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California Real Estate Exam

Category - Vocab

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A period payment cap applies to:

Any mortgage taken out in the U.S.
Adjustable rate mortgages
Fixed-rate loans
Government loans

Explanation

Answer: B - The period payment cap applies to an adjustable-rate mortgage where the interest rate and the minimum payment amount fluctuate independently of one another. It is a limit on the amount that payments can increase or decrease during any one adjustment period.

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