California Real Estate Exam

Category - Real Estate

If a lender agrees to make a loan to a specific borrower on a specific property, they have made a:

  1. Decision to make the loan
  2. Statement that both the buyer and the property pass inspection
  3. Firm commitment
  4. All of the above
Explanation

Answer: C - A lender’s agreement to make a loan to a specific borrower on a specific property is called a firm commitment.

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