Shared Flashcard Set

Details

6.03 set
6.03 set
18
Finance
Not Applicable
04/15/2013

Additional Finance Flashcards

 


 

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
townhouse
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
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