The Note Is the Document Used to Create a Legal

question 6

Multiple Choice

The note is the document used to create a legal debt. In most states, the note creates personal liability for residential borrowers. When mortgage lenders have access to other borrower assets in situations where the foreclosure sale price is less than the total amount of the loan outstanding, we commonly refer to this type of loan as a:

• A) nonrecourse loan
• B) mini-perm loan
• C) partially amortizing loan
• D) recourse loan

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Definitions:

Standard Deviation

Standard deviation is a measure that quantifies the amount of variation or dispersion of a set of data values, used to understand how spread out the values are from the mean.

Mean Speed

The average velocity of an object over a defined period of time.

Standard Deviation

A measure of the amount of variation or dispersion of a set of values; a low standard deviation means that the values tend to be close to the mean, while a high standard deviation means they are spread out over a wider range.

Normal Model

Also known as the normal distribution, a bell-shaped curve that represents the distribution of many types of data where most values cluster around a mean value.