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6.03 Housing Options
N/A
36
Computer Networking
9th Grade
04/15/2013

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Cards

Term
Apartment
Definition
A building that houses more than one family in separate living units
Term
Condominium
Definition
A building that houses more than one family; each person owns walls and air space of the unit
Term
Cooperative
Definition
A person buys shares in a corporation that owns the property; owners pay fees for maintenance and service costs, building mortgages, and taxes; co-op determines management, restrictions, and operating policies
Term
Single-Family House
Definition
A custom-built, development, modular, or kit house or townhouse
Term
Manufactured "Mobile" Home
Definition
A single-wide or double-wide moveable home
Term
Duplex
Definition
A building that contains two separate living units
Term
Town House
Definition
A dwelling of two or three stories that attaches at sidewalls to other units; each person owns walls and air space plus property rights and yard of the unit
Term
Residence Hall
Definition
A living space on college/university campuses available to attending students only
Term
Rent/Lease
Definition
To pay a security deposit and monthly payments to a landlord
Term
Buy
Definition
To purchase with cash or through a down payment plus monthly mortgage loan payments
Term
Maintenance
Definition
Tasks involved in keeping a home liveable and functional---cutting grass, changing light bulbs, making minor repairs, painting, cleaning gutters
Term
Mobility
Definition
The ability to move quickly and easily
Term
Equity
Definition
Ownership; the value of property owned
Term
Tax Benefit
Definition
Any condition that qualifies a person for a tax credit or deductible expense
Term
Lease
Definition
A legal agreement between a landlord and a tenant stating terms agreed upon by both
Term
Lessee
Definition
A person who leases or rents a living space
Term
Lessor
Definition
A person who owns a living space that is rented/leased; a landlord
Term
Security Deposit
Definition
Money paid by lessee to lessor in advance of occupance of living space; used to pay costs of any damages done to property while occupied
Term
Sublet
Definition
When a tenant finds another person to live in his/her leased space
Term
Condition
Definition
Any stipulation or requirement that is agreed upon in a lease
Term
Eviction
Definition
A legal notice to a lessee to move out of a property
Term
Classified Ads
Definition
Newspaper ads showing available homes for sale
Term
Open House
Definition
An opportunity for interested buyers to walk through a home that is for sale
Term
Real Estate Agent
Definition
A professional person who buys and sells homes
Term
Earnest Money
Definition
A deposit to prove that a buyer is serious about purchasing
Term
Contingency
Definition
Any condition that must be met in order for a home buying deal to occur
Term
Down Payment
Definition
Part of the purchase price for a home that is paid in cash up front
Term
Closing
Definition
The final step in buying a home where conditions of purchase are met; all parties must be present---buyer, seller, lender, real estate agent, attorney
Term
Closing Costs
Definition
Fees that must be paid by buyer or seller at the time purchase is finalized
Term
Monthly Loan Payments
Definition
Mortgage payments paid by the buyer to the lender each month
Term
Continuing Costs
Definition
Property tax, insurance, and associated fees
Term
Escrow Account
Definition
Money in a bank account held in trust to pay taxes and insurance when due
Term
Conventional (Fixed Rate) Mortgage
Definition
Interest rate and monthly payment amount remains the same for the life of the loan
Term
Adjustable Rate Mortgage (ARM)
Definition
Interest rate changes to reflect changes in economy; may change yearly; monthly payment will increase
Term
FHA Loan
Definition
Insures loans to low- and moderate-income families who might not otherwise qualify for a mortgage
Term
VA Loan
Definition
Insures loans to people who have served in the military, with no down payment required
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