Chapter 9

3. Person renting the property under the lease.
4. What a property is worth as determined by a tax assessor.
7. Payment held by the lessor to cover the costs of potential damage to the property during the term of the lease.
8. Contract between a home buyer and a lender where the property being purchased is held as collateral.
9. Amount of an asset’s value that exceeds what is owed.
12. Detailed report of losses that is filed with the insurance company when a person experiences a loss.
14. In insurance terms, amount paid to purchase insurance.
17. Insurance that pays what the property was worth at the time it was damaged or stolen.
18. Tax levied against the value of real estate.
20. Contract used to lease property for a predetermined period of time.
21. Basic services such as telephone service, cable and Internet services, electricity, natural gas,and water for a residence or business.
23. Loan in which the homeowner borrows money using the equity as collateral.
24. Occupant of the property being rented.
25. Replacing a mortgage with a high interest rate with another mortgage at a lower rate.

1. Insurance that protects the lender in case any questions arise regarding who hastitle,or ownership, of a piece of real estate.
2. Insurance that includes coverage for the structure of the house as well asits contents.
5. Professional assessment of the value of a home.
6. Process of paying down a loan by making regular payments of interest and principal.
10. Service contract that covers the repair and replacement costs of appliances andsystems that commonly need repair.
11. Insurance that will pay what it actually costs to replace the item damaged or stolen.
13. Owner of the property that is being leased.
15. Portion of an insurance claim for which the policyholder is responsible.
16. Type of insurance purchased by a tenant that provides financial protection should that person’s personal property be damaged or stolen.
19. Account that adds an amount of money to a mortgage payment to cover taxes and insurance.
22. Large final payment on a loan.