Unit 10 Test - Acquiring a Home
Sign in to Google to save your progress. Learn more
Email *
Enter your first and last name. *
1. Jessie has been renting for several years and although many of his friends have purchased a home, Jessie believes renting is best for him. What is one advantage Jessie receives from renting?
 *
1 point
2.  Sabrina and William are recently married and have just purchased their first home with an adjustable rate mortgage. What are some advantages to home ownership for Sabrina and William? *
1 point
3.  Which is a disadvantage of renting?   *
1 point
4.  Which is a disadvantage of owning a home? *
1 point
5.  Quinton has owned his house for many years and will have it paid off next year. What term refers to the ownership Quinton has in his home? *
1 point
6.  Lillian recently retired from the military and has decided to purchase a home. Which mortgage would most likely offer Lillian the lowest interest rate and lowest down payment? *
1 point
7.  If a down payment is less than _____ of a conventional loan, many lenders require Private Mortgage Insurance. *
1 point
8.  Katherine and Kendall have decided to purchase a home but do not qualify for any VA or FHA loans. They do not want to take any risk with their home loan. What type of mortgage would be best for Katherine and Kendall? *
1 point
9.  Abdul is enjoying retirement and wants to stay in his home but is having trouble paying for his living expenses. What type of mortgage may help Abdul? *
1 point
10. Which is the most common type of housing? *
1 point
11. When signing a purchase agreement, the buyer _____ to demonstrate their intention. *
1 point
12. Which is a cost that can be expected at closing? *
1 point
13. Cynthia has just closed on a new house. Which is a cost Cynthia may have had to pay at closing? *
1 point
14.  Which is a cost that would be in an escrow account? *
1 point
15.  The housing expense ratio states that borrowers can afford up to _____ on housing payments, including property taxes and homeowners insurance. *
1 point
16. In the debt ratio formula, debt payments, including housing payments, should not exceed _____. *
1 point
17. Which of the following is not an advantage of home ownership? *
1 point
18.  Used most often by retirees who have a lot of equity; payments are made and used for living expenses and at the time of death the lender owns the home. *
1 point
19. Mortgages that are insured or guaranteed by a federal government agency; lenders can offer lower rates. *
1 point
20.  Mortgages with a variable interest rate. *
1 point
21.   Known as conventional loans; fixed interest rate for the life of the loan. *
1 point
22.    Based on a 30-year amortization but require the balance of the mortgage at the end of a much shorter term. *
1 point
23.  An advantage of renting is that you do not have to worry about property values. *
1 point
24. A lender can take possession of a house if the borrower defaults on the loan. *
1 point
25.  With a mortgage, the borrower initially pays more in principal and less in interest based upon an amortization schedule. *
1 point
26.  Monthly payments will be higher with a 30-year loan than with a 15-year loan. *
1 point
27.  Mortgage lenders should provide written disclosures about loans that should be read carefully. *
1 point
28.  The approval process for a home loan includes evaluating the property through an appraisal. *
1 point
29.   The buyer typically does not pay any fees at the closing. *
1 point
30.    The two ways that can be used to estimate a housing budget are the housing expense ratio and the debt ratio formula. *
1 point
Submit
Clear form
Never submit passwords through Google Forms.
This form was created inside of Northwest Technology Center. Report Abuse
Google Forms