FCS 340 EXAM 3
The opportunity to have another person take over rent payments and live in the
rental unit is called __________________________. - ANSWERS-Subletting
List advantages of buying a home - ANSWERS-Pride of ownership; financial
benefits; lifestyle flexibility
List disadvantages of buying a home - ANSWERS-Financial commitment; Higher
living expenses; limited mobility
Traditional financial guidelines suggest that your home should cost about
__________ times your annual income - ANSWERS-2 1/2 or (25 or 30 percent of
your take-home pay)
List advantages of renting - ANSWERS-Easy to move ; Fewer responsibilities for
maintenance; Minimal financial commitment
List disadvantages of renting - ANSWERS-No tax benefits; Limitations regarding
remodeling; Restrictions regarding pets, other activities
A legal form of ownership in which the owners pay a monthly fee for maintenance
of the common areas - ANSWERS-Condominium
, List important factors to consider when selecting a contractor to build a home -
ANSWERS-contractor's experience and reputation; contractors relationship with
the architect, material suppliers, electricians, plumbers, carpenters, etc.; payment
arrangements during construction
In order to purchase a home, most people need to save for a
_______________________ before purchasing - ANSWERS-Down Payment
List important considerations in choosing a home to purchase - ANSWERS-
Location; price & quality; zoning laws, schools
What should a home buyer consider when evaluating the actual house? -
ANSWERS-Home Inspection (Required by mortgage company), Exterior Facilities,
Exterior Construction, Interior Construction, Interior Design
What does the real estate agent do? - ANSWERS-show homes that meet your
needs; present your offer; negotiate the price; assist in obtaining financing; and
represent you at the closing
When buying an older house, a buyer should get a ____________________ to
find out about possible problems with the house. - ANSWERS-Home Inspection
After submitting an offer on a house, the seller may choose to provide
a________________, rejecting the submitted offer - ANSWERS-counteroffer
The opportunity to have another person take over rent payments and live in the
rental unit is called __________________________. - ANSWERS-Subletting
List advantages of buying a home - ANSWERS-Pride of ownership; financial
benefits; lifestyle flexibility
List disadvantages of buying a home - ANSWERS-Financial commitment; Higher
living expenses; limited mobility
Traditional financial guidelines suggest that your home should cost about
__________ times your annual income - ANSWERS-2 1/2 or (25 or 30 percent of
your take-home pay)
List advantages of renting - ANSWERS-Easy to move ; Fewer responsibilities for
maintenance; Minimal financial commitment
List disadvantages of renting - ANSWERS-No tax benefits; Limitations regarding
remodeling; Restrictions regarding pets, other activities
A legal form of ownership in which the owners pay a monthly fee for maintenance
of the common areas - ANSWERS-Condominium
, List important factors to consider when selecting a contractor to build a home -
ANSWERS-contractor's experience and reputation; contractors relationship with
the architect, material suppliers, electricians, plumbers, carpenters, etc.; payment
arrangements during construction
In order to purchase a home, most people need to save for a
_______________________ before purchasing - ANSWERS-Down Payment
List important considerations in choosing a home to purchase - ANSWERS-
Location; price & quality; zoning laws, schools
What should a home buyer consider when evaluating the actual house? -
ANSWERS-Home Inspection (Required by mortgage company), Exterior Facilities,
Exterior Construction, Interior Construction, Interior Design
What does the real estate agent do? - ANSWERS-show homes that meet your
needs; present your offer; negotiate the price; assist in obtaining financing; and
represent you at the closing
When buying an older house, a buyer should get a ____________________ to
find out about possible problems with the house. - ANSWERS-Home Inspection
After submitting an offer on a house, the seller may choose to provide
a________________, rejecting the submitted offer - ANSWERS-counteroffer
