2025 FinLit Vocab for Chapter 10: Housing Costs

6. costs associated with the transfer of property from the seller to the buyer, which may include fees for the property survey, loan application, document preparation, and points.
7. Provides financial protection against damage to one’s home and personal property from fire, windstorm, rain, lightning, and other unpredictable events.
9. The percent of a property’s market value that is taxed.
12. pays for the expenses for living away from home while your damaged home is being repaired
15. taxes collected by the city or county from homeowners to pay for roads, parks, schools, government offices, and other services.
17. pays for medical expenses for nonfamily members accidentally injured on your property

1. a number assigned by an insurance company to a building that reflects how fire resistant it is and how close to a water source it is.
2. the price at which a property can be bought or sold
3. provides financial protection for homeowners against various losses
4. the dollar value a tax assessor assigns to a property for taxation purposes.
5. the costs of services such as electricity, gas, water, telephone, cell phone, cable tv, internet, and heating fuel.
8. Provides financial protection for homeowners of someone alleges that their negligence caused them bodily. Injury or property damage while on the insured’s property.
10. The percent of income, sales, or property value collected in taxes. The tax rate on property is sometimes expressed in mills per dollar of the property’s assessed value.
11. the amount paid to an insurance company for insurance coverage.
13. the amount required to reconstruct a home if it is destroyed.
14. made when signing a lease, it is a one-time payment that may be used to pay for cleaning the apartment at termination of the rental agreement, to change the locks, or to repair damage to the rental unit.
16. a long term loan extended to someone to buy a property