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Real Estate Practice : Lesson 1013
                                                      #1013
When a lender issues a letter stating the maximum loan amount that the lender will authorize this is know as preconclusion of process.
Is this fact true or false ?
Please take your time. The solution is posted below the wildlife photo.

A. False
When a lender issues a letter stating the maximum amount that the lender will authorize this is known as preapproval.
When the lender issues a letter or preapproval the lender agrees to loan the buyer the funds he or she needs up to a specified amount of money to purchas the home they intend to purchase.
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