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All of the following components are commonly found in rental housing agreements EXCEPT: |
What type of renter’s insurance the renter must buy |
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Jim is in the market for a car that will last for the next 10 years and has saved up some money for the purpose of a car. What’s the best transportation option for Jim? |
Utilizing his saving as a down payment and buying the car using an auto loan. |
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Renting provides _________ flexibility but can lead to _________ costs in the long-term. |
greater; higher |
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A _________ is generally considered an appreciating asset because it may _________ in value over time. |
house; increase |
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Which combination of factors would result in the lowest monthly mortgage payment? |
Small down payment, a shorter term loan, and small interest rate |
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Which of the following statements about renting & owning is CORRECT? |
An owner has complete responsibility and control over the property. |
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John 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? |
Rent the apartment with a roommate |
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The biggest factor in determining the price of a mortgage is: |
The total cost of the home |
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Select the statement that is NOT a component of a standard housing lease. |
Purchasing homeowner’s insurance |
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Someone may choose to own a car instead of leasing because: |
The car can be resold later to make some money back |
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