| A | B |
|---|
| roommate | a person with whom you share living space, living expenses, and other responsibilities |
| shared responsibility | two or more people who each agree to bear a portion of an obligation |
| living habits | your daily routine, or the way you choose to live your life |
| security deposit | a refundable amount paid to cover damages to property caused by a tenant |
| logistics | the act of making a plan and carrying it out to ensure that an event takes place |
| contract | a legally binding agreement that specifies the rights and duties of each party to the agreement |
| consideration | something of value exchanged for something else of value |
| lease | a written agreement that allows a tenant to use property for a set period of time at at set rent payment |
| rental agreement | a written agreement that allows you to leave any time as long as you give the required notice |
| eviction | the legal process of removing a tenant from rental property |
| property manager | an off-site manager hired to take care of rental property |
| down payment | a cash deposit toward the purchase price that is paid up front |
| trade-in | something of value applied toward the down payment of a new purchase |
| preapproved loan | a loan for which a maximum amount is established and approved in advance |
| refinancing | paying off an existing loan with a new loan that usually has better terms |
| mortgage | a loan used to purchase real estate |
| rent-to-own agreement | a contract in which a portion of the renter's monthly payment is applied toward the purchase price of the rented item |
| debt repayment plan | a strategy for paying off debt in a way that reduces the total interest paid |
| balloon payment | a large lump-sum payment that must be paid at a set time |
| prepayment penalty | a fee charged if you repay a loan before the agreed-upon time |
| credit management | establishing and following an individual plan for using credit wisely |
| 20/10 Rule | a plan to limit the use of credit to no more than 20 percent of your yearly take-home pay, with payments of no more than 10 percent of monthly take-home pay |
| unused credit | the remaining credit available to you on current accounts |
| predatory lending | unfair, deceptive, fraudulent loan practices |
| loan shark | a person who offeres illegal loans at very high interest rates and often uses intimidation to enforce repayment |
| easy access credit | type of credit that can be obtained quickly and easily but that often comes with high or hidden costs |
| title loan | a short-term loan with a high interest rate that uses the title on your vehicle as collateral |
| equity stripping | the unethical practice of extending a loan to a distressed homeowner who cannot afford the loan payments, resulting in the lender taking posession of the home |
| payday loan | a cash advance from your next paycheck |
| advance-fee loan | a type of loan that includes a large fee up front |
