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Answer_KeyCh12

Answer_KeyCh12 - Answer Key 1 2 3 4 5 6 7 8 9 10 11 12 13...

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Answer Key 1. B 2. A 3. A 4. A 5. B 6. D 7. D 8. D 9. C 10. B 11. A 12. D 13. A 14. C 15. D
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Answer Key with Explanations -Ch 12 Question #1 Answer: B Explanation: A two-year policy at $355.20 is equal to $14.80 per month. As of August 15, 2002, there are nine and a half months left on the policy. $14.80 mutiplied by 9.5 is $140.60, which is the prorated value of the unused portion of the policy. Question #2 Answer: A Explanation: Escrow is an arrangement where the parties to a transaction have a neutral third party hold funds and documents until certain conditions in the transaction are satisfied. Question #3 Answer: A Explanation: Because loan interest is paid in arrears, any interest due on an assumed loan is the seller's responsibility. Interest would therefore be listed as a credit to the buyer. Question #4 Answer: A Explanation: Buyers are permitted to designate the lenders of their choice. However, a seller may not designate the title insurance company used. Kickback and unearned fees are prohibited.
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