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20 terms

Chapter 10: Housing Unit

Housing Assessment review flashcards
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What are four different types of multifamily housing?
- duplexes, apartments, condominium, townhouses
What four factors affect the amount of a monthly mortgage payment?
-the price of the home, the amount of the down payment, the interest rate of the loan, the length of the loan
What are "boomerang children"?
young adults/children who move back with their familes after graduating from collge
What might cause you to lose your security deposit?
damaging any parts of the rented property, inluding common areas. unpaid bills and rents, etc.
The Federal Housing Administration (FHA) arranges financing for what three groups of people?
The FHA arranges financing for first-time home-buyers, members of minority groups, and some borrowers who do not have enough money for a down payment.
Why should you make sure you understand a lease before signing it?
The language in a lease can be confusing and if time is not taken to read it, it can cost a person money.
What is the difference between the two types of mortgages?
a fixed-rate mortgage is a home loan with an interest rate that does not change during the life of the loan while an adjustable-rate mortgage is a home loan with an interest rate that might increase or decrease during the life of the loan
Experts recommend that your housing expenses equal no more than what fraction of your income?
Experts recommed that your housing expenses equal no more than one-quarter to one-third of your income
What is a subprime loan?
A type of loan that is offered at a rate above prime to individuals who do not qualify for prime rate loans
What is equity?
-it is the value of a home minus the amount still owed on it
What are the benefits of working with a real estate agent?
Real estate agents are helpful, especially when you are a new buyer, to find homes that meet all your requirements and are in your price range. They can also help negotiate prices and make sure you are not getting into any signed agreements that you will later regret
What are four common reasons given for renting rather than buying a home?
-Flexibility to move, no maintanence cost, not enough money to buy a house, and easier to estimate housing expenses
What is foreclosure?
the legal process that a lender uses to take possession of a house and sell it when a borrower fails to make mortgage payments.
What are housing subsidies, and who are they intended for?
they are grants of money from the U.S. government that help low-income families pay their housing costs
What is widely considered to be the most important factor when looking for real estate?
Location
What is unique about manufactured homes?
They are constructed in factories using assembly-line techniques. The person owns the home but can either buy or rent the land that the manufactured home will stay on.
The Federal Fair Housing Act protects people from discrimination based on what?
race, color, national origin, religion, gender, family status, or disability
What four things are identified in a lease?
the lease will identify the property being rented, the length of the rental period, the amount of rent and when it is due, as well as other information such as what utilities must be paid for separately or special restrictions such as "no pets."
What is an escrow account?
money, documents, or other valuable items that are held by a third party for safekeeping, until the requirements of a contract are met and the deal is closed
What are the three major categories of housing structures?
multifamily, single-family, and manufactured homes