Which of the following is not a reason it is usually easier to obtain short-term debt financing than long-term debt financing?
a. Lenders of short-term loans do not require collateral.
b. The dollar amounts of short-term loans are usually smaller than those of long-term loans.
c. For the lender, the shorter repayment period means less risk of nonpayment.
d. A close working relationship normally exists between the short-term borrower and the lender.
a. Lenders of short-term loans do not require collateral.
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Which is TRUE about association documents in the Residential Contract to Buy and Sell Real Estate?
a. The association must deliver the documents to the buyer no later than the Association Documents Deadline b. The seller will have until four days prior to closing to resolve the buyer's issues c. If the buyer finds unsatisfactory issues, the buyer may terminate the contract d. The association and seller will have until the Association Documents deadline to resolve the buyer's issues
If a buyer takes title to a residential property "subject to" the existing loan and does not obtain the lender's consent, which of the following best expresses the potential consequences:
A: The seller may incur personal liability for the amount of the loan or any deficiency suffered by the lender to the extent permitted by law; B: The lender may accelerate the loan; C: The buyer may lose the property to foreclosure if unable to obtain new financing; D: All of the above.