real estate law

1. A mortgage note is a document 2. What is a balloon mortgage? that does which of the following? O A. A mortgage with interest rates O A. Acts as a preliminary that "float" against the prime rate agreement until replaced by the final mortgage agreement O B. A mortgage that requires a O B. Memorializes the terms of the large lump-sum final payment after a mortgage agreement, but isn't an set number of years enforceable instrument O C. A mortgage in which monthly O C. Obligates the borrower to pay a payments increase in size after a set set sum of money with a specific number of years Interest rate for a fixed duration O D. A mortgage in which the O D. Binds the seller to hold the Interest rate increases substantially contract offer open until a mortgage after a set number of years is obtained 3. The Federal Housing Administration (FHA) offers qualified 4. The federal law that requires buyers lenders to disclose all the terms of A. extended 50-year mortgages. the mortgage before closing is called O B. mortgage interest rates below the Act. current rates in the mortgage market. O C. mortgage guarantees, upon O A. Consumer Loan Protection proof of qualified status. O D. mortgage guarantees, upon O B. Truth in Lending payment of a mortgage insurance C. Loan Disclosure premium. O D. Real Estate Settlement Procedures