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Vocabulary terms that you need to know in order to buy/rent your first place #financialalgebra
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1
The "assessed value" is
The amount used to determine property taxes
The value that the house is allowed to be put on market for
The value given by an appraiser
The amount that the buyer offers
2
Form of home ownership where a corporation owns a group of apartments
Propietariet
Cooperative or Co-op
Condominium
Landominium
3
Money paid to a seller by an interested buyer to show they are serious about buying the house
Safety Deposit
Security Deposit
Earnest Money Deposit
Money Market Deposit
4
What is the house's title?
The name by which it is called
the deed
the legal claim of property ownership
The house's position (geographically)
5
The person who pays the rent is the
Landlord
Landholder
Proprieter
Tenant
6
Form of home ownership where the owner owns both the home and land on which the home is built
Cooperative or Co-op
Landominium
Propietariet
Condominium
7
A mortgage that has a very high last payment, with all other payments being relatively low
Balloon Mortgage
Fixed Rate Mortgage
Interest-only Mortgage
Adjustable Rate Mortgage
8
Which of these is NOT an example of recurring costs?
Mortgage payments
Property taxes
Moving costs
Insurance payments
9
The payment required before buying a house is the
security payment
down payment
security deposit
opening deposit
10
The "closing" is a meeting attended by the buyer, seller, their attorneys, and
a notary republic
the landord
a justice of the peace
a representative of the lending institution
11
What does ARM stand for?
Annual Reality Meeting
Application Response Management
Active Registry Mediation
Adjustable Rate Mortgage
12
What is the "market value"?
The amount for which a house could be sold
The value of the stocks included in a house
The amount that can be put into renovations for a house
The value of the nearby markets (ie grocery stores)
13
An origination fee is paid to the
Lending institution for the paperwork in the loan process
Seller so that you won't be bought out by another buyer
Buyer so that they will be sure to show up at the closing
Bank for the start up of an account
14
A mortgage where the monthly payment and APR remain the same throughout the entire loan period
Interest-Only
Adjustable Rate Mortgage
Fixed Rate Mortgage
Balloon Mortgage
15
What is foreclosure?
When the sale is closed before it is finished
When you buy a house that hasn't been lived in for years
When the owner can't pay and the bank takes the house
When you buy a house out from under someone else
16
If the bank holds the insurance and property tax money and pays the bills as they are due it is
Broker
Intercession
Mediation
Escrow
17
The legal term for being "kicked out" of the house
Ejected
Tossed out
Jettisoned
Evicted
18
A mortgage where the monthly payment and APR may change, as specified in the contract
Balloon Mortgage
Adjustable Rate Mortgage
Fixed Rate Mortgage
Interest-Only Mortgage
19
Another phrase for "back-end" ratio is
Profitability ratio
Debt-to-asset ratio
Debt-to-income ratio
Liquidity ratio
20
What is the formula for determining a front-end ratio?
Monthly income divided by monthly housing expenses
Monthly housing expenses divided by monthly income
21
What is the formula for determining a back-end ratio
Monthly income divided by total monthly expenses
Total monthly expenses divided by monthly income
22
A form of home ownership where where each unit is individually owned
Co-op Apartment
Cooperative
Condominium
Landominiums
