If You Make a Down Payment of $11,000 on a House

question 48

Multiple Choice

If you make a down payment of $11,000 on a house worth $110,000, the lenders will require _____ because of the size of the down payment.

• A) closing points
• B) a bond
• C) private mortgage insurance (PMI)
• D) application fees
• E) homeowner's insurance

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Definitions:

Conflict of Interest

A conflict of interest arises when an individual's personal interests, responsibilities, or loyalties interfere with their professional duties or ethical obligations, potentially leading to biased decisions.

Colleague's Impairment

A situation where a co-worker's abilities are significantly reduced or hindered due to physical, mental, or emotional issues.

Practice Effectiveness

The measure of how well a particular approach or method achieves its intended outcomes in real-world application.

Remedial Action

Actions taken to rectify, correct, or improve a problematic situation or outcome, often used in the context of environmental, educational, or organizational settings.