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Renting vs. Buying
What's That Lease Say?
Types of Housing
How to be Ready to Buy
BULLSEYE Mortgages
100

Housing meets the needs of providing shelter and a place for our stuff. What type of housing need is this? Physical, Emotional or Social?

What is are Physical needs?

100
The term in a lease that stands for the person who lives in a rented property.
What is tenant or lessee
100
What type of housing offers the most privacy?
What is a single family home?
100
What is the name of the job where a person helps you with the buying and selling of properties?
What is a real estate agent or realtor?
100
What is it called when a bank or lender determines how much you can afford to spend on a home?
What is getting "pre-approved?"
200
Housing meets the needs of providing an opportunity for personal expression. What type of housing need is this? Physical, Emotional, or Social.
What is an Emotional need?
200
The term in a lease that stands for the owner of the property.
What is lessor or landlord?
200
Name any of the types of housing that share a common wall?
What is condominium, rowhouse, townhouse, and or duplex?
200
Who pays the agent who helps with buying and selling homes? The buyer or the seller or both?
What is the seller?
200
This term is the estimated value of a home compared to other similar homes that have sold in the same area.
What is appraisal?
300
If you are a person who has no desire to do maintenance around a home and wants a lot of freedom, Should you buy or rent?
What is Rent?
300
The term in a lease that stands for the rented property.
What is premises?
300

What of the following are qualities of a pre-manufactured home? a. cheaper to build than a custom built home on the property b. comes with a title, since it can be transported c. both a and b d. none of the above

What is c? Both a and b.

300
What is the least amount of time you should have a steady source of income from your job before you can get a loan for a house?
What is at least 2-3 years?
300
This term is the amount of money you borrow from a lender to pay for the purchase of your home?
What is principal?
400

Fixed expenses, more free time, and lower insurance costs are advantages to what? Buying or Renting?

What is Renting?

400
This amount is what you pay in addition to the first month's rent to the owner of the property to pay for any damages you cause while you are living in the property?
What is a security deposit?
400
This type of housing is owning your own apartment with shared common areas, a monthly maintenance fee and your neighbors are very close. What type of housing is it?
What is a condominium?
400
What is the name of the rating you get from bureaus who collect your financial information and evaluate it? It should be "good" or "better" to be approved for a home loan.
What is your credit score?
400
What type of loan has equal monthly payments for 15, 20, or 30 years with a locked in interest rate?
What is a conventional mortgage?
500
Which of the following are advantages to buying a home? a. more stability b. usually increase in investment value c. easier to move quickly d. both a and b e. all of the above
What is d. both (a) more stability and (b) usually increase in investment value.
500
At what age are you legally bound to abide by any terms you agreed to when you sign legal documents.
What is age 18?
500
This type of housing is a great investment because you can live in one side of the property while you rent out the other side. What type of property is it?
What is a duplex?
500
What is the term used to describe the "map" of the layout of a home?
What is a floor plan?
500
What is the mortgage loan called that has monthly payments that rise and fall as the interest rates rise and fall?
What is an adjustable rate mortgage (ARM)?