Jeremy Does Not Like the Idea of Paying Points

question 28

Multiple Choice

Jeremy does not like the idea of paying points.A point is actually

• A)one percent of the selling price of the house.
• B)one percent of the amount financed with the mortgage.
• C)one percent of the selling price minus the realtor's fee.
• D)one percent of the taxable value of the house and property.
• E)none of the above.

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Definitions:

Ultra Vires Doctrine

A legal principle that acts of a corporation must fall within the limits of the powers granted by law and the corporation's own constitution.

Criminally Liable

The legal responsibility or accountability of a person or entity for violations of criminal law, subject to penalties such as fines or imprisonment.

Governing Document

A formal record that establishes the rules, regulations, or principles by which an organization or entity is governed.

Certificate of Authority

A document issued by a state government granting a company permission to do business in that state as a foreign (out-of-state) entity.