Chapter 8

Front

If the lender subsequently discovers any part of a loan application is false or misrepresented, what can the lender demand?

Back

Immediate full payment of the borrower's loan.

Front

FBI discovers fraud as “any material misstatement, misrepresentation or omission relied upon by an underwriter or lender to fund, purchase or insure a loan.”

Back

True

Front

What is the penalty for a false or deceptive ad according to the notes?

Back

Cease and desist order – fine $16,000 per day per ad.

Front

Unilateral contracts are those in which the seller has agreed to sell his property but the buyer has not agreed to buy the property.

Back

True

Front

Bilateral contracts are those in which the seller has agreed to sell his property and the buyer has also given assurance to the seller that he will buy the property of the seller.

Back

True

Front

List the 4 parts of a contract.

Back

Mutual agreement, Written in nature, Identification of the parties, Consideration

Front

What is an Assignment in real estate contracts?

Back

When the legal rights are transferred from one party to another in a real estate purchase.

Front

What is the Assignment of Mortgage?

Back

The transfer of a claim, right, interest, or property from one to another.

Front

Who gives the interest in Lien Theory?

Back

Assignor

Front

Who receives the interest in Lien Theory?

Back

Assignee