FCS 323 - Family and Individual Money Management » Spring 2022 » Chapters 9 Quiz

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Question #1
A point, as defined in the real estate market, is _________ percent of the loan amount.
A.   1
B.   one-half of
C.   2
D.   1 and one-half
Question #2
The tax deductible expenses related to home ownership are
A.   homeowner's insurance and home improvements
B.   home improvements and mortgage interest
C.   mortgage interest and property taxes
D.   homeowner's insurance and property taxes
E.     
Question #3
___________ insurance is generally required when a borrower makes a small or no down payment.
A.   Title
B.   Liability
C.   Homeowner's
D.   Mortgage
Question #4
____________ is (are) generally part of the monthly house payment.
A.   All of these
B.   Homeowner's insurance premium
C.   Real estate property taxes
D.   Principal and interest
Question #5
Lenders use _______ ratios when setting limits on how much a home buyer can borrow.
A.   only front-end
B.   equity-to-liability
C.   front-end and back-end
D.   assets-to-debt
Question #6
Prospective renters need to consider
A.   the lease agreement and restrictions
B.   the amount of rent and related expenses
C.   all of these
D.   the tenant rights
Question #7
The PITI acronym in mortgage lending stands for
A.   principal, insurance, taxes and interest.
B.   principal, interest, taxes, and insurance
C.   principal, interest, taxes and investment
D.   principal, investment, taxes, and interest.
Question #8
A form of housing ownership where the owner holds legal title to a specific housing unit and a proportionate interest in the common grounds and facilities is
A.   a manufactured hom
B.   a cooperative
C.   a condominium
D.   both a cooperative and a condominium
Question #9
Which of the following characteristics would cause a person to prefer renting over buying housing?
A.   all of these
B.   Unknown job stability in the geographical area
C.   Large amount of funds available for front-end expenses
D.   Enjoying the responsibilities of home maintenance
Question #10
Which of the following steps in the foreclosure process is typically when the home sells for the lowest amount?
A.   Underwater
B.   Foreclosure auction
C.   Preforeclosure
D.   Short sale

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