Fannie Mae Foundation: How to Buy a Home

Note to the teacher:
Intended for students with an advanced level of English, this more detailed survey assesses how well students understand vocabulary specific to the home-buying process. By administering the survey before the home-buying readiness class or unit and then again when the class is finished, you can determine, in part, what students have learned throughout the course.

You should carefully model this activity with students to ensure that they understand the activity. For example, you can read the first section of questions out loud and give the correct answers.

Here is the answer sheet.

Assessment: Pre- and Post-test

Vocabulary Terms

Write the letter of the term that correctly matches the definition below:

Definitions

Unit One

1.__ A report of your credit history.

2.__ A list of the places you have worked, your job title, the dates of employment, and your salary.

3.__ The expenses of transferring ownership of a property, above and beyond the sales price.

4.__ The section of the purchase price of the house that the buyer pays in cash.

5.__ The money you owe on long-term loans such as car loans, student loans, mortgage loans, and possibly the payments you owe on credit cards.

a. closing costs

b. credit report

c. debts

d. down payment

e. job history

Unit Two

6.__ A plan for a house showing the location and measurements of rooms, windows, doors, and appliances.

7.__ A person who helps you find a home to buy and receives a commission from the sale of the home.

8.__ The advertised amount of money the seller wants for a home.

9.__ The expected value of the home for sale based on recent sales prices for similar homes that are nearby.

10.__ The percentage of the sales price that the real estate agent receives.

f. asking price

g. commission

h. floor plan

i. market value

j. real estate agent

Unit Three

11.__ A credit history you can prepare if you do not have credit cards or never had a loan.

12.__ Your total monthly income from all sources before taxes are taken out.

13.__ A mortgage that has an interest rate that can go up or down periodically.

14.__ Your total monthly income after taxes are taken out.

15.__ A mortgage in which the interest rate does not change during the entire term of the loan.

k. adjustable-rate mortgage

l. fixed-rate mortgage

m. gross monthly income

n. net monthly income

o. nontraditional credit history

Unit Four

16.__ Federal income tax deduction of the interest you paid on your home loan.

17.__ A device that alerts residents to smoke and fire.

18.__ A plan that lists all your monthly income and expenses.

19.__ Servicing things around the house to prevent problems from occurring.

20.__ Public services such as the supply of water, electricity, and gas.

p. budget

q. fire alarm

r. routine maintenance

s. tax advantage

t. utilities

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