Tips and Tools For Financial Success - Newton Free Library
Tips and Tools For Financial Success - Newton Free Library
Tips and Tools For Financial Success - Newton Free Library
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Answers to Renting an Apartment Quiz<br />
1. Correct Answer: d. Security deposit<br />
A security deposit is one way that l<strong>and</strong>lords protect themselves against loss. Other types of deposits<br />
might be required such as a key deposit, pet deposit <strong>and</strong> last month’s rent.<br />
2. Correct Answer: c. Studio<br />
A duplex is a type of housing where two units share a common wall or an apartment on two levels<br />
connected by a staircase. A townhouse is a 2 or 3 story home <strong>and</strong> a sublet means to allow someone<br />
else to rent your rental. A studio is a one room dwelling.<br />
3. Correct Answer: d. Guarantor<br />
A lessor or a l<strong>and</strong>lord leases the property. A realtor finds tenants for the property. A guarantor or<br />
cosigner promises to pay the rent if the tenant does not.<br />
4. Correct Answer: b. Renter’s insurance<br />
Renters’ insurance may cover things like water damage, fire <strong>and</strong> theft <strong>and</strong> may be required by the<br />
l<strong>and</strong>lord.<br />
5. Correct Answer: a. Furniture<br />
Utilities are public services. Though an apartment might be furnished, furniture is not a utility.<br />
6. Correct Answer: b. A walk-through<br />
A walk-through is a prudent measure for both l<strong>and</strong>lord <strong>and</strong> tenant <strong>and</strong> may also occur at the end of<br />
a rental period. A lease review is not an inspection <strong>and</strong> an amenity is a benefit such as a pool.<br />
7. Correct Answer: d. All of the above<br />
This act prohibits many types of discrimination including the ones listed above.<br />
8. Correct Answer: b. 35%<br />
People spent more on housing than any other category.<br />
9. Correct Answer: d. All of the above<br />
Any one of the above reasons can be used to deny an applicant.<br />
10. Correct Answer: c. A rental arrangement that has no expiration date but may be<br />
terminated by either the tenant or l<strong>and</strong>lord<br />
Tenant at will laws vary from state to state. A tenant at will is a rental situation that often doesn’t<br />
have a formal set of rules.<br />
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