Pls help ASAP on both What is the role of a lawyer in a private mortgage transaction?Select one:a. To ensure that the transaction is legally binding and that the rights of bothparties are protected.b. To conduct a property appraisal.c. To provide financing for the mortgage.d. To act as a mediator between the borrower and the lender. Olivia, a licensed mortgage broker with over 20 years' experience, is meeting Liam,a potential investor, for the first time. Liam owns a manufacturing company andhas some personal money to invest. Olivia has a vast amount of experience inprivate mortgage lending, and prides herself in her ability to determine if apotential investor has what it takes to be successful. After meeting with Liam.Olivia has determined that he has the money and knowledge to invest, as long ashe follows her advice. In determining that he is suitable to be one of her investors.which of the following is most correct?Select one:a. Liam must belong to a designated class of investorsb. Olivia must have completed a know your client form on Liamc. Liam must have provided Olivia with audited financial statements of hisbusinessd. Olivia must have had a detailed conversation with Liam about hisexperience in investing

A mortgage transaction is a complex financial process that facilitates the purchase of real estate..…

Answered: What is the role of a lawyer in a…

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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When a lender refuses to grant credit in substantially the amount or on substantially the terms requested in an application, which of the following actions must be issued? A) Denial form B) Adverse action C) Termination notice D) Application denial action
111 Which of the following parties best defines a "mortgage investor"? A) A person or institution underwriting loans B) A person or institution acquiring loans from lenders at or after closing C) A person or institution collecting documentation from borrowers and passing the documentation to another entity D) A person or institution servicing loans
the office of insurance regulation may examine the records of an insurance company O a. Determine the solvency of the company b. determines the trust deposit of the company c. approves the claims records of the company for tax purposes. d. assess the company's value on behalf of prospective investors
Which of the following is a goal of bankruptcy law? a. to provide relief and protection to debtors b. to provide a fair means of distributing a debtor's assets among creditors c. to pay all creditors in full d. to provide relief and protection to debtors and to provide a fair means of distributing a debtor's assets among creditors
1. Reinstatement of a life insurance policy requires an insured to take all of the following actions EXCEPT: A. provide evidence of insurability B. make collateral assignment to the insurer C. pay back interest on any outstanding policy loa D. pay all past-due premiums
The Robinson-Patman act a.) Is a part of the antitrust laws O b.) Makes it illegal to give a price discount on a good sold to another business c.) Makes it illegal to give a price discount on a good sold to final customers d.) Both a & b
3. With respect to foreclosure, give the reason you agree or disagree with the statements below: a. A foreclosure sale eliminates the outstanding debt(s) of the individual being foreclosed. b. Proceeds of a foreclosure sale are distributed to those holding a lien on the property on the basis of the percentage of total debt each is owed. c. Foreclosure means the senior mortgage loan lender automatically takes ownership of the property.
You are a broker. Your sales associate is new and can't remember the key differences between lien types. You remind them: Liens can be voluntary or involuntary. Voluntary liens are created with the owner's consent. A lien can only apply to one piece of property a debtor owns Because of this, liens are always specific. Legally, liens cannot be involuntary. They must be created with the owner's consent and if they're not, they're illegal All liens affect all of the debtor's property. That's why they're also called general liens.
What does the term "Affiliated Party mean? ΟΛ Any person who directs or participates in the conduct of alluss of a bourse and who is an officer, stockholder, owney or other person who directly controls a com Any person who is related to the writing insurance agent and works for the same based insurance comparty Any person who has the authority to bind the insurer to the risk of being assumed without requiring a bone or appointment Every group, association or other organization that prepares policy forms and makes underwriting rules axikvit to the setting of rates and underwing clos B. OC O D
What are the legal requirements for creating and enforcing property liens and mortgages?
After a complaint was filed against him, Broker Ike was found guilty of a license law violation. He was fined and had to pay legal fees totaling $8,900. This was paid by the Recovery Fund. What else is likely to happen to Broker Ike? . The FREC can issue a citation and the Ike's license becomes involuntary inactive. O The FREC will suspend the Ike's license until the fund has been repaid in full. O The FREC declares Ike's license null and void. The FREC will revoke the Ike's license.
Terri wants to have complete trust that her broker will look after Terri's best interests. What type of relationship and level of representation is she describing? no brokerage relationship with nonrepresentation transaction broker relationship with limited representation single agent relationship with fiduciary representation single agent relationship with limited representation

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