Housing

1. Housing is an essential aspect of human life, providing shelter, safety, and comfort. It encompasses a wide range of options including apartments, houses, and other dwellings. Access to adequate housing is a fundamental human right, contributing to physical and mental well-being. Housing also plays a crucial role in communities, influencing social interactions, economic opportunities, and overall quality of life. Ensuring affordable and sustainable housing for all remains a key challenge in many parts of the world, requiring innovative solutions and policies to address issues such as homelessness, overcrowding, and inadequate living conditions.

What is a lease agreement?

A) A contract between a landlord and tenant specifying terms for renting a property.
B) A legal document for buying a property.
C) A document outlining property tax rates.
D) A form for reporting maintenance issues.

2. What does HOA stand for in real estate?

A) House Oversight Agency
B) Home Occupation Adjustment
C) House Ownership Agreement
D) Homeowners Association

3. What is a mortgage?

A) An investment in stocks.
B) A property insurance policy.
C) A rental agreement.
D) A loan specifically used to purchase real estate.

4. What is a duplex?

A) A single-family home.
B) A building with separate living units for two households.
C) A type of house insurance.
D) A real estate agent.

5. What is the purpose of a home appraisal?

A) To inspect for structural damage.
B) To set the property tax rate.
C) To approve a mortgage application.
D) To determine the market value of a property.

6. What is a fixed-rate mortgage?

A) A mortgage with a stable interest rate throughout the loan term.
B) A mortgage requiring a balloon payment at the end.
C) A mortgage with adjustable interest rates.
D) A mortgage only available for luxury homes.

7. What is a deed in real estate?

A) Legal document showing ownership of a property.
B) A mortgage application.
C) A lease agreement.
D) A home inspection report.

8. What is the purpose of a title search when buying a home?

A) To set the rental price of the property.
B) To verify the legal ownership of the property.
C) To assess property tax valuation.
D) To estimate the cost of repairs.

9. What is a foreclosure in real estate?

A) A type of rental agreement.
B) A property inspection for buyers.
C) An appraisal of property value.
D) When a borrower fails to make mortgage payments and the lender takes possession of the property.

10. What is an escrow account in the home buying process?

A) A type of insurance policy.
B) A credit check for buyers.
C) A type of property tax.
D) An account where funds are held for property-related expenses.

11. What does PMI stand for in the context of mortgages?

A) Private Mortgage Insurance
B) Property Management Institute
C) Property Maintenance Inspection
D) Property Marketing Initiative

12. What is a real estate agent?

A) A licensed professional who assists in buying or selling real estate.
B) A property manager.
C) A property tax assessor.
D) A landlord.

13. What are closing costs in a real estate transaction?

A) Fees and expenses paid at the finalization of a real estate deal.
B) Monthly rent payments.
C) Property tax payments.
D) Property assessment charges.

14. What is the term for the process of a buyer assuming the seller's existing mortgage?

A) Inspection
B) Foreclosure
C) Assumption
D) Refinancing

15. In which housing type do residents own the land and the structure on it?

A) Single-family home
B) Apartment building
C) Condominium
D) Cooperative

16. What term refers to a legal process through which a lender recovers the balance of a loan from a borrower who has stopped making payments?

A) Foreclosure
B) Title search
C) Escrow
D) Appraisal

17. What is typically not covered by a landlord's insurance policy for a rental property?

A) Structural damage to the building
B) Tenant's personal belongings
C) Loss of rental income
D) Liability coverage

18. What does MLS stand for in real estate listings?

A) Mortgage Lending System
B) Main Listing Source
C) Market Listing Standard
D) Multiple Listing Service

19. What is a potential consequence of breaking a lease agreement prematurely?

A) Extended lease term
B) Legal ownership transfer
C) Automatic lease renewal
D) Financial penalty

20. What type of housing provides for gradual ownership transfer from a landlord to a tenant?

A) Shared ownership
B) Joint tenancy
C) Short-term rental
D) Rent-to-own

Created with That Quiz — where test making and test taking are made easy for math and other subject areas.