During Broker Shaw’s preparation of the Exclusive Authorization and right to Sell on Seller Norman’s property, Norman asked that a clause be included which would require the buyer to accept primary liability in connection with the existing loan is transferred to the buyer. Shaw should enter with of the following in Paragraph 2 of the Exclusive Authorization and Right to Sell from:

Question

Answer: B. If a buyer assumes an existing loan, he accepts primary liability for that loan.

Ted Chan · Accepted Answer

Buyer to “assume” existing loan

Illinois Real Estate Exam