FinanceCâu 84 / 120
In a mortgage assumption, the buyer:
a.Automatically receives a new lower interest rate
b.Pays cash for the full purchase price
c.Is never personally liable for the debt
d.Takes over the seller's existing loan and its terms
Giải thích
In an assumption, the buyer takes over the seller's existing loan, including its balance, rate, and terms, subject to lender approval where required. Whether the seller is released from liability depends on the lender and loan documents.
Luyện miễn phí toàn bộ 120 câu hỏi — không cần đăng ký.
Câu hỏi liên quan cùng chủ đề
- The Real Estate Settlement Procedures Act (RESPA) primarily regulates:
- Foreclosure under a Texas deed of trust with a power-of-sale clause is often carried out through:
- A borrower's ability to reclaim the property by paying the full debt before a foreclosure sale is known as the:
- The loan-to-value (LTV) ratio is calculated as the:
- A buyer purchases a home for $300,000 and makes a $60,000 down payment. What is the loan-to-value ratio?
- 'Usury' laws are designed to:
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