Choose the Most Appropriate Answer for Each

question 10

Multiple Choice

Choose the most appropriate answer for each.
-a percentage reflecting what a lender will lend divided by the sale price or market value of the property, whichever is less

• A)Amortized loan
• B)Amortization tables
• C)Balloon loan
• D)Budget mortgage
• E)Conventional loan
• F)Discount point
• G)Equity
• H)FHA
• I)Impound account
• J)Loan balance table
• K)Loan origination fee
• L)Loan-to-value ratio
• M)Maturity
• N)Partially amortized loan
• O)PITI payment
• P)PMI
• Q)Point
• R)Principal
• S)Term loan
• T)UFMIP

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Definitions:

Bailee's Lien

A right that allows a bailee (a person who temporarily holds property for another) to retain possession of the property until payment is made.

Right To Sell

The legal authority granted to an individual or entity to sell a particular product, property, or service.

Bailor

An individual or entity that entrusts possession of goods or property to another (the bailee) under an agreement.

Bailment

A legal relationship in common law where physical possession of personal property, or a chattel, is transferred from one person to another who subsequently has possession of the property.