When Smee Applied for a Loan,he Was Assured That His

question 12

Multiple Choice

When Smee applied for a loan,he was assured that his rate would not change if he closed within a specific time period.Smee had a(n) ______ on the interest rate.

• A) amortization
• B) escrow
• C) lock
• D) PMI
• E) points

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Definitions:

Necessary Capital

The minimum amount of financial resources required for a business to start, maintain its operations, or expand.

Corporation by Estoppel

Corporation by estoppel is a legal doctrine preventing an individual from denying a group's status as a corporation if they have treated it as such in their dealings.

Defective Corporation

A company that has failed to comply with certain legal formalities required for its establishment, potentially affecting its legal standing.

Foreign Corporation

A corporation in a state in which it conducts business but is not incorporated.