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Consumer Economics > Housing > Flashcards

Housing Flashcards

1
Q

The Landlords responsibilities are…?

A
  • Make sure utilities work
  • The common area is clean
  • Comply with state, local and housing codes
  • pay interest on security deposit
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2
Q

What is the #1 thing to think about when buying/renting house/apartment?

A

Location!!!

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3
Q

Evit

A

When your legally forced to leave

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4
Q

Sublet

A

Someone who takes over the lease

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5
Q

What does PITI stand for?

A 
Payment (mortgage amount)
Interest (on the montage loan) 
Taxes (property) 
Insurance (home owners or renters)
(breakdown of total housing cost)
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6
Q

When you break down a lease, you think about what?

A 
Total move in cost
Length of lease
Pets allowed?
Can alterations be made? 
Who pays for utilities?
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7
Q

Condominium

A

(Grandma me)

Common areas, shared ownership, property owner cares for lawns/gardens

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8
Q

Row house

A

A row of houses joined by common sidewalls

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9
Q

Town house

A

Multiple family units, no common area, individual ownership

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10
Q

Ownerships

A

Condominium
Townhouse
Cooperative

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11
Q

When you find a house you should (blank) and (blank)

A

Find a mortgage lender, and have it inspected

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12
Q

Mortgage

A

Legal document that pledges the house and a security for a loan

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13
Q

Escrow account

A

Account you pay into for housing costs

The money is held until it needs to be sent to the appropriate person

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14
Q

An application for a mortgage requires what?

A

Personal info, employment/salary, and current debt

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15
Q

Down payment should be what % purchase price?

A

20%

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16
Q

Credit report

A

A report that includes data from all 3 major credit bureaus

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17
Q

Credit score (FICO score)

A

Ranges from 350-800

Mortgage lender wants a score of 650+ for a conventional mortgage

18
Q

Debt-to-income ratio

A

What of scenario, determines qualification for conventional mortgage
Takes estimate mortgage payment and adds any current installment and credit card payment

19
Q

For conventional mortgage, lender generally want debt ration under (blank)%

A

38%

20
Q

Appraisal

A

Estimate value made by a qualified person (required by insurance companies)

21
Q

Ballon payments

A

A large payment at the end of the loan, which pays off the rest of the loan

22
Q

Bimonthly

A

Payments are made twice a month, cutting the cost in half because it is payed more quickly

23
Q

Homeowners insurance, 2 main category’s

A

Property and liability coverage

24
Q

Benefits like having your house close to a fire station lower what?

A

Premium

25
Q

Real vs personal property insurance

A

House

Things you own inside the home

26
Q

Physical damage protects you from damage to your house, or someone else’s?

A

Someone else’s

27
Q

What sources do you use to find an apartment?

A

Family/friends
Websites
Newspaper
Agencies and/or realtor

28
Q

Why might someone choose to buy rather than rent?

A

Independence
Tax advantages
Investment opportunity

29
Q

How much of your gross income should you spend when searching for a home?

A

30%

30
Q

Property coverage

A

Protects you house (real property) and stuff (personal property) from damages

31
Q

Liability coverage

A

Covers people getting hurt at your house or you damaging other people’s property

32
Q

Renters do not need to cover the actual structure, but instead cover…?

A

Personal property

33
Q

Personal liability

A

Protects you from lawsuits of someone was hurt on your property

34
Q

Medical payment

A

Protects you from paying medical bills if someone is hurt on your property

35
Q

Physical damage (one of the liabilities)

A

Protects you from damage you might commit on someone else’s property

36
Q

The tenants rights are…?

A

Receive a written lease, or withhold rent if:

  • building has code violations
  • landlord failed to repair
  • landlord failed to pay utility bill
37
Q

Someone broke in and took your stuff. Which coverage would you use?

A

Personal property

38
Q

Someone stepped in nails in your garage during a party. Which coverages apply?

A

Medical payments and personal Liability

39
Q

Tornado record your house. Which coverage would pay for it?

A

Real property

40
Q

A friend falls down the stairs at your house. You use Med to pay. Why not Liability?

A

Not your fault she got hurt

41
Q

Neighbors window broken by you. Which coverage will pay for it?

A

Physical damage

Consumer Economics (7 decks)

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