Renting a Home Quiz You've done your research and are well on your way to becoming an informed renter. Now it's time to test your knowledge. You may even learn something new. 1 Which of the following is a common reason people give for preferring to rent a home? May gain a tax advantage No maintenance costs and repair bills To build their credit They plan on having children question 1/5 Next 2 Which of the following is a common reason people give for preferring to own a home? Opportunity to build equity Can move quickly No real estate taxes Lower insurance costs question 2/5 Next 3 Which of the following is NOT a potential cost associated with renting? Utilities Pet Fees Property taxes Nonrefundable move-in fees question 3/5 Next 4 What should you do now if you plan to become a homeowner? Check your credit report and take steps to fix errors or establish credit Develop a spending and savings plan Determine what home price you can afford All of the above question 4/5 Next 5 If you have no credit history, what should you do to help establish one? Open several credit card and loan accounts at once Use cash whenever possible; avoid using debit cards Obtain one or two low-cost credit cards Borrow more than you can afford to repay question 5/5 View Results ★ You scored 0 out of 5. Excellent job! You’re well on your way to being an informed renter. You’re off to a good start. You may benefit from looking further into our Renting section to become an even more informed renter. Knowledge is power! Retake quiz