Answer questions 17 through 23.

17. Which of the following are true about a Hybrid ARM (Adjustable Rate Mortgage) of 7/1? a. The fixed-interest period is 7 years b. The rate is adjusted at the beginning of Year 8 c. The rate is further adjusted every year after 8 until the loan has matured d. All of the above 18. If a mortgage loan balance increases with each monthly payment, it is called a __ amortizing loan. 19. What are the factors which should be weighed when considering refinancing an existing mortgage loan? a. Terms of current loan b. Terms of new loan C. Charges to payoff existing loan d. Charges to acquire new loan e. All of the above 20. Is a down payment required for a VA guaranteed mortgage loan? 21. True or False: An improving economy which produces an increase in the overall demand for office space causes the entire demand curve to move to the left. 22. To be enforceable, a commercial lease must contain: a. Consideration b. Security Deposit C. Property Description d. a and c e. All of the above 23.3 MSU students signing an apartment lease in East Lansing for the same suite generally do so under what form of tenancy: a. Tenancy by the Entirety b. Tenancy in Common C. Joint and Several Tenancy d. Tenancy at Will