Finance
What is 'recourse' in the context of a North Dakota real estate loan?
AThe lender's ability to charge a prepayment penalty
BThe lender's right to pursue the borrower personally for any deficiency after foreclosure✓ Correct
CThe borrower's right to appeal the interest rate
DThe state's right to audit the lender
Explanation
Recourse means the lender can pursue the borrower personally for any deficiency remaining after a foreclosure sale. Non-recourse loans limit the lender's remedy to the collateral (property) only.
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