Housing VS Renting

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QUESTION 1
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

QUESTION 2
All of the following components are commonly found in rental housing agreements EXCEPT:

What type of renter’s insurance the renter must buy

QUESTION 3
Jim 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?

Lease the car

QUESTION 4
What is a mortgage?

A type of loan used to buy property

QUESTION 5
One reason to buy a home instead of rent a home is:

Homes have the potential to appreciate in value over time

QUESTION 6
Someone may choose to own a car instead of leasing because:

The car can be resold later to make some money back

QUESTION 7
Which of the following statements about renting & owning is CORRECT?

An owner has complete responsibility and control over the property.

QUESTION 8
Owning provides _________ flexibility but can lead to _________ costs in the long-term.

Greater; Lower

QUESTION 9
What is a lease?

A contract outlining the terms under which a landlord agrees to rent property to a tenant.

John would like to move from the city into the suburbs and has been saving up a large down payment for a home. Which is the most cost effective way for John to buy a house in the suburbs?

Break his lease once he has bought the perfect home.

A _________ is generally considered an appreciating asset because it may _________ in value over time.

house; increase

One reason to buy a home instead of rent a home is:

Homes have the potential to appreciate in value over time.

The biggest factor in determining the price of a mortgage is:

A typical housing lease may require a tenant to:

All of the above

Which best describes the benefits of renting a home?

None of the above.

Select which is NOT a component of a standard housing lease.

Insurance

Which of the following is NOT a cost typically associated with owning a car?

Wear & Tear fees

Renting provides _________ flexibility but can lead to _________ costs in the long-term.

Greater – Higher

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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