Merrilee and Keith Own Several of Acres of Vacant Land

question 24

Multiple Choice

Merrilee and Keith own several of acres of vacant land adjoining the property where their greenhouse operations and large garden centre facility are located.The greenhouse side of the business is ready to expand.A senior lending officer of ImaBigBank is meeting with Merrilee and Keith to discuss the expansion plans and the financial needs and circumstances of their business.How will the parties most likely be described on the mortgage if ImaBigBank approves the financing?

• A) Keith and Merrilee's business is the mortgagee,and ImaBigBank is the mortgagor.
• B) ImaBigBank is the mortgagee,and Keith and Merrilee are the mortgagors.
• C) Keith and Merrilee are the mortgagees,and ImaBigBank is the mortgagor.
• D) ImaBigBank is the mortgagee,and Keith and Merrilee's business is the mortgagor.

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Definitions:

Commission

A fee paid to an agent or employee for transacting a sale, which is often a percentage of the sale price.

Sale Probability

The likelihood or chance that a product or service will be sold within a given timeframe.

Shirk

The act of avoiding or neglecting duties and responsibilities, often in the workplace.

Commission Rate

The percentage or fixed fee that agents, brokers, or service providers earn as a reward for their sales efforts or services rendered.