Why Should a Manager Maintain Equilibrium Between Authority and Responsibility

question 59

Essay

Why should a manager maintain equilibrium between authority and responsibility?

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Definitions:

Deficiency

The difference between the amount owed on a loan and the amount recovered from selling the asset securing the loan if the latter is less.

Mortgagor

A mortgagor is an individual or entity who borrows money to purchase property and pledges that property as security for the loan.

Mortgagee's Interest

The financial interest a lender has in the property serving as collateral for a loan until the mortgage is fully repaid.

Mortgagee's Claim

A claim made by the lender or mortgage holder for payment of the outstanding loan balance from the proceeds of a foreclosure sale.