Chapter 9 - 11. mills: a unit often used to express real...

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Chapter 9: Housing Cost 1. housing cost: the costs of purchasing, owning, and maintaining your own home. 2. mortgage loan: a loan to finance the purchase of a home whereby the lender has the right to sell the property if the loan payments are not made. 3. interest: the amount of money paid for the use of money. 4. closing costs: fees paid at the time documents are signed transferring ownership of a home. 5. principal: the amount of money on which interest is paid. 6. real estate taxes: fees collected from the owners of property and used to maintain government operations. 7. assessed value: the value of property for tax purposes, found by multiplying the market value by the rate of assessment. 8. tax rate: expressed in mills and used to determine real estate taxes. 9. market value: the price at which a house or other article can be bought or sold. 10. rate of assessment: the percent used to calculate the assed value of a home, given the market value.
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Unformatted text preview: 11. mills: a unit often used to express real estate tax rates, equal to $1.00 in tax for each $1000 of assessed value. 12. homeowners insurance: insurance to protect yourself and your home from losses due to fire, theft of contents, or personal liability. 13. loss-of-use coverage: insurance coverage to pay for some of the expenses of living away from home while damage to your home is being repaired. 14. personal liability and medical coverage: insurance coverage to protect you from financial losses if someone is injured on your property. 15. replacement value: the amount of money required to reconstruct a home if it is destroyed. 16. premium: the amount paid for insurance coverage. 18. fire protection class: a number assigned to a home by an insurance company according to the quality of fire protection available in the area. 19. utilities costs: charges for public services, such as electricity or water....
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Chapter 9 - 11. mills: a unit often used to express real...

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