Which of the Following Statements Best Describes Rights of Redemption

question 59

Multiple Choice

Which of the following statements best describes rights of redemption?

• A) A second lender lends the owner the additional funds and agrees to take over the servicing of the first loan.
• B) Some states provide the mortgagor and certain other categories of interested persons the right to reacquire the property within a statutory limited period,ranging from two months to two years after the sale.
• C) In this legal process,a mortgagee puts a piece of property up for sale to the public to raise cash to pay off a debt owed by the mortgagor to the mortgagee.
• D) A lender advances the funds as the development-the acquisition and improvement of a commercial property-progresses.

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Definitions:

Credit Terms

The conditions under which credit is extended by a lender to a borrower, including repayment time frame and interest rate.

Credit Terms

The conditions under which a seller extends credit to a buyer, including the repayment period and any discount for early payment.

Inventory

The complete list of items such as goods, property, and raw materials a company holds for the purpose of resale or repair.

Credit Memo

A document issued by a seller to a buyer, reducing the amount owed by the buyer to the seller, typically due to a return or an overcharge.