If a Mortgage Is Silent with Regard to Assuming It

question 16

Multiple Choice

If a mortgage is silent with regard to assuming it, it is most likely

• A) that it can be assumed.
• B) that it cannot be assumed.
• C) that it can be assumed if it is an FHA or VA guaranteed mortgage.
• D) none of these.

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Definitions:

Social Security Tax

A payroll tax that funds the Social Security program, which provides benefits for retirees, the disabled, and children of deceased workers.

Medicare Tax Rate

The percentage of an individual's or employee's earnings that is collected by the government to fund Medicare, a federal health insurance program.

State Unemployment Tax

A tax imposed on employers by the state government to fund unemployment benefits for workers who have lost their jobs.

FICA Taxes Payable

Amounts due for Social Security and Medicare taxes, required to be withheld from employees' paychecks and matched by employers.