Question 1 & Explain Answer Please

A buyer has specified in writing an interest in purchasing a property without any legal obligation and without defining a specific project. This is referred to as

A - an option. B - no binding option. C - a letter of intent. D - a project intent letter.

Question 2

Borrowers applied for a loan on the home of their dreams and were approved for very specific terms based on credit scores and income. At closing, the interest rate had doubled in the loan documents that were presented for their signatures. The borrowers were told that this was likely to be their only chance to receive sort of loan and they must sign today. They were told if they did not sign that they would lose the house. This was

A - acceptable because the purchasers would still get their home. B - acceptable because the lender did secure some sort of financing. C - unacceptable because it violates the Equal Credit Opportunity Act. D - unacceptable because the borrowers were pressured to take the loan.