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Are You Ready to Live on Your Own?

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Questions and Answers

Which one of the following is a requirement to rent an apartment or room?

Having a job

Having a pet

Being over 30 years old

Having a reference (correct)

What is a rental agreement also known as?

A contract

A payment plan

A security deposit

A lease (correct)

What is a security deposit?

Money paid to the landlord for damages (correct)

Money paid to the landlord for monthly rent

Money paid to the tenant for monthly rent

Money paid to the tenant for damages

What percentage of millennials are currently living with their parents?

Over 30 percent Signup and view all the answers

Why do many millennials move back home after trying to live on their own?

They can't afford it Signup and view all the answers

Which of the following is NOT mentioned as an important detail in a rental agreement?

Responsibility for paying utilities Signup and view all the answers

What is the recommended percentage of take-home pay that should be spent on rent?

30% Signup and view all the answers

Why is location an important factor when selecting an apartment?

To be close to your job Signup and view all the answers

What is one sacrifice that may need to be made when selecting a place to live?

Living in a spacious house with a beautiful view Signup and view all the answers

Why is it important to read the rental agreement carefully before signing it?

To understand the fine print Signup and view all the answers

True or False: Once you sign a rental agreement, you are legally bound to follow all the conditions listed in it.

True Signup and view all the answers

True or False: It is recommended that the amount of rent you pay should not be more than 30% of your take-home pay.

True Signup and view all the answers

True or False: It is important to be close to your job when selecting an apartment.

True Signup and view all the answers

Match the following terms with their definitions:

Rental Agreement = A legal contract between tenant and landlord Rent = Amount to be paid each month for the apartment Fine Print = Important details in the contract that need careful reading Early Termination = Vacating the apartment before contract expires, possibly causing additional costs Signup and view all the answers

Match the following factors to consider when selecting an apartment:

Affordability = Rent should not be more than 30% of your take home pay Location = Should be close to your job or a transportation system Safety = A top concern when selecting a place Type of Place = Choosing what you need, not necessarily what you want Signup and view all the answers

Match the following responsibilities as a renter:

Paying Rent = To be paid each month, often to a specific person Notice = Properly given if you decide to move, or you might pay rent until contract expires Repairs = Policy usually stated in the contract Pets = Contract may specify if they are allowed on the premises Signup and view all the answers