A Loan in Which the Borrower Arranges in Advance with a Total

question 29

Multiple Choice

A loan in which the borrower arranges in advance with a total amount that will be advanced in stages, such as a construction loan is said to have which type of mortgage loan:

• A) Assumption
• B) Non-recourse
• C) Open-end
• D) Subordination

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Definitions:

Acquiescence

Silent or passive acceptance or agreement without protest.

Concealment

The act of hiding or withholding important information, particularly in legal or financial contexts.

Material

Referring to facts or information that are significant or essential to the issue or subject at hand.

Misrepresentation

A false statement of fact made by one party to another, which, while not constituting a term of the contract, induces the other party to enter the contract.