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Select one: a. Knowing that James will likely get this deal done at another brokerage if Peter doesn't do it, process the application b. Advise James that he may be able to do the mortgage even though the letter is fraudulent, as long as his employer will confirm it c. Advise James that since the letter is fraudulent, he won't do the transaction and won't have James as a client d. Send the application to the other brokerage since Peter is only representing James, not the investor

Select one: a. Knowing that James will likely get this deal done at another brokerage if Peter doesn't do it, process the application b. Advise James that he may be able to do the mortgage even though the letter is fraudulent, as long as his employer will confirm it c. Advise James that since the letter is fraudulent, he won't do the transaction and won't have James as a client d. Send the application to the other brokerage since Peter is only representing James, not the investor

Understanding Business
Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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Select one: a. Knowing that James will likely get this deal done at another brokerage if Peter doesn't do it, process the application b. Advise James that he may be able to do the mortgage even though the letter is fraudulent, as long as his employer will confirm it c. Advise James that since the letter is fraudulent, he won't do the transaction and won't have James as a client d. Send the application to the other brokerage since Peter is only representing James, not the investor
Transcribed Image Text:Select one: a. Knowing that James will likely get this deal done at another brokerage if Peter doesn't do it, process the application b. Advise James that he may be able to do the mortgage even though the letter is fraudulent, as long as his employer will confirm it c. Advise James that since the letter is fraudulent, he won't do the transaction and won't have James as a client d. Send the application to the other brokerage since Peter is only representing James, not the investor
Peter lets him know that he must reconsider his insistence on buying this home or find a better co-borrower if he wants an institutional mortgage. Peter thanks him for his time and tells him that he looks forward to hearing from him. Two days go by until James contacts Peter again. James tells him that he has found a solution to his problem and wishes to meet him immediately. Before he tells Peter what the solution is, he hangs up and makes his way to Peter's office. Upon arrival James tells Peter that he has found a solution to all of his problems: he now earns more money! After asking him if he got a raise. Peter discovers that instead of giving him a raise, his employer has given him a new job letter with just the right amount of income showing for him to qualify for the mortgage, and his employer is willing to verify the letter if asked. Peter has access to private funds through another brokerage, and knows that now, based on these facts, if Peter only represents his borrower, the other brokerage's lender will approve this application. Then James can get his dream house, and Peter can make his realtor happy. hopefully leading to more referrals. Given this scenario, what should Peter do?
Transcribed Image Text:Peter lets him know that he must reconsider his insistence on buying this home or find a better co-borrower if he wants an institutional mortgage. Peter thanks him for his time and tells him that he looks forward to hearing from him. Two days go by until James contacts Peter again. James tells him that he has found a solution to his problem and wishes to meet him immediately. Before he tells Peter what the solution is, he hangs up and makes his way to Peter's office. Upon arrival James tells Peter that he has found a solution to all of his problems: he now earns more money! After asking him if he got a raise. Peter discovers that instead of giving him a raise, his employer has given him a new job letter with just the right amount of income showing for him to qualify for the mortgage, and his employer is willing to verify the letter if asked. Peter has access to private funds through another brokerage, and knows that now, based on these facts, if Peter only represents his borrower, the other brokerage's lender will approve this application. Then James can get his dream house, and Peter can make his realtor happy. hopefully leading to more referrals. Given this scenario, what should Peter do?
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