Suppose That You Want to Purchase a Home

question 38

Multiple Choice

Suppose that you want to purchase a home.Your lender has told you that the standard limit for your total debt limit ratio is ________ including your mortgage debt.

• A)24%
• B)36%
• C)38%
• D)40%
• E)none of the above

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Definitions:

Fatal Wounds

Injuries severe enough to lead to death.

Ownership

The legal right or title to possess property, including the rights to use, sell, or transfer it.

Exculpatory Clause

A contract term designed to release one of the parties from liability for harm or wrongdoing, transferring the risk to another party.

Enforceable

A term describing a legal agreement or contract that is valid and can be upheld and compelled by law or court order.