Dollars & Sense - Housing Test

1.

1 point

Safe sources for finding a roommate includes friends of friends, asking coworkers, postings/listings on bulletin boards at college, and asking relatives.

True

False

2.

1 point

Which type of home uses prefab housing kits where large panels are pre-assembled and delivered ready to be put together?

Condominium

Mobile home

Manufactured home

Custom home

3.

1 point

Which of the following is NOT a minimum expectation you should have of a roommate?

they should pay the rent on time

they should respect your privacy

they should always get permission from you before having guests over

they should keep common areas neat

4.

1 point

Each roommate is 100% responsible for the rent; therefore, if one roommate leaves prior to the end of the lease, the other roommate is 100% responsible for the rent.

True

False

5.

1 point

Which of the following is NOT an advantage to buying a custom built home?

Unique design

Truly functional living space for family members

Usually top building materials are used

usually more expensive

6.

1 point

What percentage of income should a person use when calculating how much to spend on housing?

10-15%

43-48%

75-80%

25-28%

7.

1 point

What is a lease?

the same thing as a deposit

printout of payments

a casual agreement between friends

a rental agreement that is a legal document

8.

1 point

What are utilities?

down payment and security deposit

rent and renter’s insurance

workout room, pool, and walking path

heat, water, and electricity

9.

1 point

Which of the following is true about rental property?

Rental properties are purchased by the tenant

All rental properties are furnished apartments

The tenant is the landlord

Any dwelling can be a rental, but apartments are the most common

10.

1 point

Which of the following is NOT true of a condominium?

May have a variety of styles to choose from

The owner will have joint interest in all shared areas – grounds, pools, etc

The space is purchased, not rented

They are known to be unsafe in a tornado

11.

1 point

Which of the following is a disadvantage to having a roommate?

can save you money by sharing expenses

can meet new people

shared responsibilities so you don't have to do everything yourself

potential conflicts

12.

1 point

Why are construction costs lower for tract housing?

The builder only hires five people to do the work, therefore, costs are lower

Developer builds several houses using a few basic plans

They use plastic instead of wood for the frame of the house

the houses are usually very small

13.

1 point

Before submitting an application form for an apartment, a person should know…

how to contact the groundskeeper and repairman

the color of the walls in the apartment

the name of the landlord

if there is an application fee and if so, how much it is

14.

1 point

Why is renter's insurance recommended?

it protects the tenants’ personal belongings in case of fire or theft

it protects the building (walls, windows, plumbing)

it helps lower the cost of the rent

it improves the person's credit rating

15.

1 point

What is the primary advantage of purchasing a mobile home?

Mobile home parks may have many amenities

They are very affordable; lower cost

Cities may limit the location they can be placed

Designed to be movable