James Buys a Junk Property for $200,000 and Then Re-Sells

question 65

Multiple Choice

James buys a junk property for $200,000 and then re-sells it repeatedly in false sales transactions to other corporations that he owns for greatly inflated values until the last price is listed as $1,200,000. James then gets a large mortgage on the property of $1,000,000. James transfers $900,000 of this money to a foreign bank account and then stops making the mortgage payments soon after. This is an example of a mortgage fraud known as a(n)

• A)Texas Two-step
• B)Ponzi Scheme
• C)Oklahoma Flip
• D)Triple Take
• E)Mortgage Maze

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Definitions:

Dependent Personality Disorder

A mental health condition characterized by a pervasive and excessive need to be taken care of, leading to submissive and clinging behaviors and fears of separation.

Reassurance

The act of removing someone's doubts or fears, often by providing comforting words or actions.

Feminist Therapy

A therapeutic approach that seeks to understand and treat psychological issues within the context of societal gender inequality.

Empowered

A state of having the power, confidence, and resources to make choices and effect change.