Low Interest Rates in 2003-2004

question 151

Multiple Choice

Low interest rates in 2003-2004:

• A) made it more difficult to borrow.
• B) lowered real growth.
• C) increased demand for homes.
• D) decreased demand for homes.

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Definitions:

Testamentary Capacity

The legal competence of an individual to make a will, including the understanding of the nature of the document, the assets to be disposed of, and the identity of the beneficiaries.

Sound Mind

A state of mental capacity in which an individual can effectively understand and manage their affairs.

Lucid Period

A temporary phase of clear-mindedness or rationality that interrupts a longer period of impaired mental state.

Will Substitutes

Non-probate methods for transferring assets upon death, such as trusts, joint tenancies, and payable-on-death accounts, designed to avoid the probate process.