While a Variety of Loan Terms Are Available in a Lender's

question 36

Multiple Choice

While a variety of loan terms are available in a lender's mortgage menu, the most common loan term on a level-payment mortgage is:

• A) 7 years
• B) 15 years
• C) 30 years
• D) 40 years

---

Definitions:

Authorized

Having official permission or approval to do something, especially in a legal or formal context.

Contract

A legally binding agreement between two or more parties that is enforceable by law.

Surveyed

The process of examining and recording the characteristics, boundaries, and features of a land area for construction, legal, or environmental purposes.

Delaminating

The process where layers of a composite material separate or split, often due to failure in bonding.