Or Business/Trust Requirements Action Plan Follow-up

The requirement code R/44 needs to be shown if the vestee is a LLC.

When there is no record of active business entity, the code that needs to be shown for commitments in the preprinted requirements section and for prelims in the info notes is ORE/ET1.

Requirement codes are used in the real estate industry to indicate specific conditions or requirements that must be met for a property to be eligible for a guarantee. However, on a Lot Book Guarantee, these requirement codes do not need to be shown. This means that the guarantee does not need to include any specific conditions or requirements for the property. Therefore, the statement that requirement codes do not need to be shown on a Lot Book Guarantee is true.

Trusts do not need to be registered in the business registry. Trusts are separate legal entities that are created to hold and manage assets for the benefit of beneficiaries. While some jurisdictions may require certain types of trusts to be registered, it is not a universal requirement. Trusts are typically governed by the terms of the trust agreement and relevant laws, rather than being registered in a business registry. Therefore, the statement that trusts need to be run in the business registry is false.

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