What is the role of a lawyer in a private mortgage transaction? Select one: a. To ensure that the transaction is legally binding and that the rights of both parties are protected. b. To conduct a property appraisal. c. To provide financing for the mortgage. d. To act as a mediator between the borrower and the lender. Olivia, a licensed mortgage broker with over 20 years' experience, is meeting Liam, a potential investor, for the first time. Liam owns a manufacturing company and has some personal money to invest. Olivia has a vast amount of experience in private mortgage lending, and prides herself in her ability to determine if a potential investor has what it takes to be successful. After meeting with Liam. Olivia has determined that he has the money and knowledge to invest, as long as he follows her advice. In determining that he is suitable to be one of her investors. which of the following is most correct? Select one: a. Liam must belong to a designated class of investors b. Olivia must have completed a know your client form on Liam c. Liam must have provided Olivia with audited financial statements of his business d. Olivia must have had a detailed conversation with Liam about his experience in investing
What is the role of a lawyer in a private mortgage transaction? Select one: a. To ensure that the transaction is legally binding and that the rights of both parties are protected. b. To conduct a property appraisal. c. To provide financing for the mortgage. d. To act as a mediator between the borrower and the lender. Olivia, a licensed mortgage broker with over 20 years' experience, is meeting Liam, a potential investor, for the first time. Liam owns a manufacturing company and has some personal money to invest. Olivia has a vast amount of experience in private mortgage lending, and prides herself in her ability to determine if a potential investor has what it takes to be successful. After meeting with Liam. Olivia has determined that he has the money and knowledge to invest, as long as he follows her advice. In determining that he is suitable to be one of her investors. which of the following is most correct? Select one: a. Liam must belong to a designated class of investors b. Olivia must have completed a know your client form on Liam c. Liam must have provided Olivia with audited financial statements of his business d. Olivia must have had a detailed conversation with Liam about his experience in investing
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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Transcribed Image Text:What is the role of a lawyer in a private mortgage transaction?
Select one:
a. To ensure that the transaction is legally binding and that the rights of both
parties are protected.
b. To conduct a property appraisal.
c. To provide financing for the mortgage.
d. To act as a mediator between the borrower and the lender.
Transcribed Image Text:Olivia, a licensed mortgage broker with over 20 years' experience, is meeting Liam,
a potential investor, for the first time. Liam owns a manufacturing company and
has some personal money to invest. Olivia has a vast amount of experience in
private mortgage lending, and prides herself in her ability to determine if a
potential investor has what it takes to be successful. After meeting with Liam.
Olivia has determined that he has the money and knowledge to invest, as long as
he follows her advice. In determining that he is suitable to be one of her investors.
which of the following is most correct?
Select one:
a. Liam must belong to a designated class of investors
b. Olivia must have completed a know your client form on Liam
c. Liam must have provided Olivia with audited financial statements of his
business
d. Olivia must have had a detailed conversation with Liam about his
experience in investing
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