Which is TRUE of the preliminary title report?
A. It provides interim coverage.
B. It shows the condition of title.
C. It provides no insurance.
D. Both b and c are true.
Answer: C. It provides no insurance.
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Two strategies that can be used to reduce translation and transaction exposure are _____.
Fill in the blank(s) with the appropriate word(s).
Ingot Corp. lent Flange $50,000. At Ingot's request, Flange entered into an agreement with Quill and West for them to act as compensated co-sureties on the loan in the amount of $100,000 each. Ingot released West without Quill's or Flange's consent, and Flange later defaulted on the loan. Which of the following statements is correct?
A. Quill will be liable for 50% of the loan balance. B. Quill will be liable for the entire loan balance. C. Ingot's release of West will have no effect on Flange's and Quill's liability to Ingot. D. Flange will be released for 50% of the loan balance.