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Author Question: Phase I due diligence requires a search of public records related to the land. Indicate whether the ... (Read 93 times)

daltonest1984

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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


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Jayson

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Reply #1 on: Jun 24, 2018
Answer to Question 1

TRUE

Answer to Question 2

C


daltonest1984

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Reply 2 on: Jun 24, 2018
Great answer, keep it coming :)

samiel-sayed

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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