Chapter 21 & 23: Home & Auto Flashcards by Dan R

….. apartment is one that is not provided with such items as table, chairs, furniture, or other items -

Unfurnished

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Is a nonrefundable charge for a service -

Fees

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One who takes possession of an apartment or other rental unit with the intent of living there is called the ..

Tenant

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Is an individually owned unit in an apartment-style complex w/ shared ownership of common areas -

Condo

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Is a refundable amount paid in advanced to protect the owner against damage or nonpayment -

Security deposit

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A service, such as light, power or water is known as …

Utilities

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A ….. residence contains basic furniture, such as the bed, dresser, sofa, chairs, and dinning room furniture -

Furnished

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A building w/ two seperate living quarters is called an -

Duplex

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Is the owner of the property that is being rented or leased -

Landlord

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A rental …… should be filled out at the time you move into a property -

Inventory

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Buildings that contain many small rooms for on-campus student housing are -

Dormitorys

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Is a written agreement to rent property at a certain price for a specified time period -

Lease

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A studio apartment, or ….., is a single room serving as kitchen, living room, and bedroom

Efficiency apartment

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Its where the landlord has a legal right to remove someone from a rental unit -

Eviction

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The process by which students join fraternities and sororities

Pledging

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The landlord is also known as the …. when signing a lease -

Lessor

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In a housing ……, students share in cooking, cleaning, and maintaining the building -

Co-op

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Renting furniture w/ the option to buy it is called -

Rent-to-own option

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T or F

Furniture and furnishings that are purchased jointly must be divided when the living arrangement is dissolved -

True

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T or F

A move across town when renting a moving truck would be just as expensive as moving across the state.

False

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T or F

When you become a new utility costumer, you may be required to pay a deposit, which is usually refundable when your credit has been established.

True

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T or F

Monthly service rates for telephones vary according to number of phones, types of phones, and other optional services selected

True

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T or F

It is necessary to give 30 to 60 days notice if you intend to move out of your rented residence ; otherwise you may lose all or part of your deposit -

True

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T or F

Most people go directly from living at home w/ their parents to owning their own home -

False

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T or F A major disadvantage of apartment living is the lack of privacy -

True

T or F Most apartments have more space than the average duplex or house -

False

T or F It is important to decide if potential roommates have compatible personalities and living habits -

True

T or F Generally the larger the apartment, the more rent you will pay

True

T or F A lease move-in special is always advantageous to the renter, even if he/she has to move out early

False

T or F An inventory should be taken when you first move into any rental unit

True

T or F Rental houses are often more expensive to rent than apartments

True

College students living on campus usually find ..... to be the most economical housing choice

Dormitories

An expense that would probably be shared equally be roommates is

Utilities

You should begin to plan the actual move to a residence in ...

Several months

An ... often has all or part of the utilities included w the rent payment

Apartment

The ...... probably does not require an initial deposit -

Viewing an apartment that is available for rent

What situation might require a higher rent or security deposit for a tenant -

Having a pet

An individually owned unit in a multi-unit structure is a

Condominium

A refundable down payment is -

Deposit

In order to prevent forfeiture of deposits, a renter should give a minimum of ..... days prior notice to vacate a rented space

30days

An .... is most often chosen by young people moving away from home for the first time -

Apartment

3 on-campus housing -

Dormitory Sorority/fraternity housing Cooperative housing

People choose condos over houses becasue less ...

Work

When planning your move (3) -

Group financial decisions Moving costs Installation charges

Advantages of renting -

``` Mobility Conscience Minimal responsibilities Social life Lower living expenses ```

Disadvantages of renting -

``` Noise Lack of privacy Small quarters Lack of storage Lack of parking ```

3 rental agreements -

Leases Month-to-month agreements Rental inventory

Its where you have to pay for damages -

Rental inventory

Landlord's Rights (2) -

Right to rent | Right to regain the realty and fixtures

Landlord duties -

Maintain premises Pay property taxes Voluntary termination

Its where they can terminate the lease earlier if they want -

Voluntary termination

Tenants Rights (3) -

Rights of Possession Right to use the property Right to assign the lease or sublet

Tenants Duties (3) -

Pay rent Take care of property interior Tort duty

Finding out how much money you can borrow is a process called

Pre-approval

It is displayed in printed forms on vehicles; it is the suggested retail price

Sticker price

when you... a vehicle, you can compare ride, handling, features, and cost at several dealers

test drive

it assures that the car meets minimum clean air standards -

vehicle emission test

each car has a unique ..... that identifies it -

vehicle identification number

..... are high-priced, high-profit dealer services with little or no value -

dealer add-ons

a contractual agreement called ..... allows monthly payments for the use of a vehicle, w/o ownership -

leasing

the decline in value of a vehicle during its lifetime is called -

depreciation

very old vehicles in excellent condition may ..... or increase in value -

appreciate

it lists the legal owner and the registered owner of a vehicle -

car title

when car paint begins to ......., it permanently loses its color and shine -

oxidize

coarse and strong chemicals, called ......, can damage the paint on a car -

abrasives

the cars interior ......, or covering on seats, must be maintained to preserve it -

upholstery

is a written guarantee of the soundness of a product -

warranty

consumers are protected by ......, which identify cars as being unrepariable -

lemon laws

...... can be used to rid the surface of a car of scratches, scuffs, and stains

polishing compound

is a type of vehicle that uses alternate energy sources

hybrid

the federal trade comission requires dealers to place a sticker, called the ......, on all used cars they offer

Buyer's guide

T or F | the first step in buying a car is deciding what type of car you want -

true

T or F it is import to get credit approval after you have selectted the car of your choice

false

T or F it is almost impossible to determine a fair price for a new car

false

T or f when buying a car, it is best to go slowly and not be in a hurry to buy -

true

T or F vehicle emission tests are free; expenses to fix a car to meet emission standards are also free.

false

T or F preapproval adds to the total costs of buying a car

false

T or F dealer add-ons are considered unnecessary and expensive

true

t or F most new car dealers offer financing options for car purchases -

true

T or F lemon laws generally require you to have good documentation of your car problems -

true

T or F leasing a car is a good idea for most, if not all, car drivers

false

when is the best time to get credit preapproval ?

before visitng car dealers

the single greatest cost of owning a new car is -

depreciation

many new cars claim to run .... miles or more between oil changes -

7000

a car that permantely loses its shine is said to be ...

oxidized

the most durable upholstery surface is ..

leather

12 steps in the car-buying process -

1. identify your needs / wants 2. determine what u can afford 3. indentify/research choices 4. decided buy new or used 5. get credit pre-approval 6. search for available vehicles 7. test drive 8. check history of used vehicle 9. get vehicle checked 10. vehicle emission test 11. determine fair price 12. negotiate the price

financing your car (3) -

financial institutions car dealers leasing a car

they protect you from buying a bad car | -if they cant replace it, they must give all money back

lemon laws

they say you must have a buyers guide taped to the window of your car -to show if its been used or problems w it

federal trade comission

cost of operating a car - (5)

``` gas/oil depreciation registration & title maintenance & repairs accessories ```

Extending the life of your car -

``` maintain fluid levels perform routine maintenance keep car in garage preserve exterior preserve interior follow wise driving habits ```