Reference no: EM132255201
1. Attachment occurs when the:
secured party does not sign a security agreement.
debtor has no ownership rights in the collateral.
secured party transfers something of value to the debtor.
secured party gives possession of the collateral.
2. A point is a one-time charge equal to:
one-tenth of the principal amount borrowed.
three percent of the principal amount borrowed.
one percent of the principal amount borrowed.
ten percent of the principal amount borrowed.
3. Iris is looking for a short-term mortgage that will allow her to pay fixed payments at a relatively low fixed interest rate during the life of the mortgage and one large payment at the end of the term. What kind of mortgage should Iris take?
A balloon-payment mortgage
A VA mortgage
A conventional mortgage
A graduated-payment mortgage
4. Which of the following is true of coinsurance?
It can be purchased to protect both real and personal property.
It allows the insured to pay an extra premium initially in exchange for a guaranteed option to buy more insurance at certain specified times later.
It excuses the insured from paying premiums if he or she becomes disabled.
It is a provision under which the insurer and the insured share costs, after the deductible is met, according to a specific formula.