Select the One Cost That Is Not Involved in Home

question 192

Multiple Choice

Select the one cost that is not involved in home ownership.

• A) down payment
• B) closing/settlement costs
• C) rental deposit
• D) points/discount points
• E) loan origination fee

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Definitions:

Concealment

The act of hiding or not disclosing important information intentionally.

Insurable Interest

A principle that requires an individual to have a legitimate financial or emotional stake in the preservation of the subject of insurance to obtain a policy.

Insurance Policy

A contract issued by an insurer to an insured, detailing the terms under which the insurer agrees to financially protect the insured against specific risks in exchange for premiums.

Indemnified

Protected against liability, loss, or damage, typically through a legal agreement where one party agrees to compensate another for any financial harm that arises.