Question 13

A renter may have to pay ____ when moving into an apartment.

	A.	the last month's rent
	B.	the first month's rent
	C.	the security deposit
	D.	all of these

Question 14

The primary disadvantage of a 15-year mortgage as compared to a longer mortgage is the

	A.	amount of interest paid.
	B.	speed of equity buildup.
	C.	amount of the monthly payment.
	D.	speed of debt payoff.

Question 15

Which real estate agent works solely for the home buyer?

	A.	Listing agent
	B.	Dual agent
	C.	Buyer's agent
	D.	Selling agent

Question 16

The dollar value of the home in excess of the outstanding mortgage debt is called

	A.	amortization.
	B.	homeowners equity.
	C.	collateral.
	D.	asset value.

Question 17

Making a larger than required down payment on a given home will

	A.	increase the amount of interest paid.
	B.	reduce the equity in the property.
	C.	increase the amount of the loan.
	D.	reduce the amount of the monthly payments.

Question 18

Property taxes are based on the ____ of the house.

	A.	assessed value
	B.	replacement price
	C.	loan value
	D.	purchase price

Question 19

Generally, the largest cost of selling a house is the

	A.	title search.
	B.	prepayment fee.
	C.	broker's commission.
	D.	real estate transfer taxes.

Question 20

Homeowner's fees on condominiums do not include funds to pay

	A.	maintenance of the common areas.
	B.	maintenance of the building(s).
	C.	insurance covering the exterior of the building(s).
	D.	monthly mortgage payments of property owners.