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Econ 208 Final Exam || WITH A+ GRADED SOLUTIONS!!
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  • Econ 208
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  • Econ 208

A conventional mortgage usually involves: a.) a variable interest rate. b.) a government guarantee. c.) a balloon payment. d.) equal payments. e.) a payment cap. correct answers d A condominium involves: a.) renting a mobile home. b.) part ownership of a building by a nonprofit organizati...

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  • August 19, 2024
  • 29
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • a conventional mortgage usually involves a a va

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  • Econ 208
  • Econ 208

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Econ 208 Final Exam || WITH A+ GRADED
SOLUTIONS!!
A conventional mortgage usually involves:
a.) a variable interest rate.
b.) a government guarantee.
c.) a balloon payment.
d.) equal payments.
e.) a payment cap. correct answers d

A condominium involves:
a.) renting a mobile home.
b.) part ownership of a building by a nonprofit organization.
c.) ownership of an individual living unit.
d.) government-subsidized housing.
e.) renting a house with the option to buy. correct answers c

A mortgage where the borrow agrees to share some of the expected price increase in the
value of the home with the lender is:
a.) A conventional mortgage
b.) A growing equity mortgage
c.) A shared appreciation mortgage
d.) A reverse mortgage
e.) An adjustable rate mortgage correct answers c

As Wally Quinten conducts an investigation of property value factors, most real estate
experts tell him that ____________ most influences the housing values in an area.
a.) community pride
b.) style of homes
c.) zoning laws
d.) age of neighborhood
e.) quality of schools correct answers e

The assessed value of your home is:
a.) The value of your home used to calculate property taxes
b.) The estimated current value of your home in the market
c.) The price you pay for your home
d.) The amount of money the buyer pays when they make an offer on a home
e.) None of the above are the assessed value of the home: correct answers a

Which of the following is an example of a conventional mortgage?
a.) an FHA mortgage
b.) a buy down
c.) a fixed rate mortgage
d.) a shared appreciation mortgage
e.) a home equity loan correct answers c

Otto Putman rents a living unit as a result of his membership in a nonprofit housing
organization. What name is commonly used for this type of housing?

,a.) modular housing
b.) government-supported housing
c.) cooperative housing
d.) a condominium
e.) zoned housing correct answers c

Ownership of an individual housing unit in a building is commonly called:
a.) a cooperative.
b.) modular housing.
c.) manufactured housing.
d.) a condominium.
e.) zoned housing. correct answers d

Gary Smith is purchasing one living unit in a building. What type of housing is Gary most
likely going to live in?
a.) A Condominium
b.) A Duplex
c.) A Cooperative
d.) A Prefabricated home
e.) None of the above correct answers a

A newly married couple is having trouble affording a home. What type of mortgage
arrangement would reduce the monthly payment as a result of an interest rate subsidy from a
builder or real estate developer?
a.) FHA-insured loan
b.) balloon mortgage
c.) buy down
d.) shared appreciation mortgage
e.) growing equity mortgage correct answers c

A short-term mortgage with a very large final payment is called a ____________ mortgage.
a.) balloon
b.) graduated payment
c.) growing equity
d.) shared appreciation
e.) negative amortization correct answers a

Brenda Williams plans to rent instead of buy her housing. What advantage of renting will
Brenda encounter?
a.) tax advantages
b.) lower initial costs
c.) community pride
d.) financial benefits
e.) home improvement flexibility correct answers b

Renting is more advantageous than buying a home for:
a.) lower short-term living costs.
b.) financial benefits.
c.) long-term investment purposes.
d.) receiving tax benefits.

, e.) permanence of residence. correct answers a

What is the purpose of subletting an apartment?
a.) to increase the rent
b.) to lower maintenance costs
c.) to convert the units to condominiums
d.) to meet certain government housing regulations
e.) to obtain another tenant to complete a lease period correct answers e

Jennifer Garland is purchasing a home that was assembled in a factory and then moved to the
living site. What type of housing is Jennifer most likely going to live in?
a.) A condominium
b.) A duplex
c.) A cooperative
d.) A prefabricated home
e.) None of the above correct answers d

The most popular type of home ownership is:
a.) A condominium
b.) A duplex
c.) A cooperative
d.) A prefabricated home
e.) A single family dwelling correct answers e

A common opportunity cost associated with renting is:
a.) interest lost on the down payment.
b.) interest lost on closing costs.
c.) property taxes.
d.) maintenance costs.
e.) interest lost on the security deposit. correct answers e

Michelle Duncan wants to know what price home she can afford. Her annual gross income is
$45,000. She has $750 expenses per month in other debt and expects that her property taxes
and homeowners insurance to cost $250 per month. She knows she can get a 7.5%, 30 year
mortgage so that her mortgage payment factor is 6.99. She expects to make a 20% down
payment. What is Michelle's affordable home purchase price? (Round your answer to the
nearest $100)
a.) $76,000
b.) $60,800
c.) $304,000
d.) $42,500
e.) $254,800 correct answers a

The purpose of zoning laws is to:
a.) restrict property use.
b.) encourage new housing development.
c.) minimize people moving from an area.
d.) reduce real estate property taxes.
e.) assist real estate agents in finding homes for sale. correct answers a

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