A federal RESPA booklet and disclosures must be given a borrower by a real estate licensee when the federally-related loan is a first lien and the money is used to:
A: Purchase 30 or more acres of farmland;
B: Build five or more residential units;
C: Purchase one-to-four residential units;
D: Add a room on to the borrower's residence.
Answer: C: Purchase one-to-four residential units;
Business
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Indicate whether the statement is true or false
Business
Cash and investments that can be easily converted into cash are termed
A) capital assets. B) liquid assets. C) illiquid assets. D) depositable assets. E) None of the above are correct.
Business