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A written pledge by a lender to lend a certain amount of money to a qualified borrower on a particular piece of real estate for a specified time under specific terms is a:_____________

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Answer:

The correct answer is a LOAN COMMITMENT

Explanation: A loan commitment is a commitment by a lender of an amount that he will loan to a qualified borrower on a specific piece of real estate for a specified period of time under certain conditions.

This commitment may be conditional, qualified or firm and contains details of the borrower.

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