General Info

Types of Houses

Legal Terms

Costs of Renting

Costs of Buying

10 10 10 10 10

20 20 20 20 20

30 30 30 30 30

40 40 40 40 40

50 50 50 50 50

General Info- 10

• What are 3 things you should look for on a home inspection?

General Info Answer– 10

• Cracks in foundation• Leaking roof• Water damage on walls, ceilings, floors, in

basement• Rotted windows, deck or porch• Peeling or bubbling paint• Electrical, plumbing systems working• Appliances not leaking/in good condition

General Info- 20

• What is the difference between human and Material Resources?

Answer General Info – 20

Human: The skills and talents that home owners bring to their house, such as painting, carpentry, plumbing, etc.

Material: Tangible assets, such as money, property, supplies and tools

General Info- 30

• Why is it important to have a good relationship with your landlord?

Answer 1 – 30

• They may be more lenient with rent• They may complete maintenance

faster/better• They may choose not to increase your rent• They may do special favours for you

General Info- 40

• What are three things to think about when choosing a roommate?

Answer 1– 40

• Rules around dishes, guests, bills, shopping, cooking, cleaning

General Info- 50

• What is 1 advantage and 1 disadvantage for both new and old homes.

Answer 1 – 50

• New Homes: – Advantage: modern, clean, applianecs, may have

freedom to make design decisions– Disadvantage: unexpected costs, homes may be

all similar

• Old Homes:– Advantage: can be well-built, bigger, character,

well-established neighbourhoods– Disadvantage: high repair and maintenance costs

Types of Houses- 10

• What is a single detached house?

Answer 2 – 10

• A house that stands on it own, is not connected to any other house.

Types of Houses- 20

• What is a townhouse

Answer 2 – 20

• A house attached to a row of houses.

Types of Houses- 30

• What is a triplex?

Answer 2 – 30

• A house that is attached to two other houses.

Types of Houses- 40

• What is the difference between a duplex and attached house?

Answer 2 – 40

• No difference, they are the same thing.

Types of Houses- 50

• What are the two types of apartments?

Answer 2 – 50

• Low-rise and high-rise

Legal Terms- 10

• What is a verbal agreement?

Answer 3 – 10

• A verbal agreement is a commitment by a tenant and landlord to rent out a unit. It is not a legal agreement and will not stand up in court.

Legal Terms- 20

• What is the difference between a written agreement and a lease?

Answer 3– 20

• A written agreement outlines certain provisions, such as rental cost. It does not say how long a tenant may live in a rental unit

• A lease is a legal document a tenant signs, that states the rights and duties of the landlord and tenant.

Legal Terms- 30

• What are your options if you want to move before your lease has expired?

Answer 3 – 30

• Sublet, assign the lease to another person, pay for the remainder of the lease

Legal Terms- 40

• What are 3 things that should be found in a lease?

Answer 3 – 40

• Amount of rent• When you have to pay rent• Rules for decorating, pets, parking, etc.• Date tenant can move in• Penalty for late payment• Amount of depost, advance rent• Length of lease

Legal Terms- 50

• Under what circumstances can a landlord evict you?

Answer 3 – 50

• If you have committed a breach of contract, a landlord may ask a renter to leave.

Costs of Renting- 10

• What is an advance on rent?

Answer 4 – 10

• When you have to pay an extra month of rent when you first sign your lease in case you move out early.

Costs of Renting- 20

• When would you need to pay an application fee?

Answer 4 – 20

• When you apply for a rental unit.

Costs of Renting- 30

• What does a security deposit cover?

Answer 4 – 30

• Any damage done to the unit while you are a tenant

Costs of Renting- 40

• When you live in an apartment, who does the maintenance?

Answer 4 – 40

• Landlord

Cost of Renting- 50

• What are three advantages of renting?

Answer 4 – 50

• Predictable housing costs• Limited maintenance• mobility

Costs of Buying- 10

• What is a down payment, and what is the minimum amount of down payment you can pay?

Answer 5 – 10

• A cash deposit, at a minimum of 5% of the purchase cost, towards the price paid at the time of purchase

Costs of Buying- 20

• What does a credit report tell potential mortgage lenders?

Answer 5 – 20

• It is a summary of your financial history. • It shows previous debts, and whether you

have had problems paying off your debts

Costs of Buying- 30

• What is the amortization period?

Answer 5 – 30

• The length of time it takes to pay off your mortgage in full.

Costs of Buying- 40

• What is the difference between fixed and variable interest?

Answer 5 – 40

• Fixed interest rate: the interest rate does not change over the mortgage term.

• Variable: the interest rate can increase or decrease over the mortgage term

Costs of Buying- 50

• What are 3 advantages of buying a home?

Answer 5 – 50

• A feeling of belonging• Independence• Investment value• A good credit record• Tax advantages