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Actual cash value is the new price minus accumulated depreciation and is, in effect,
"new for old".
In addition to the up-front mortgage insurance premium the FHA now charges a(n)
____________________ premium of 1/2 of 1% of the loan balance.
The cost of installing a residential street in a city will most likely be paid by means of
special assessment.
When a special assessment tax is imposed by a municipality for new neighborhood
streets and the bill is not paid within the allotted time, the lien automatically goes to
bond and is payable over 30 years.
The guest of a unit owner was injured by stepping on broken glass in the swimming
pool at a condominium. Liability for this injury would probably initially fall upon the
developers.
The benefit of an ARM is that ARMs carry an initial interest rate that is lower than the
interest rate on a fixed-rate mortgage of similar maturity.
The average assessed value of three comparable homes is likely to be the highest in
value.
Under certain circumstances, the innocent party can unilaterally rescind a contract.
A family had a lion as a pet at their home outside the city. When the area became
incorporated, the city made him get rid of the lion by their use of police power.
Loss of value of a structure because it is in a deteriorating neighborhood would be
called economic obsolescence.
"New for old" means that the policy pays replacement cost.
A landlord policy combines property damage, liability, medical payments, and loss of
____________________.
Partial performance may never be accepted as a remedy for breach of contract.
A ____________________ mortgage lien could not result in the sale of a debtor's real
property in order to gain funds for the satisfaction of a debt.
An endorsement, also called a rider or attachment, is an agreement by the insurer to
modify a basic policy.
The impact that borrowed funds have on investment return is known as leverage.
Truth in lending laws require a lender to provide figures for loan amount, interest rates,
and annual percentage rate.
On a land sales contract, the seller must have marketable title for the property when the
contract is recorded.
If the buyer needs possession prior to closing a separate rental agreement should be
used.
