Which One of the Following Statements Correctly Applies to an Unseasoned

question 12

Multiple Choice

Which one of the following statements correctly applies to an unseasoned mortgage?

• A)The mortgage is less than 30 months old.
• B)The mortgage is still held by the original mortgage company.
• C)The mortgage has at least one term or provision that is uncommon to most mortgages.
• D)The mortgage has an adjustable interest rate that has not been adjusted to date.
• E)The mortgage was obtained by a first-time home owner.

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Definitions:

Principal Incapacitated

Principal incapacitated refers to a situation where the principal party in a legal or financial agreement is unable to make decisions or fulfill their role, due to physical or mental incapacity.

Legal Status

The condition of an entity or individual’s standing in the eyes of the law, including rights, responsibilities, and current liabilities.

Power of Agent

The legal authority granted to an individual (agent) to make decisions and take actions on behalf of another person or entity (principal).

Recruiting System

A structured process or set of tools used by organizations to find, attract, and hire new employees.