Class 12: Professional Responsibility Issues in Modern Real Estate Financing Transactions & Loan Options & Mortgage Loan Closing - Feb 21 Flashcards
1
Q
What happened in Wright v. Pennamped (1995)? (Q/TB)
A
Silence constitutes an actionable fraudulent misrepresentation when a defendant has a duty to speak and is a basis for a constructive-fraud claim when it is likely to create an injustice.
2
Q
What is a loan opinion letter? (Bender)
A
A letter of opinion from buyer’s counsel stating that counsel did their due diligence.
3
Q
What opinions will the attorney give? (Bender)
A
Whether documents are enforceable and whether the borrower has the authority to execute the documents.
