If a Lender Is to Repossess or Bring About the Sale

question 13

Multiple Choice

If a lender is to repossess or bring about the sale of a property if the borrower defaults on the mortgage loan,the lender is said to have a ________ in the real estate.

• A)Freehold interest
• B)Lease interest
• C)Secured interest
• D)Quitclaim

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Definitions:

Economic Recession

A period of temporary economic decline during which trade and industrial activity are reduced, typically identified by a fall in GDP in successive quarters.

Codes of Ethics

Formal documents outlining the principles and standards of behavior expected in a professional or organizational setting.

Ethical Dilemma

A situation in which a person faces conflicting moral principles, making it challenging to decide the right course of action.

Ethical Behavior

Conduct based on recognized principles of right and wrong, guiding how individuals make choices that affect others.