases your equity
FalseT/F: A lien is a right or privilege one person has to use the land of another person
TrueT/F: The Multiple Listing Service (MLS) gives people wanting to buy a home a greater exposure to available homes
FalseT/F: When a seller accepts an offer exactly as stated, this is called a counteroffer
TrueT/F: The seller pays the real estate agent's commission
TrueT/F: Most lenders require that the borrower buy title insurance
TrueT/F: If you and the seller have agreed on the transaction, the house will be taken off the market until the deal is completed
- Tax Savings - Quality-Of-Life Advantages - Financial AdvantagesHome ownership offers:
TitleA legal document that establishes ownership
6 and 8Real estate agents earn commissions that are usually between ______ percent of the home sale price.
Tax DeductionsThe cost of home ownership is lowered through what?
The sellerEarnest money protects who?
- Credit History - Income - ReferencesWhen you apply for a mortgage, what will be checked?
A good credit scoreTo qualify for a conventional loan to purchase a home, a borrower must have what?
- Have funds for the down payment - Select the type of mortgage you want - Meet certain lending requirementsTo finance your purchase of a house, what must you do?
Title Insurance CompanyWho conducts a title search and issues a report?
EstimatedReal estate agents use comps to get a general idea of a property's ______ value, which helps sellers establish a list price for their home.
Vehicle Identification NumberAn alphanumeric number that identifies each vehicle manufactured or sold in the United States
Compression TestA test that detects engine trouble in a car
Vehicle Emission TestA test to verify that a vehicle meets the minimum clean-air standards
Sticker PriceThe price shown on the tag in the car's window
Invoice PriceThe price the dealer paid for a car
Car-Buying ServicesA service that allows you to choose the vehicle features you want and have a professional car buyer handle the price negotiation for you
Dealer Add-OnsHigh-priced, high-profit dealer services that add little or no value to an automobile
LemonA car with substantial defects that the manufacturer has been unable to fix after repeated attempts
Lemon LawsLaws that protect consumers from the consequences of buying a defective car
Used Car RuleA law enforced by the Federal Trade Commission that requires that dealers fully disclose to buyers what is and not covered under warranty for the used vehicle
TrueT/F: The car-buying process begins with identifying and prioritizing your wants and needs
FalseT/F: It is not necessary to have a mechanic perform a vehicle inspection prior to purchasing a used vehicle
TrueT/F: The fair price for a vehicle is somewhere between the sticker price and the invoice price
LeasingRenting the use of a vehicle, often with an option to buy at the end of the term
Lemon LawsLaws help consumers get a new car or their money back if the car they purchased has substantial, unfixable defects
HybridA type of vehicle that uses alternate energy sources, such as natural gas or battery power, in addition to gasoline
DepreciationA decline in the value of property due to normal wear and tear
Classic CarsRare cars and older vehicles that are kept in excellent condition that may experience appreciation if valued as collectors' items
AppreciationAn increase in value
Car TitleA legal document that establishes ownership of the vehicle
Car RegistrationA license tag fee that must be renewed annually
OxidizeA chemical reaction with the air that causes paint to permanently lose its color and shine
Polishing CompoundA substance that can smooth out surface scratches, scuffs, and stains
Car DetailA service provided by specialists who clean and polish the exterior, along with cleaning and treating the interior of a car
Paintless Dent RemovalA service in which a suction device is attached to your car to remove small dents
- Cost of Accessories - Car Insurance - Fuel - Monthly Car Payments - Registration and Title FeesWhat are the costs of operating a vehicle?
- Depreciate - AppreciateMost vehicles __________, or decline in value, over time. However, older vehicles in excellent condition (classic cars) may __________.
TrueT/F: You can extend the life of your car by performing routine maintenance as prescribed in your owner's manual, keeping your car in a garage, preserving the interior and exterior, and following wise driving habits
OxidizeCar paint can __________, so it's important to protect the exterior with wax.
FalseT/F: A car-buying service is where you would go if you want the upholstery and other interior surfaces of your car cleaned or exterior washed and waxed
TrueT/F: The first step in buying a car is deciding what type of car you both need and want
FalseT/F: It is important to get a credit preapproval after you have selected the car of your choice.
FalseT/F: It is almost impossible to determine a fair price for a new car
FalseT/F: Special features can usually be added on to a car at a lesser cost by the car dealership than by a specialty shop.
FalseT/F: Vehicle emission tests are required by all states.
FalseT/F: Preapproval adds to the total costs of buying a car.
TrueT/F: Private sellers are not covered under the FTC Used Car Rule.
TrueT/F: Most car dealerships offer financing options for car purchases.
TrueT/F: Lemon laws generally require you to have good documentation of your car's problems.
FalseT/F: Generally, vinyl upholstery is more durable than cloth.
Before visiting the car dealersWhen is the best time to get credit preapproval for a car loan?
Tune-UpWhich of the following is not a dealer add-on?
DepreciationThe single greatest cost of owning a new car is
Avoid long tripsWhen your vehicle is new, you should
3,000 to 5,000As a general rule, most experts advise having your oil changed every _____ miles.
Replacing the transmissionWhich of the following would not be considered as part of performing routine maintenance on a car?
$19,000If the sticker price for a new car is $20,250 and the invoice price is $18,000, what would a fair price be for the car?
Tune-UpWhich of the following would not be covered by warranty?
Hire a car-buying serviceIf you are uncomfortable with price negotiations, you may want to
What type of renter's insurance the renter must buyWhat component is not commonly found in rental housing agreements?
- Greater - HigherRenting provides _________ flexibility but can lead to _________ costs in the long-term.
The car can be resold later to make some money backSomeone may choose to own a car instead of leasing because:
An owner has complete responsibility and control over the property.Which of the following statements about renting & owning is CORRECT?
- House - IncreaseA _________ is generally considered an appreciating asset because it will _________ in value over time.
Rent the apartment with a roommateJohn would like to move from the suburbs into the city, but the rent in the city is very high. John has found an apartment he really likes, but he can only afford about 60% of the monthly rent. What is the best housing option for John?
A type of loan used to buy propertyWhat is a mortgage?
Homes have the potential to appreciate in value over timeOne reason to buy a home instead of rent a home is:
Wear & Tear feesWhich of the following is NOT a cost typically associated with owning a car?
Lease the carJim wants to buy a car, but he'll probably only need it for a couple of years. He has a short commute to work, so he won't be putting many miles on his vehicle. What's the best transportation option for Jim?
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Views: 127
Asked: 3 years ago