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Objective 6.03 Key Terms

Objective 6.03 Key Terms

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Published by: heatherhaymer on Jul 08, 2011
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04/09/2014

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7086 Personal Finance Unit C: Becoming a Responsible Consumer Summer 2010, Page
271
Appendix 6.03I
Key Terms: Housing Options
Term ExplanationOptions for Meeting Housing Needs
apartment A building that houses more than one family in separate living unitscondominium A building that houses more than one family; each person owns walls and air space of the unitcooperative 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 determinesmanagement, restrictions, and operating policiessingle-familyhouseA custom-built, development, modular, or kit house or townhousemanufactured“mobile” homeA single-wide or double-wide moveable homeduplex A building that contains two separate living unitstownhouse 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 unitresidence hall A living space on college/university campuses available to attending students onlyrent/lease To pay a security deposit and monthly payments to a landlord buy To purchase with cash or through a down payment plus monthly mortgage loan payments
Renting/Leasing
maintenance Tasks involved in keeping a home liveable and functional---cutting grass, changinglight bulbs, making minor repairs, painting, cleaning guttersmobility The ability to move quickly and easilyequity Ownership; the value of property ownedtax benefit Any condition that qualifies a person for a tax credit or deductible expenselease A legal agreement between a landlord and a tenant stating terms agreed upon by bothlessee A person who leases or rents a living spacelessor A person who owns a living space that is rented/leased; a landlordsecurity deposit 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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