When Financing Land Development,the Lender Generally Requires the Developer to Submit

question 6

Multiple Choice

When financing land development,the lender generally requires the developer to submit which of the following?

• A)A detailed breakdown of project cost
• B)Required zoning changes
• C)Bank references for the general contractor to be used on the project
• D)All of the above

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Definitions:

Representations

Statements or assertions made by one party to another, often regarding the condition or status of something, which can impact agreements or contracts.

Innocent Misrepresentation

A misrepresentation made without fault or knowledge of its falsity, which may allow the misled party to void the contract but not claim damages.

Intentionally Deceptive

Deliberately misleading actions or statements designed to make someone believe something that is not true.

Ratification

The action of officially approving or confirming a previous act or decision, which was made without authorization or was otherwise questionable, to make it legally valid.