Answer_KeyChapter10

Answer_KeyChapter10 - Answer Key 1. 2. 3. 4. 5. 6. 7. 8. 9....

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Answer Key 1. D 2. C 3. A 4. C 5. D 6. D 7. B 8. A 9. C 10. B 11. A 12. D 13. B 14. B 15. B
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Answer Key with Explanations Question #1 Answer: D Explanation: When a home is purchased through the California Veterans Farm and Home Purchase Plan (generally known as Cal-Vet), the state purchases and holds legal title to the property, and sells the property to the veteran through a land contract. Question #2 Answer: C Explanation: In order to assume any loan, FHA or conventional, the borrower will typically have to pay an assumption fee. A buyer assuming an FHA loan will also have to meet FHA underwriting standards and intend to make the home their primary residence. Question #3 Answer: A Explanation: Amortization is a method of structuring mortgage payments, not a cost of owning a home. Depreciation and deferred maintenance are costs of owning a home, as is the loss of income that could be earned if the equity in the house could be invested elsewhere. Question #4
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This note was uploaded on 09/06/2011 for the course FIN 365 taught by Professor Staff during the Spring '11 term at S.F. State.

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Answer_KeyChapter10 - Answer Key 1. 2. 3. 4. 5. 6. 7. 8. 9....

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