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Ch 7 Personal Finance
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True or false. One of the reasons why renting offers fewer financial benefits than home ownership is that rent is not tax deductible while the interest on mortgage payments is.
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true
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mbluthar
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True or false. One of the reasons why renting offers fewer financial benefits than home ownership is that rent is not tax deductible while the interest on mortgage payments is.
true
Traditional guidelines suggest that you should spend no more than _____ percent of your take-home pay on housing.
25-30
The tenant is protected from rental increases during the lease term unless the lease contains a(n) ______ allowing for increases
provision
what are disadvantages associated with renting?
no tax benefits
The advantages of owning a home include:
personalized living location
tax benefits
stability of residence
What are the advantages of owning a condominium?
Fewer maintenance responsibilities when compared to a house
While residents in cooperative housing do not own the units, they have the legal right to occupy their unit as long as they own _____ in the cooperative association.
stock
It is a good idea for home buyers to go first to a mortgage company and _____.
pre-qualify
The expenses covered by a condominium monthly fee include:
insurance for common areas
improvements
maintenance and repairs
What best describes the rights of residents of cooperative housing?
The right to occupy the unit for as long as stock is owned