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Ch. 12 Being a better consumer of housing & Vehicles, Key Terms -…
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Key Terms
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security deposit
a payment required by the landlord in advance to cover the wear and tear of the unit and (as the name implies) to secure a unit for the renter.
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transaction price
includes the price of vehicle, discounts, add-ons, taxes, and license fees
rentreverse mortgages
pay the homeowner, usually an elderly person, in monthly advances or through a line of credit
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consumer unit
members of a household related by blood, marriage, adoption, or other legal arrangements; a single person living alone or sharing a household with others but who are financially independent; or two out of three major types of expenses (food, housing, and other expenses).
cooperative apartments
similar, except you own shares in the building as a whole, with the right to lease a certain unit.
defect-disclosure forms
the condition of the home are required in some states, and termite inspections are required in others
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condominiums
homes attached to one another; individual units, shared common areas such as swimming pools, elevators, and lobbies.
Freddie Mac
established to work with mortgage lenders to help people get lower housing cost and better access to residential home financing. Because of him more people have access to better home financing and lower monthly mortgage payments, with the goal being to make housing more accessible and affordable to a wide range of Americans
high-balling
means that a high amount is offered for a trade-in, but the extra amount is made up in an increased new car price.
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homeowner’s fees
The monthly maintenance or repair fees for common areas collected from owners of town houses or condominium owners.
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invoice price
the manufacturer's initial charge to the dealer (in other words, what the car cost the dealer).
lease
a legal document between the renter and the landlord describing the rights and responsibilities of both
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lemon laws
which allow owners of new vehicles that repeatedly break down to get their money back or get the car replaced
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low-balling
a very low price being quoted, but there are add-on costs at the end that drive the final price up
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leasing
a vehicle is a contractual arrangement with terms concerning the monthly payment, security deposit, and condition of the vehicle upon return.
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PITI
which stands for principal, interest, taxes, insurance.
predatory lending
lures people into loans they really can not afford, usually by borrowing against the equity in their homes or a relative's home
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mortgages
loans to purchase real estate in which the real estate serves as collateral, are what remain after the down payment is subtracted from the purchase price