The Interest Rate on an ARM May Be Adjusted

question 18

Multiple Choice

The interest rate on an ARM may be adjusted

• A) once a year.
• B) every three years.
• C) every five years.
• D) Any of the above depending on the terms of the loan.

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Definitions:

Scintilla of Evidence

A very small amount of proof that may suggest something is true but does not guarantee its truth.

Judgment as a Matter of Law

A legal ruling by a judge that is made during a trial prior to it going to the jury, based on the fact that no reasonable jury could find differently.

Judgment N.o.v.

Short for "judgment non obstante veredicto," a court ruling overturning a jury's verdict because it was not reasonably supported by evidence.

Notice of Appeal

A formal document filed by a party desiring to appeal a court's decision to a higher court.