Glencoe: 1

Question 1

Deductions: The amount of money you receive before deductions is known as

Answer 1

Gross Pay

Question 2

Deductions: The amount of money you receive after deductions is known as

Answer 2

Net pay or take home pay

Question 3

Deductions:

Answer 3

Amounts withheld from your gross pay for taxes, insurance and other fees.

Question 4

Example of deductions:

Answer 4

FICA, federal, state, and local income tax, gross pay, net pay, retirement, medical, dental and life insurance.

Question 5

Net 30: 2% 10, Net 30:

Answer 5

Net 30: pay withing 30 days 2% 10, Net 30: 2% discount if paid within 10 days, full due withing 30 days

Question 6

Who examines plans to make sure they meet local codes?

Answer 6

Building dept.

Question 7

Spec home:

Answer 7

Home is built before a buyer is found

Question 8

Custom house:

Answer 8

A house for a particular client

Question 9

Cost: It is recommended that a homeowner spend not more than X% of gross monthly income on housing.

Answer 9

25%

Question 10

Location: What concerns to look our for when choosing location:

Answer 10

How close is the property to jobs school service facilities Is the neighborhood stable, are their utilities

Question 11

Lot Shape and Contour: What concerns to look out for with lot:

Answer 11

Is the lot wide enough and deep enough for the desired house? Does it have unusual contours or other problems.

Question 12

Lot or house selection: Special Conditions:

Answer 12

Is the lot on a flood plain, are there underground springs, is there industrial contamination

Question 13

Zoning restrictions: Common Zones:

Answer 13

Most communities are divided into zones which certain types of buildings are encouraged or restricted Common zones: single-family, apartment, condos, commercial. industrial

Question 14

Deed restriction:

Answer 14

Specify things such as the minimum-size house that can be built or requirements for certain architectural feature. or setback distance

Question 15

Setback distance:

Answer 15

Minimum distance allowed from house to adjacent features such as other houses or the street. For example a house near a stream might have to be located a certain distance above the flood level

Question 16

Legal documents for purchase of house: 1. 2. 3. 4.

Answer 16

The official survey - boundaries of property The deed - evidence of ownership abstract of title - history of deed and other papers affecting ownership contract of sales - describes details relating to purchase

Question 17

What should a purchaser do before buying a property:

Answer 17

Purchaser should have property surveyed to confirm its dimensions match the one noted on the sales contract.

Question 18

What document should buyer maintain after purchasing property:

Answer 18

The official survey - boundaries of property The deed - evidence of ownership abstract of title - history of deed and other papers affecting ownership contract of sales - describes details relating to purchase

Question 19

For a contract of sale to be valid, it must:

Answer 19

Be written (not verbal) Clearly state the terms of the agreement include price and terms of payment dated signed by bother parties, seller and buyer.

Question 20

Stock plan:

Answer 20

standard house plan that can be fit to many different lots

Question 21

floor plan:

Answer 21

scale drawing showing the size and location of rooms on a given floor

Question 22

Where can house plans be obtained:

Answer 22

local builders, or hire an architect or building designer.

Question 23

Financing: Typically a borrower starts with an X loan

Answer 23

construction loan

Question 24

construction loan:

Answer 24

short term loan used during construction where the lender provides money periodically as the work progresses

Question 25

After the construction is finished, the construction loan is converted to X

Answer 25

a mortgage (15- 30)