A buyer has just been approved for a commercial mortgage to purchase a retail strip...

Vendor: Humber College
Product: PREX-1060A
Update on: Jan 2, 2026
Questions: 120

Humber College PREX-1060A Question Answer

A buyer has just been approved for a commercial mortgage to purchase a retail strip plaza. They meet with their salesperson to review the mortgage documents. The buyer expresses concern about possible late payments. Which of the following is an accurate statement about provisions in the commercial mortgage documents regarding late payments?

The options for late payments are the same for every lender.

Each lender has their own method for dealing with late payments.

There are no penalties for late payments in a commercial mortgage.

Penalties for late payments will be added to the monthly rent.