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Unit 5-Real Estate

Quiz by Teresa

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29 questions
Show answers
  • Q1
    an agreement between two or more people to bear a portion of an obligation.
    shared responsibility
    30s
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    Delete
  • Q2
    a person with whom you share living space and responsibilities.
    roommate
    30s
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  • Q3
    your daily routine, or the way you choose to live your life.
    living habits
    30s
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  • Q4
    the act of making a plan and carrying it out to ensure an event to take place.
    logistics
    30s
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  • Q5
    a refundable amount paid to cover damages to property caused by a tenant.
    security deposit
    30s
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  • Q6
    a legally binding agreement that specifies the rights and duties of each party.
    contract
    30s
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  • Q7
    something of value exchanged for something in value.
    consideration
    30s
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  • Q8
    a rental agreement that specifies the rights and duties of the landlord and tenant.
    lease
    30s
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  • Q9
    the process of expelling a tenant from rented property.
    eviction
    30s
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  • Q10
    a person hired to take care of rental property and to communicate with tenants on behalf of the owner.
    property manager
    30s
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  • Q11
    cash deposit towards the purchase price.
    down payment
    30s
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  • Q12
    something of value applied towards the down payment of a new purchase.
    trade-in
    30s
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  • Q13
    a loan for which a maximum amount is established and approved in advance.
    pre-approved loan
    30s
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  • Q14
    paying off an old loan by taking out a new loan, usually with better terms.
    refinancing
    30s
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  • Q15
    the highest price a property will bring on the open market.
    market value
    30s
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  • Q16
    a long-term debt agreement used to purchase real estate.
    mortgage
    30s
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  • Q17
    a strategy for paying off debt in a way that reduces total interest paid.
    debt repayment plan
    30s
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  • Q18
    a large lump sum payment that must be paid at a set time.
    balloon payment
    30s
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  • Q19
    a contract in which a portion the rent payment is applied towards the purchase price of the rented item.
    rent-to-own agreement
    30s
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    Delete
  • Q20
    a fee charged if you repay a loan before the agreed upon time.
    prepayment penalty
    30s
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    Delete

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