FinanceCâu 85 / 120
'Equity' in a property is best defined as:
a.The total amount originally borrowed
b.The annual property tax bill
c.The market value of the property minus the debts secured against it
d.The broker's commission
Giải thích
Equity is the owner's financial interest in a property, calculated as market value minus any outstanding liens or mortgage balances. Equity grows as the loan is paid down and as the property appreciates. It represents the portion of value the owner truly owns.
Luyện miễn phí toàn bộ 120 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- A prepayment penalty in a loan is a charge for:
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- A mortgage is best described as which type of instrument in the financing process?
- Which document contains the borrower's actual promise to repay the loan and the repayment terms?
- The Real Estate Settlement Procedures Act (RESPA) is primarily intended to:
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