License

Question 1

Credit Union

Answer 1

A federally regulated nonprofit financial institution owned by the members or people who use their services. Credit unions serve groups that hold a common interest and offer services only to members

Question 2

Dwelling

Answer 2

As defined by TILA, a residential structure that contains 1 to 4 units, whether or not that structure is attached to real property. It includes an individual condominium unit, cooperative unit, mobile home, and trailer (if it is used as a residence).

Question 3

Bona Fide

Answer 3

Action done with all honesty. It literally means, “in good faith.”

Question 4

Non-Traditional Mortgage

Answer 4

Any mortgage that is not a 30-year fixed rate mortgage.

Question 5

Net Worth

Answer 5

The amount which assets exceed liabilities.

Question 6

Nolo Contendre

Answer 6

A plea in a criminal prosecution that without admitting guilt subjects the defendant to conviction but does not preclude denying the truth of the charges in a collateral proceeding. It is also expressed as “no contest”.

Question 7

Liabilities

Answer 7

Financial obligations, such as long-term or short-term debt to be paid.

Question 8

Assests

Answer 8

Any item with measurable value.