What is the main characteristic of a closed mortgage? Select one: a. The mortgage can only be repaid on a bona fide sale of the property. b. The borrower can repay the mortgage at any time without penalty or notice. c. The lender charges a premium interest rate for the right to repay the mortgage early. d. The borrower can repay the mortgage in whole with a penalty of either 3 months' worth of interest or the interest rate differential. Which of the following is an economic impact of mortgage value fraud involving mupltiple properties in a single neighbourhood? Select one: a. Loss of public confidence in the mortgage industry b. Emotional harm to victims of identity theft c. Tarnished reputations of brokers and agents d. Higher property taxes in affected neighborhoods

Database System Concepts
7th Edition
ISBN:9780078022159
Author:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan
Publisher:Abraham Silberschatz Professor, Henry F. Korth, S. Sudarshan
Chapter1: Introduction
Section: Chapter Questions
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What is the main characteristic of a closed mortgage?
Select one:
a. The mortgage can only be repaid on a bona fide sale of the property.
b. The borrower can repay the mortgage at any time without penalty or notice.
c. The lender charges a premium interest rate for the right to repay the
mortgage early.
d. The borrower can repay the mortgage in whole with a penalty of either 3
months' worth of interest or the interest rate differential.
Transcribed Image Text:What is the main characteristic of a closed mortgage? Select one: a. The mortgage can only be repaid on a bona fide sale of the property. b. The borrower can repay the mortgage at any time without penalty or notice. c. The lender charges a premium interest rate for the right to repay the mortgage early. d. The borrower can repay the mortgage in whole with a penalty of either 3 months' worth of interest or the interest rate differential.
Which of the following is an economic impact of mortgage value fraud involving
mupltiple properties in a single neighbourhood?
Select one:
a. Loss of public confidence in the mortgage industry
b. Emotional harm to victims of identity theft
c. Tarnished reputations of brokers and agents
d. Higher property taxes in affected neighborhoods
Transcribed Image Text:Which of the following is an economic impact of mortgage value fraud involving mupltiple properties in a single neighbourhood? Select one: a. Loss of public confidence in the mortgage industry b. Emotional harm to victims of identity theft c. Tarnished reputations of brokers and agents d. Higher property taxes in affected neighborhoods
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