#7. What is the difference between a variable rate mortgage and a fixed rate mortgage?
Variable has rates that may vary or change.
Fixed has a flat rate that doesn't change.
100
#3. A one-time payment a renter is typically required to pay in addition to the first month's rent when they sign a lease.
What is a security deposit?
100
#1. A home's estimated worth used for tax purposes.
What is the assessed value?
100
#9. The homeowner's insurance category that covers the extra costs of living incurred when your home is unavailable due to damage. For example, the hotel stay is covered when your house floods.
What is additional living expenses?
100
#2. The gradual reduction in the value of a home due to aging and use.
What is depreciation?
200
#15. The Huff's want to buy a home for $97,000 with a 12% down payment. Find the amount of the down payment.
What is $11,640?
200
#18. Mr. Collver, his wife, and 2 kids rent a house and pay a monthly rent of $565. How much does Mr. Collver pay to rent for 1 year?
What is $6,780?
200
#5. What do you divide the assessed value by when the tax rate is presented in "mils"?
What is $1000?
200
#8. The amount you must pay before an insurance company pays on your claim.
What is a deductible?
200
#10. The money paid in a year to purchase an insurance policy.
What is a premium?
300
#13. Mr. Toal want to buy a home for $127,000 with a 10% down payment. How much will he have to borrow from the bank?
What is $114,300?
300
#16. Miss G pays $430 a month in rent and spends an average of $34 a month on her electric bill. How much does it cost Miss G to rent her apartment including her electric for 1 year?
What is $5,568?
300
#21. The property tax rate in a district is $38.99 per $1000. Find the property tax due on a home with property assessed at $52,000.
What is $2,027.48?
300
#24. Ms. Wells has a homeowner's policy that has a face value of $152,000 with a $1200 deductible. How much will the insurance company pay on her $5,430 loss due to her basement flooding?
What is $4,230?
300
#11. Additional insurance that covers loss for items not covered by a basic policy.
What is a rider?
400
#14. Ms. Martin want to buy a home for $153,500 with a 8% down payment. The closing costs will be as follows: inspection $400; legal fees $1,100; and title insurance $575. How much cash will Ms. Martin need to pay at signing?
What is $14,355?
400
#19. Mr. Roe pays $700 a month for his apartment in Flushing and spends an average of $79 a month on his electric bill. He also pays $40 every 3 months for water and sewage use. How much does it cost Mr. Roe to rent his apartment including his electric and water/sewage for 1 year?
What is $9,508?
400
#20. The property tax rate in Westwood Heights district is $0.92 per $100. Find the property tax due on a home with property assessed at $95,000.
What is $874?
400
#25. Ms. Kern insures her home for $128,500 at an annual rate of $0.59 per $100. What annual homeowner's insurance premium does Ms. Kern pay?
What is $758.15?
400
#4. An agreement under which a person borrows money to buy property and the lender may take possession of the property if the borrower fails to repay the money.
What is a mortgage?
500
#12. Mr. Kaiser just bought a house for $119,000. His monthly payment is $500 for 30-years. How much interest will he pay over the life of the loan?
What is $61,000?
500
#17. Mr. Kennedy pays $580 a month for his apartment in Flint and spends an average of $52 a month on his electric bill. He also pays $30 every 3 months for water and sewage use. Mr. Kennedy got his security deposit of one month's rent back after his 1 year lease but $100 was kept to clean the carpets. What was Mr. Kennedy's total annual cost of renting?
What is $7,804?
500
#22. The property tax rate in the city of Owosso is 3.1 cents per $1. Find the property tax due on a home with property assessed at $83,000.
What is $2,573?
500
#23. A warehouse with a value of $198,000 is insured for $150,000 under an 80% coinsurance policy. A tornado causes $72,000 in damage. How much will insurance company pay?
What is $68,181.82?
500
#6. The money you pay to a government unit based on the value of the property you own.