QUIZ
Renting an Apartment
3 years ago by
42 questions
Q. What is an application fee?
answer choices
$25
Its for a background check and credit check
To make sure no one else get the apartment
To give away money
Q.

What is an security deposit?

answer choices

It is money to be used to fix anything that tentant has broken in the apartment

Money to secure the apartment

Money for police services

Money for a rental cop

Q.

How much is an application fee?

answer choices

$25- $65

$1500

$100

Based on your credit score

Q.

Most authorities claim that what percentage of your monthly pay is the safe amount to spend on housing?

answer choices

10-20%

30%

40%

50%

Q. Unless stated differently, most leases are for how long?
answer choices
2 years
1 year
5 years
10 years
Q. When a landlord gives a written notice to take possession of a property, you are being ...
answer choices
Forclosed
Bankrupt
Evicted
Arrested
Q. Which of the following would NOT be considered a major utility in a rental agreement?
answer choices
Electric Bill
Heating Bill
Water and Sewer Bill
Grocery Bill
Q. Unless otherwise noted, rent is typically due when?
answer choices
Last day of the month
First day of the month
Middle of the month
Anniversary of the day you moved in
Q. A written contract specifying the terms for the use of an asset is called: 
answer choices
lease
paper
signing your life away
loose
Q. The name for a renter is:
answer choices
landlord
rentee
tenant
lease 
Q. There is no need to read a lease before signing it.
answer choices
True 
false 
Q. Which of the following should you find out before agreeing to rent an apartment?
answer choices
are pets allowed
late fees
when is rent due
all of the above
Q. This is the title of a person that rents their property to a tenant
answer choices
Landlord
Supervisor
Generous
Tenant
Q. A policy that covers a renters personal property against loss by theft, fire, or other hazards. 
answer choices
Security Deposit
Equity 
Renter's Insurance
Principal
Q. Which is easier to move from?
answer choices
Owning a house
Renting an apartment
Q. What amount is usually held for a security deposit?
answer choices
$150
$250
One month's rent
First and Last month's rent
Q.

Utilities are what type of expenses?

answer choices

flexible expenses

faulty expenses

fixed expenses

final expenses

Q.

All utilities are paid by the landlord.

answer choices

True

False

Q.

fee that covers damages made by pets

answer choices

pet deposit

security deposit

pet ownership fee

pet application fee

Q. When signing a lease, it is recommended that you
answer choices
give it a quick review and sign before someone else gets the apartment you want
read carefully and sign only when you  understand  what everything means
read carefully and sign even though you are not sure what some of the terms mean
read carefully and sign, even though you know that you will not agree to all of the terms stated
Q. Tom's financial advisor believes he should spend no more than 28% of her grossly income for housing.  He has determined that amount to be $1400/month.  Based on this amount and his advisor's recommendation, what is tom's annual salary?
answer choices
$35,000
$40,000
$50,000
$60,000
Q. If a person makes about $6000/month, what is the most they should spend on rent?
answer choices
$1200
$1500
$1800
$2100
Q. A landlord CAN refuse to rent  to a person based upon...
answer choices
their gender
their race
their background check
Their nationality
Q. What should the renter do BEFORE he/she decides to rent an apartment?
answer choices
Do a walkthrough the apartment in the presence of the landlord taking notes on any needed repairs or damages
Take private notes, but not inform the landlord.
Secure the apartment immediately by signing a lease so the apartment will not be rented to another person
pay for all damages to the apartment out of his/her own funds
Q. This is usually submitted to a potential landlord...contains your personal information, current address, employment record...
answer choices
Insurance papers
background check
application
lease
Q.

In order to rent a place, a landlord may request

answer choices

that you own a car.

references and/or a credit check.

proof of vaccinations

All of the above

Q.

The Security Deposit

answer choices

will never be returned to the tenant

will be returned to the tenant after any damages are deducted

will go toward the rent.

All of the above.

Q.

Financial experts recommended, when you rent, the amount of rent you pay should not be more than

answer choices

10% of your take home pay

30% of your take home pay

50% of your take home pay

70% of your take home pay

Q.

When you decide to move out of an apartment,

answer choices

you can move out anytime you want to without penalty.

you must move out on the first day of the month.

you must give the landlord the required noticed stated in the rental agreement.

Q.

A Rental Agreement is often referred to as

answer choices

Renter's Rights

Landlord's Rights

a lease

all of the above

Q.

When it is time to look for a place of your own, it will be important to think about

answer choices

the type of place you need.

the location of the place.

how much rent you can afford to pay.

all of the above.

Q.

When selecting a place to rent it is important to choose a place that

answer choices

you really want and desire.

fits your needs and is affordable.

you find first.

None of the above.

Q.

It is important to make sure you carefully read a rental agreement before signing it.

answer choices

True

False

Q.

When renting a place, it is important to select a place where you feel safe.

answer choices

True

False

Q.

Someone that can vouch that you are a responsible individual.

answer choices

Landlord

Reference

Security Deposit

Q.

Carlos wants to move to New York City after graduation to pursue a career in banking. Which of the following decisions makes the most financial sense for Carlos?

answer choices

Rent a sweet Manhattan apartment, because he'll certainly be able to afford it once he gets a job

Rent an apartment solo in Brooklyn, which will take up 70% of his monthly income, but save money on all other aspects of his budget

Even though NYC is a great place to start a career in banking, Carlos should move home with his parents in Boise to save money

Split an apartment with two roommates so he can pursue his career in banking and enjoy the nightlife, culture, and other activities in NYC

Q.

When deciding where to live, what are some factors you should consider?

answer choices

The rental cost relative to your income

Proximity to family and/or friends

The number of employment opportunities in the area

Proximity to public transportation

All of the above

Q.

Why should you inspect a property prior to putting in an application to rent it?

answer choices

To check on the condition of the property and get a feel for the surrounding neighborhood

To meet with the landlord or property manager to be sure that all your questions are answered

To document any damage that you find with the property so it is repaired before you move in

ALL choices are correct

Q.

Joey has been renting a 2 bedroom apartment with his friend Max, and they have signed a lease that states each co-signer is jointly and severally liable. What does this mean?

answer choices

Max does not have to pay rent because the apartment is in Joey's name

Joey and Max are responsible for each other's payments and actions, as well as their own

Joey and Max are only responsible for making sure their portion of the rent is paid on time

The landlord will cover any damage to the property caused by Joey and Max

Q.

What information should you be comfortable providing to a landlord when applying for an apartment?

answer choices

A personal reference

Information on your salary

An emergency contact name & number

ALL choices are correct

Q. The most commonly accepted notice for leaving an apartment is what?
answer choices
90 days
45 days
2 weeks
30 days
Q.

Choose the term matching the statement: A pipe breaks, but the consumer doesn’t have to fix it.

answer choices

leasing a vehicle

renting a home

purchasing a home

purchasing a vehicle

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