A PITI Payment Is Composed of Principal, Interest, Property Taxes

question 85

True/False

A PITI payment is composed of principal, interest, property taxes, and homeowner's insurance.

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Definitions:

Quasi Contract

A fictional contract imposed on parties by a court in the interests of fairness and justice; usually, quasi contracts are imposed to avoid the unjust enrichment of one party at the expense of another.

Imposed

Enforced or applied by authority or necessity, often referring to laws, taxes, or penalties that are set upon individuals or entities.

Fairness And Justice

Fairness And Justice involve principles of impartiality and equity where individuals receive fair treatment and decisions are made without favoritism or prejudice.

Doctrine Of Quasi Contract

An equitable legal concept implying a contract exists for fairness, despite no actual agreement between parties, to prevent unjust enrichment.