Qualifying for a Mortgage Is Much Different Then Obtaining Other

question 13

True/False

Qualifying for a mortgage is much different then obtaining other forms of credit.

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Definitions:

Express Authority

The power granted to an agent or representative explicitly stated by the principal in a written or oral form.

Actual Authority

The express and implied powers given by a principal to an agent for carrying out specific transactions.

Principal

The primary party involved in a transaction or contract, or the amount of money originally invested or loaned, before interest.

Agent

An individual or entity authorized to act on behalf of another (the principal) in legal or business matters.