The main purpose of a subordination clause is:
a. to convert a freehold to a leasehold estate
b. to make one encumbrance to an inferior position to another encumbrance
c. to convert a deed of trust to a mortgage
d. to transfer a first mortgage to another party
Answer: b. to make one encumbrance to an inferior position to another encumbrance
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Which of the following is the correct formula to calculate the debt ratio?
A) Debt ratio = Total liabilities x Total assets B) Debt ratio = Total liabilities + Total assets C) Debt ratio = Total liabilities - Total assets D) Debt ratio = Total liabilities / Total assets
In a recent survey in a statistics class, it was determined that only 60% of the students attend class on Fridays. From past data, it was noted that 98% of those who went to class on Fridays pass the course, while only 20% of those who did not go to class on Fridays passed the course
a. What percentage of students is expected to pass the course? b. Given that a person passes the course, what is the probability that he/she attended classes on Fridays?