Renting A Home
To be forced to leave your rented home/apartment
What is eviction?
What is the recommended percent you should budget for housing
What is 25-33%?
A list of one's belongings
What is a personal property inventory?
The length of the loan
What is term?
A building which has two separate living units
What is a duplex?
According to ND law, your security deposit must be returned to you within this time frame
What is 30 days?
The two most important factors in selecting housing (as discussed in class)
What are personal values and affordability?
What are the two main 'L's (areas) covered by renter's insurance?
Hint: We discussed the alliteration of the 3 'L's in class
What are:
Loss
Liability
Living Expenses
This is a type of mortgage where the interest rate remains the same for the life of the loan?
What is a fixed rate mortgage?
Individual ownership of a living unit.
That is a condominium?
Where your landlord must keep your security deposit according to ND landlord/tenant rights law
Where is a federally insured interest bearing checking or savings account?
The extra features of an apartment or home
What are amenities?
The type of renter's insurance that would cover the costs to re-purchase your belongings
What is replacement value?
This is the amount of money borrowed.
What is the principal?
Housing which has its own entrance and other homes connected on either side.
What is a town house?
This is the money paid to the landlord to cover potential damage of the property.
The formula used to determine your price range for purchasing a home
What is gross annual pay x 2.5
The cost you will be responsible for before your insurance policy 'kicks in'
What is deductible?
Daily Double!!!
Wager any amount of your accumulated points (or up to 500). This question cannot be stolen by another team!!
Question:
This is a portion of the home's purchase price that isn't borrowed.
Small living space with one main room
What is an efficiency apartment?
Allowing another person to take over your lease PRIOR to the end of your lease term
What is sublet?
In ND, a tenant living in a rented space is entitled to their security deposit plus interest if they have lived there at least this long.....
What is nine months?
TRUE OR FALSE:
Landlords can require a tenant to have renter's insurance before they move into the leased apartment/house.
What is TRUE?
These are the three methods of saving money on the purchase of a home (as discussed in class)
What are:
BIG down payment
Low interest rate
Shortest term you can afford
Housing arrangement in which a portion of the rental fee is paid by another source
What is subsidized housing?