A Conventional Fixed-Rate Mortgage Involves No Government Backing by Either

question 26

True/False

A conventional fixed-rate mortgage involves no government backing by either insurance or guarantee.

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Definitions:

Principals

Individuals or entities that engage an agent to act on their behalf in transactions or negotiations.

Agency Relationship

A legal arrangement in which one party, the agent, is authorized to act on behalf of another, the principal, in business transactions.

Liable

Bound by law or duty.

Contract

A legally binding agreement between two or more parties that outlines obligations and rights.