A lender is required to provide a buyer with a copy of the _____________ within three business days of the lender's receipt of the loan application which provides the mortgage terms and details quoted by the lender.

Uncle Robert sells his house to his niece Judy. He accepts a small down payment and takes back the balance of $125,000 at 11% interest as a junior loan. Judy agrees to make payments of $1,400 per month, which includes taxes and insurance. From the monthly payments, Robert puts aside a portion for the taxes and insurance and makes the payment on the existing underlying loan on the property. What type of financing did Robert provide for Judy?

a. All-inclusive b. Overriding c. Wraparound d. All of the above

Section 125 plans have all but which one of the following features?

(a) employees can convert a portion of taxable wages into nontaxable dollars to pay for specific benefits (b) employees can receive any dollars not spent at end of year and pay tax on these dollars (c) nontax dollars can be spent to pay for health-care insurance premiums (d) elections must be made before beginning of plan year