What type of property is security for a residential mortgage loan?
What will be an ideal response?
Typically, property refers to real estate. If the property owner (the mortgagor) fails to pay the lender (the mortgagee), the lender has the right to foreclose the loan and seize the property in order to ensure that it is repaid. The types of real estate properties that can be mortgaged are divided into two broad categories: single-family (one-to four-family) residential and commercial properties. The latter (residential mortgage loan) category includes houses, condominiums, cooperatives, and apartments. Commercial properties are income-producing properties: multifamily properties (i.e., apartment buildings), office buildings, industrial properties (including warehouses).
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Elena Wallace invested $150,000 in a project that pays her an even amount per year for 10 years. The payback period is 6 years. What are Elena's yearly cash inflows from the project?
A) $150,000 B) $15,000 C) $25,000 D) $90,000 E) cannot be determined from this information
Theft is to the criminal law as ____ is to the civil law
a. stealing b. appropriating c. conversion d. trespass
Under the CISG:
a. loss of, but not damage to, the goods after the risk of loss has passed to the buyer discharges the buyer from the obligation to pay the purchase price. b. if the sales contract involves the carriage of the goods and the seller is not obligated to hand them over at a particular destination, risk of loss passes to the buyer when the goods are handed over to the first carrier. c. if the sales contract does not involve carriage of the goods, the risk of loss passes to the buyer when the goods are tendered to him. d. All of the answers are correct.
For each transaction recorded in an accounting system, the basic equation that must be maintained at all times is:
A. Assets = Liabilities. B. Revenues = Expenses + Dividends. C. Assets = Liabilities + Stockholders' Equity. D. Cash Increases = Cash Decreases.