Answer the following statement(s) true (T) or false (F)
1. Mortgage insurance covers a lender in the event of a foreclosure if the value of the collateral is less than 80% of the amount of the outstanding debt. The borrower pays the premium on the mortgage insurance.
2. Because actual damages may be difficult to ascertain, the parties may stipulate in advance to a specific amount of damages due in the event of a default, which must not be punitive.
3. A purchase money mortgage is when the seller provides financing to the buyer for the purchase of the property.
4. A release provides record notice that the mortgagee has been paid in full and no longer claims a lien upon the property.
5. The Real Estate Settlement Procedures Act provides disclosures about all costs made in connection with a real estate closing be disclosed to the parties.
1. True
2. True
3. True
4. True
5. True
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What will be an ideal response?
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