Broker Jim has clients who will be holding a small purchase money mortgage from their buyers in addition to the financing the buyers will be getting from a traditional lender. Jim is also a mortgage broker. Jim offers to draft the mortgage for his clients when he does the contract for sale? Which statement is true?
a. Jim can draft the purchase money mortgage
b. If Jim drafts the mortgage, he is engaging in the illegal practice of law
c. Jim’s mortgage broker’s license allows him to draft mortgages
d. He can draft the mortgage as long as he tells his clients he is not an attorney
Answers: 1
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Broker Jim has clients who will be holding a small purchase money mortgage from their buyers in addi...
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