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Unformatted text preview: tion of the property securing the borrower's obligation. estimated fair market value. If the broker relies on an appraisal, the date of the appraisal and who made it for whom. age, size, type of construction and a description of the improvements if contained in the appraisal or as represented by the prospective borrower. identity, occupation, employment, income and credit data of prospective borrower(s) as represented to the broker by the borrower(s). the terms by the promissory note to be given to the lender. information concerning all encumbrances that are liens against the securing property as known by the broker and pertinent information about other loans the borrower expects will result in being recorded against the property. any provisions for servicing the loan including disposition of late charges and prepayment penalty fees. information concerning any arrangement under which the prospective lender along with persons associated with him or her will be joint beneficiaries or obligees. if the solicitation is subject to the provisions of Section 10231.2, which involves collection of advance fees, there must be a detailed statement of the intended use and disposition of funds solicited including any direct or indirect benefits to the broker. If the broker is selling existing obligations secured by real estate as either a principal or as an agent, the following must be included: 10. 11. ability of the trustor or vendee to make his or her payments including the trustors or vendees payment history a statement as to whether or not the dealer is acting as a principal or as an agent in the transaction. 7. 8. 9. 10-8 Licensing School for Appraisal, CPA, Contractors, Insurance, Real Estate, Notary, Nurse, Food Handlers, Tax and Securities 10: REGULATION OF LOAN BROKERAGE
EXEMPTION FROM STATEMENTS TO DRE AND PERSONS SOLICITED
Disclosure Statements do not apply to the offering of a security pursuant to Article 6 (covered later in this chapter) or transactions subject to the Corporate Securities Law APPLICATION TO CORPORATE BROKERS
The disclosures apply to funds which are intended for the direct or indirect use...
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This note was uploaded on 12/30/2010 for the course SOC 101 taught by Professor Zhung during the Spring '10 term at Punjab Engineering College.
- Spring '10