Author Question: Phase I due diligence requires a search of public records related to the land. Indicate whether the ... (Read 106 times)

daltonest1984 · **on:** Jun 24, 2018

Phase I due diligence requires a search of public records related to the land.
Indicate whether the statement is true or false

Question 2

A promissory note has the following language: This note is secured by Lots 117, 118, and 119 in Arboleda Estates. The note was recorded to protect the lender with a mortgage on the lots. The borrower defaulted on the note. Can the lender foreclose based on the recorded note?
A) Yes, because the note was recorded and the lender is a secured creditor
B) No, because you cannot record a note
C) No, because the description is inadequate
D) Only if the lender signed the note