90. An estoppel letter is used to:a. prevent a lender from p…
90. An estoppel letter is used to:a. prevent a lender from participating in a loan. b. protect an agent engaging in a creative financing transaction.c. prevent a lender from exercising the due-on-sale clause.d. none of the above.
Read Details87. A clause in a financial instrument that limits a borrowe…
87. A clause in a financial instrument that limits a borrower’s right to transfer the property without the lender’s permission is called a(n):a. acceleration clause. b. alienation clause. c. prepayment clause. d. none of the above.
Read Details73. A scheme where the down payment is actually borrowed or…
73. A scheme where the down payment is actually borrowed or carried as a second mortgage by the seller but never documented in the purchase agreement, escrow instructions, or recorded is known as:a. an air loan.b. leverage.c. a silent second.d. a disappearing second.
Read Details