Fred and Wilma are newlyweds, anxious to purchase their first home. Kate, their real estate broker, is taking them through the pre-qualification process. Kate is using the income-to-housing expense ratio to gauge Fred and Wilma's affordability. Kate is using 35 of income as the housing expense limit. Fred and Wilma's annual combined income is 160,000.00 . Calculate their maximum housing expense limit.
What will be an ideal response?
Q. 2A debtor may not discharge a financial obligation incurred as a result of a(n) ________ tort such as assault, battery, false imprisonment, libel, and slander or drunk driving.
A) Toxic
B) Aggravated
C) Negligent
D) Intentional
Q. 3The ________ does not stop the debtor's obligation to pay tax debts, child support, and alimony.
A) Bankruptcy petition
B) Automatic Stay
C) Trustee
D) Bankruptcy clerk
Q. 4A term referring to the concept that there exists, independent of manmade law, a law laid down (depending upon one's beliefs) by God or by nature, which human society must observe in order to be happy and at peace is referred to as:
A) Divine Province.
B) Natural Law.
C) Manifest Destiny.
D) Aaron's Law.
Q. 5A(n) ________ financing agreement is a contract between the creditor and the debtor by which the debtor agrees to give the creditor an interest in specific assets pledged as collateral.
A) Limited
B) Secured
C) Unsecure
D) Executive
Q. 6Brody (illegally) operates a house of prostitution. His neighbor, Smith, can sue Brody using what tort theory?
a. nuisance
b. trespass to land
c. conversion
d. trespass to chattels
Q. 7Trespass to land requires the intent to
a. possess or to intermeddle
b. exercise dominion or control
c. harm the property
d. intrude on the property of another
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