B. Contracts that have terms yet to be fulfilled are said to be executory. They are executed when all the terms have been completed.
B. This is statutory.
A. This is statutory.
B. This is definitional. An assignment would have the original contractor still be liable for the work.
D. This may be viewed as a trick question, since the FHA does not make purchase loans at all but rather insures loans made by primary lending institutions that are participating FHA-approved lenders.
B. Amortization means paying off the loan as you go. Reverse means just the opposite (that is, adding to it).
C. The other three answers refer to a situation where the balance of the loan is paid off at the end.
D. FHA loans are not insured for the full value or sales price of the house. Therefore, a small down payment is required.
A. The buyer can pay more than the Certificate of Reasonable Value, but the program will only insure the CRV amount.
B. GNMA guarantees that payments will be made to buyers of mortgages but does not actually buy mortgages.
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