Chapter 9 Vocab

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Across
  1. 2. professional assessment of the value of a home
  2. 3. large final payment of a loan
  3. 6. amount of an asset's value that exceeds what is owed
  4. 8. loan in which the homeowner borrows money using the equity as collateral
  5. 15. what a property is worth as determined by a tax assessor
  6. 18. insurance that includes coverage for the structure of the house as well as its contents
  7. 20. in insurance terms, amount to be paid to purchase insurance
  8. 23. tax levied against the value of real estate
  9. 24. portion of an insurance claim for which the policy holder is responsible
  10. 25. process of paying down a loan by making regular payments of interest and principal
  11. 26. contract used lease property for a predetermined period of time
Down
  1. 1. insurance that pays what the property was worth at the time it was damaged or stolen
  2. 4. special fees that cover a variety of costs related to purchasing a home
  3. 5. contract between a home buyer and a lender where the property being purchased is held as collateral
  4. 7. replacing a mortgage with a high interest rate with another mortgage at a lower rate
  5. 9. insurance that protects the lender in case any questions arise regarding who has title, or ownership, of a piece of real estate
  6. 10. service contract that covers the repair & replacement costs of appliances and systems that commonly need repair
  7. 11. owner of the property that is being leased
  8. 12. account that adds an amount of money to a mortgage payment to cover taxes and insurance
  9. 13. detailed report of losses that is filed with the insurance company when the person experiences a loss
  10. 14. person renting the property under the lease
  11. 16. occupant of the property being rented
  12. 17. type of insurance purchased by the tenant that provides financial protection should personal property be damaged or stolen
  13. 19. insurance that will pay what it actually cost to replace the item damaged or stolen
  14. 21. payment held by the lessor to cover the costs of potential damages
  15. 22. basic services such as telephone service, cable and internet, electricity, natural gas, and water for residence homes