The Major Source for Junior Loans (2nds, 3rds, Etc

question 12

Multiple Choice

The major source for junior loans (2nds, 3rds, etc.) is:

• A) FHA
• B) Cal-Vet
• C) private parties
• D) savings and loan associations

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Definitions:

Incorporation

The process of legally declaring a corporate entity as separate from its owners, providing it with its own rights, privileges, and liabilities distinct from those of its members.

Lease Agreement

A contract outlining the terms under which one party agrees to rent property owned by another party.

Novation

The substitution, by mutual agreement, of another party for one of the original parties to a contract.

Liability

The state of being legally responsible for something, particularly in terms of debts or legal obligations.