Level 1
on-campus building that contains many small rooms that are rented out for students.
Dormitory
a person who rents property.
Tenant
a written agreement that allows a tenant to use property for a set period of time at a set rent payment.
Lease
Things to consider when determining where to live
Safety, length of stay, distance from work/school, repairs, and maintenance
2 types of rental contracts
lease and rental agreement.
efficiency apartment, has one large room that serves as the kitchen, living room and bedroom.
Studio Apartment
the owner of a rental property.
Landlord
legally established ownership.
Title
costs associated with owning a car
fuel, depreciation, registration, title fee, vehicle emissions fee, maintenance, and accessories
4 valuation methods commonly used in real-estate
market value, assessed value, appraised value, and estimated value.
a living space that has two or more levels.
Townhouse
the process of using another person’s property for a fee.
Renting
a loan to purchase real estate.
Mortgage
Advantages of renting
flexibility, lower costs, fewer responsibilities, amenities, convivence, and social life
2 types of mortgages
Fixed-rate mortgage & adjustable-rate mortgage
a building with 2 separate living units that share a common wall.
Duplex
a written agreement that allows you to leave anytime as long as you give the required notice.
Rental Agreement
is the legal process of removing a tenant from a rental property.
Eviction
Disadvantages of renting
noise, lack of privacy, small living 7 storage space, little parking, no tax benefits
Real estate agents get a commission that is between ___ of the total sale price.
6% & 8%
individually owned unit in an apartment style complex with shared ownership of common areas.
Condo
you rent furniture with an option to buy later.
Rent-to-own Option
exist in many states, but in SC its only for new vehicles.
Lemon Laws
Things to consider when buying a home
location, accessibility, distance to work, type/quality of construction, cost, and personal preference
Down payment example: A $150,000 house with a 30% down payment.
150,000 x .30 = 45,000