VOCABULARY
The extra charge added onto your rent if payment is received later than agreed.
What is a LATE FEE
The amount one would have to pay on an insurance loss above what the insurance company will pay.
What is the deductible.
This is a loan used to purchase a home.
What is a mortgage
The amount of money placed by landlord in a federally insured, interest bearing account until tenant moves.
What is a security deposit
In North Dakota, a landlord cannot charge more than this for a security deposit.
What is one month’s rent
The amount of money earned after deductions for taxes.
What is net pay
Payment made to the insurance company for coverage of your belongings.
What is a premium.
The money borrowed from a bank or lending company.
What is principle
The percentage of one’s budget which should be allowed for housing.
What is 25-33%
A form on which tenant(s) will document the condition of the rented space prior to moving in.
What is a walk-through or inspection form
The services that give us our heat, electricity, water, cable TV, internet, phone, etc.
What are utilites
Portion of insurance that covers you against financial loss if others are injured on or by your property.
What is liability.
This refers to the length of time you will have to repay the loan.
What is the term of the loan
A legally binding agreement between landlord and tenant.
What is a lease.
The amount of additional deposit or rent charged for a cat or dog.
What is a pet deposit/fee
To allow another person to occupy the property that you are renting (to “assume your lease”)
What is to sublet
Part of insurance which would cover your belongings from damage, theft, etc.
What is loss.
This is the money paid to reduce the amount of money borrowed when purchasing a home.
What is a down payment
Being forced to vacate your apartment home for breaching the lease agreement.
What is eviction.
Your landlord can enter your apartment home for this reason (any one of the three will be accepted).
What is: maintenance, showing to potential renters, reasonable concern/welfare check
Reputation which impresses or influences others based on success, wealth, character or other factors.
What is prestige
An insurance policy that will cover your loss claim by providing funds to repurchase your belongings.
What is replacement in full.
This is the deposit you make when you sign a purchase agreement to show that your offer is serious.
(during price negotiations)
What is earnest money
Optional extra features in an apartment or home.
What are amenities
Your landlord sells your belongings because you left the apartment for two weeks.
( Is this legal or illegal)
What is ILLEGAL!