Unit 3: Consumer Skills for Housing Needs
Quiz by Alicia Gonzales
High School
Dollars and Sense
Texas Essential Knowledge and Skills (TEKS) - Electives
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10 questions
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- Q1Which of the following is true about an adjustable rate mortgage?The rate is adjusted at a predetermined time, such as a year.The rate is adjusted when the economy has grown by a predetermined amount, such as 5%.The lender has the power to decide when the rate is adjusted.The borrower has the power to decide when the rate is adjusted.30s130.273.J.4.B
- Q2Which of the following accurately identifies a reason for choosing an adjustable rate mortgage over a fixed rate mortgage?Unlike a fixed rate mortgage, an adjustable rate mortgage does not include a teaser rate.The borrower plans to stay in the home for at least seven years.The borrower believes that interest rates will go up in the foreseeable future.The starting rate for an adjustable rate mortgage is often lower than the available rate for a fixed rate mortgage.30s130.273.J.4.B
- Q3Which of the following types of loans is most likely to have a teaser rate?a subprime mortgagea default mortgagean adjustable rate mortgagea fixed rate mortgage30s130.273.J.4.B
- Q4Rentals usually require payment of ________ to protect the owners from property damage done by renters who move out without paying for the damage.a collateralprincipalinteresta security deposit30s130.273.J.4.A
- Q5Which of the following is an advantage of renting over buying a home?Renting frees you from the responsibility of property maintenance and upkeep.Renting provides an opportunity for you to build equity and increase your net worth.Renting provides a deduction that can lower the amount of tax you owe.Renting does not require a down payment or deposit.30s130.273.J.4.A
- Q6In general, it does not make financial sense to purchase a home unless you plan on living in the area for several years.FalseTrue30s130.273.J.4.C
- Q7If you have a small down payment or no down payment, you will end up paying a higher rate for a mortgage loan.TrueFalse30s130.273.J.4.C
- Q8A homeowner's lender will require the homeowner to have enough homeowner's insurance to cover ________.the market value of the homethe interest due on the loanthe amount of the mortgage on the homethe collateral used to secure the loan30s130.273.J.4.B
- Q9In a mortgage, the purchased home becomes collateral for the loan.FalseTrue30s130.273.J.4.B
- Q10You can insure jewelry or valuable heirlooms often not covered by a typical homeowner's policy with a ________.policy ridercollateral riderprincipal coverageliability coverage30s130.273.J.4.A