Book Opener

Consider the key terms in the list below. Then use these terms tocomplete the following exercises.equitydebt ratiocooperativecondominiummortgagetenancy in commonjoint tenancytenancy by the entiretydeedzoning lawseminent domainadverse possessioneasement1. Using the local real estate section of your newspaper as a guide,write a brief description of the home in which you would liketo live. Be sure to include the cost, the location, and the size ofthe home.2. With a partner, role-play a scenario between a real estate attorneyand a person who is buying a home. Use as many of the key termsas possible in your role-play exercise.3. Present your role-play to the class.Self-Check Quiz Visitthe UnderstandingBusiness and PersonalLaw Web site atubpl.glencoe.com andclick on Chapter 34:Buying a Home—Self-Check Quizzesto prepare for thechapter exam.Answer the following questions. Refer to the chapter for additional reinforcement.4. What information does a lender use to judge your ability to repay your mortgageloan?5. What type of home ownership is the most popular? Explain your answer.6. What is the purpose of the Real Estate Settlement Procedures Act (RESPA)?7. What common law doctrine is tenancy by entirety based upon? What is theadvantage of this type of ownership?8. Why do local governments and public utilities usually obtain easements?9. What is a debt ratio?10. Why are single-family homes more popular than other types of housing?11. Distinguish between liens, licenses, and easements.Chapter 34: Buying a Home 747