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Spending and Borrowing Unit: Housing, Transportation, and Food -Major Expenditures List
Terms in this set (19)
Fees and charges associated with the purchase of a property.
Decrease in the value of an asset associated with the decline in its remaining useful life.
Cost of Living
The average cost of the basic necessities of life, including food, shelter. and clothing. Note: In the US, the cost of living is monitored in the consumer price index (formerly called the cost-of-living index), published monthly by the federal government.
Portion of the purchase price that is not borrowed.
Consumer Price Index
Is a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care.
Monetary value of a property minus the amount owed on the property.
Homeowner's Association Due
Monthly or yearly fees that pay for the maintenance of shared areas and necessary repairs throughout the community.
Covers damage or loss of the structure and contents, plus liability in case others are injured on the property.
The person who owns the property.
Renting a product while ownership title remains with the lease grantor.
Protects the lender in case a mortgage loan payment cannot be made and the lender has to take the property back through a process known as foreclosure (also known as private mortgage insurance). This is a warning that you might not be able to afford the home.
A loan for the purchase of real estate.
Real Estate Agent
Licensed individual representing a buyer or seller in a contractual transaction to purchase real property. A good thing to have.
The price paid for the use of someone else's property.
A contract specifying the tenant's and landlord's legal responsibilities.
An optional (but important) purchase that covers damage and or loss of personal property and liability in a rental home.
Money paid to a landlord to cover potential cleaning costs at the end of the lease, as well as any damages the property suffered during occupancy.
Fees collected by the local city government for utilities, road maintenance, and other services such as fire protection and street lighting.
A person who rents the property.