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Chapter9Quiz - selecting a home is a price b style c...

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Name__________________________________________ Date_______________________ CHAPTER 9 QUIZ TRUE-FALSE __ __ _1. Several financial benefits are associated with renting your place of residence. ____ _2. A lease is mainly designed to protect the rights of the landlord. ____ _3. Cooperative housing involves the purchase of an individual living unit in a multiunit complex or building. ____ _4. Financial risks are associated with the purchase of a home. ____ _5. Most mortgage rates are established by government agencies. MULTIPLE CHOICE __ __ _6. A common advantage associated with home ownership is a. financial benefits. b. ease of mobility. c. limited financial risks. d. low initial costs. ____ _7. Most real estate professionals believe that the most important factor in
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Unformatted text preview: selecting a home is a. price. b. style. c. location. d. desired features. ____ _8. The major factor that affects a person’s qualification for a mortgage is a. current interest rates. b. the applicant’s credit rating. c. the value of the property being purchased. d. the source of the down payment funds. ____ _9. Most lending institutions believe that a person can afford a monthly payment of about __________ percent of gross income less any long-term debts. a. 25 b. 35 c. 45 d. 55 ____ _10. A __________ mortgage allows a person to borrow on the paid-up value of a home. a. conventional b. growing equity c. second d. share appreciation...
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