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Loans & Lending Practices MCQs

What does the term "General Recourse" mean?

Rights to demand payment from the general assets of the debtor, without seniority in access to any specific assets

The process taken to apply for a mortgage

The payment of escrow to the seller

The closing process

Answer

Correct Answer: Rights to demand payment from the general assets of the debtor, without seniority in access to any specific assets

Explanation:

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