With ____, the agreement stays in effect unless either party gives proper notice. Question 14 options: a periodic tenancy lease a tenancy for a specific time a security deposit All of these. Save Question 15 (2 points) Question 15 Unsaved A mortgage lock-in is the lender's promise to Question 15 options: grant a loan. hold a certain interest rate for a period of time. pay interest on money held in escrow. schedule a specific date for the closing. Save Question 16 (2 points) Question 16 Unsaved Intentionally failing to pay mortgage payments in order to be foreclosed and out of the mortgage payment is called Question 16 options: purposeful foreclosure. strategic default. a short sale. nonrecourse default. Save Question 17 (2 points) Question 17 Unsaved The damage deposit is an amount paid in advance to a landlord for normal wear and tear on rental property. Question 17 options: True False Save Question 18 (2 points) Question 18 Unsaved Renters generally pay out less money in terms of cash flow than homeowners. Question 18 options: True False Save Question 19 (2 points) Question 19 Unsaved In communities with a multiple-listing service, a listed home Question 19 options: can be shown by all realtors in the community. is listed with many different realtors. is listed many times with one realtor. can be shown by only realtors approved by the listing agency. Save Question 20 (2 points) Question 20 Unsaved Nearly ____ percent of households headed by persons under age 25 are renters. Question 20 options: 60 70 80 90 Save Question 21 (2 points) Question 21 Unsaved The tax deductible expenses related to home ownership are Question 21 options: homeowner's insurance and property taxes. homeowner's insurance and home improvements. home improvements and mortgage interest. mortgage interest and property taxes. Save Question 22 (2 points) Question 22 Unsaved With an assumable mortgage, the buyer generally pays a down payment equal to the seller's equity in the home. Question 22 options: True False Save Question 23 (2 points) Question 23 Unsaved Property taxes are based on the ____ of the house. Question 23 options: loan value assessed value purchase price replacement price Save Question 24 (2 points) Question 24 Unsaved A ____ is a typical feature of seller financing when you buy a home. Question 24 options: balloon payment $0 downpayment rapid build-up in equity long payoff period Save Question 25 (2 points) Question 25 Unsaved A buyer's agent or broker serves as the buyer's representative in the real estate negotiations and transaction. Question 25 options: True False Save Question 26 (2 points) Question 26 Unsaved The portion of a mortgage payment that is applied to the principal increases quickly in the early years of the loan. Question 26 options: True False Save Question 27 (2 points) Question 27 Unsaved The first attempt by a lender to dispose of a completely foreclosed property is at a foreclosure auction. Question 27 options: True False Save Question 28 (2 points) Question 28 Unsaved With a cooperative, the owner holds a share of the corporation that owns and manages a group of housing units. Question 28 options: True False Save Question 29 (2 points) Question 29 Unsaved The amount borrowed under a mortgage loan divided by the initial purchase price is its Question 29 options: value-to-loan ratio.. price-to-rent ratio. loan-to-value ratio. debt-to-equity ratio. Save Question 30 (2 points) Question 30 Unsaved A second mortgage amortized over 20 years or more but with a balloon payment due after 5 or 10 years that is paid to the previous owner of a home is an example of Question 30 options: an adjustable-rate mortgage. a reduction-option loan. seller financing. a lender buy-down mortgage.