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

Need help with your exam preparation?

Existing Quiz Clients Login here
Question #1
A point, as defined in the real estate market, is _________ percent of the loan amount.
A.   one-half of
B.   1 and one-half
C.   1
D.   2
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.   Liability
B.   Mortgage
C.   Homeowner's
D.   Title
Question #4
____________ is (are) generally part of the monthly house payment.
A.   Real estate property taxes
B.   Principal and interest
C.   Homeowner's insurance premium
D.   All of these
Question #5
Lenders use _______ ratios when setting limits on how much a home buyer can borrow.
A.   equity-to-liability
B.   front-end and back-end
C.   only front-end
D.   assets-to-debt
Question #6
Prospective renters need to consider
A.   the amount of rent and related expenses
B.   all of these
C.   the lease agreement and restrictions
D.   the tenant rights
Question #7
The PITI acronym in mortgage lending stands for
A.   principal, insurance, taxes and interest.
B.   principal, investment, taxes, and interest.
C.   principal, interest, taxes and investment
D.   principal, interest, taxes, and insurance
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 condominium
B.   a cooperative
C.   both a cooperative and a condominium
D.   a manufactured hom
Question #9
Which of the following characteristics would cause a person to prefer renting over buying housing?
A.   Enjoying the responsibilities of home maintenance
B.   Unknown job stability in the geographical area
C.   Large amount of funds available for front-end expenses
D.   all of these
Question #10
Which of the following steps in the foreclosure process is typically when the home sells for the lowest amount?
A.   Short sale
B.   Underwater
C.   Preforeclosure
D.   Foreclosure auction

Need help with your exam preparation?

Existing Quiz Clients Login here