Which of the Following Statements Is False

question 61

Multiple Choice

Which of the following statements is false?

• A)During the past couple of decades,generally high fixed-rate mortgage loan interest rates and the desire to extend housing ownership to more individuals in the U.S. ,the use of adjustable-rate mortgages grew in usage.
• B)An adjustable-rate mortgage (ARM)has an interest rate that changes or varies over time with market-determined interest rates on a U.S.treasury bill or other debt security.
• C)The interest rate on an ARM is often adjusted annually to reflect changes in Treasury bill rates (or other interest rate benchmark).
• D)Lenders typically offer ARMs with variable interest rates for one year with a provision to switch to a fixed-rate mortgage after two years.
• E)all of the above statements are true

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Definitions:

Substantive Law

Law that deals with the rights and duties of people and the substance of legal claims, as opposed to procedural law.

Canon Law

The body of laws and regulations developed or adopted by ecclesiastical authority, for the government of a Christian organization or church and its members.

British Columbia

A province located on the west coast of Canada, known for its natural landscapes and as the third-most populous province in the country.

Provincial Court

is a low level court which deals with less serious criminal offenses, family law (except divorce), and civil cases of limited value, within a specific province or territory.