When a VA Loan Has Been Properly Assumed, a Veteran

question 1

Multiple Choice

When a VA loan has been properly assumed, a veteran has a right to a release of liability upon meeting all of the following requirements EXCEPT

• A) loan must be currently paid
• B) property must be sold to another veteran
• C) purchaser must be qualified to buy
• D) purchaser must agree to assume the loan

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Definitions:

Direct Labor

The labor costs that are specifically traceable to the production of goods or services.

Budgeted Units

An estimate of the quantity of goods or services that an organization plans to produce or sell in a specific period.

Planning Budget

A budget developed for various levels of activity, forecasting revenue and expense figures based on different production or sales volumes.

Net Operating Income

The profit a company generates from its regular business activities, excluding deductions for interest and taxes.