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Eishe, a mortgage broker, is arranging a mortgage for her client Yasmine. Eishe's recommendation is an $80,000 private second mortgage. Given this scenario, which of the following statements is most correct? Select one: a. Yasmine must pay for her lawyer

Eishe, a mortgage broker, is arranging a mortgage for her client Yasmine. Eishe's recommendation is an $80,000 private second mortgage. Given this scenario, which of the following statements is most correct? Select one: a. Yasmine must pay for her lawyer

Understanding Business
Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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Eishe, a mortgage broker, is arranging a mortgage for her client Yasmine. Eishe's recommendation is an $80,000 private second mortgage. Given this scenario, which of the following statements is most correct? Select one: a. Yasmine must pay for her lawyer b. Yasmine must pay for the lenders lawyer c. The lender typically pays all legal fees d. There will be two lawyers involved in the closing process, and Yasmine must pay for them both
Transcribed Image Text:Eishe, a mortgage broker, is arranging a mortgage for her client Yasmine. Eishe's recommendation is an $80,000 private second mortgage. Given this scenario, which of the following statements is most correct? Select one: a. Yasmine must pay for her lawyer b. Yasmine must pay for the lenders lawyer c. The lender typically pays all legal fees d. There will be two lawyers involved in the closing process, and Yasmine must pay for them both
Cain, a mortgage agent level 2, has received an application for a construction mortgage that will fund the development of a fifteen-unit subdivision. Based on the application, Cain realizes that he will need to have private financing in place to begin the project, with the exit strategy of obtaining institutional financing at a later point to pay out the private lender. Given this scenario which of the following statements is most correct. Select one: a. Cain must provide any investor with additional disclosure, including Form 1.1 b. If the investor is a member of a designated class of investors, Cain must still provide Form 2.1 c. Cain may, but is not required to provide any investor with additional disclosure, including Form 1.1 d. If the investor is a member of a designated class of investors. Cain should, but does not have to, provide Form 1.1
Transcribed Image Text:Cain, a mortgage agent level 2, has received an application for a construction mortgage that will fund the development of a fifteen-unit subdivision. Based on the application, Cain realizes that he will need to have private financing in place to begin the project, with the exit strategy of obtaining institutional financing at a later point to pay out the private lender. Given this scenario which of the following statements is most correct. Select one: a. Cain must provide any investor with additional disclosure, including Form 1.1 b. If the investor is a member of a designated class of investors, Cain must still provide Form 2.1 c. Cain may, but is not required to provide any investor with additional disclosure, including Form 1.1 d. If the investor is a member of a designated class of investors. Cain should, but does not have to, provide Form 1.1
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