Buying and Renting Homes Review

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Buying and Renting Homes Review
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• 1.__________ A home that is especially designed
  to meet the specifications of the person who
  commissioned it

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Developmental homenot to be confused with a
custom-built homeA limited number of homes to
choose from and limited adjustments to the
interior layout
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• 2.____________homes built in modules at a
  factory Modules are transported to the home site
  on flat bed trucks.

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• 3._______________ a large house trailer that can
  be connected to utilities and can be parked in
  one place and used as permanent housing

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• 4._____________ a dwelling unit within a
  multifamily structure, generally provided as
  rental housing individual units but a common
  entrance and hallway.

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• 5._____________ A building or complex in which
  units of property, such as apartments, are owned
  by individuals and common parts of the property.

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• 6.__________________ one of a row of homes
  sharing common walls does include individual
  ownership of the land

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• 7._____________ a house with two units sharing a
  common wall.

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8.__________a unit with one main room, a small
kitchen area, and a bathrooma.k.a. efficiency
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• Calculating the amount that you can afford for
  rent per month
• Gross monthly income X ______9._______

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Fees associated with renting

• 10.__________helps to insure that the renter is
  seriously interested in taking the unit
• 11.___________ covers the cost of any future
  damage the renter might cause to the unit
• 12.___________ a renter may have to pay 1 months
  (or more) rent before moving in

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13._______ the legal document that tenants and
landlords sign when agreeing to rent housing for
a specific period of timeShould contain Cost,
late penalty, date of monthly payment, amount of
security deposit, length of time, restrictions,
etc.
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14.____________ an owner of rental property
makes repairs to the property and expect tenants
to pay rent on time
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15.___________ if either party fails to
fulfill his or her responsibilities

• Tenants rightsto have a safe, habitable rental
  unit
• Tenants responsibilitiespay rent on time and
  take proper care of rental space

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16._________ legally require the tenant to move
out before the lease expires
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Ways out of a lease

• 17.____________ to transfer the lease to someone
  else the new tenant will then appear on the
  lease
• 18._________original tenant rents to someone
  else original tenants name remains on the lease
  and still keeps responsibility
• Pay the rent for the duration of the lease

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19.__________ insurance

• A policy that covers the personal belongings of
  the tenant in case of theft, fire, or other
  hazards
• The landlords insurance does not cover the
  personal belongings of the tenant

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Other items rent may cover

• Water
• Sewer
• Trash collection

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IV. Buying a Home
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Calculation for affording a homeannual income X
____21.____
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22.__________ a deposit that a potential buyer
pays to show that he or she is serious about
buying a home
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23.___________ for an investigation to make
sure that no one else has any claims against the
property
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24._________ Inspection

• Structural soundness
• Plumbing
• Electrical
• Heating

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25._________ inspectionmost states require
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26._________ a fee paid to lender to process
the mortgage application
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27.___________ fee for an estimate of the value
of the property
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28.________ the difference between the market
value, the price it might sell for, and the
principal still owed on the mortgage
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2 possible loans for home buyers

• FHA (29.______________) guarantees mortgages for
  low to moderate credit ratings
• VA (30._________)gives loans to people in the
  military