You have recently inherited a sum of money. You are purchasing an old Victorian home which was built in 1856. The type of insurance needed on the house would be
A) HO-1.
B) HO-4.
C) HO-6.
D) HO-8.
Answer: D
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A ten-year lease obligation appears on the balance sheet of Generic Products Company. How would it most likely be classified on the balance sheet?
a. Long-term liability b. Current asset c. Long-term asset d. Contra-liability
Predictive logic should be used in situations of:
a. certainty b. uncertainty c. ambiguity d. conflict
In an equal footing state, property owner O owes the following: $160,000 - Mortgage Lender, recorded January 1, 2014 $40,000 - Foundation company, began construction December 30, 2012 $50,000 - Framing company, did framing January 31, 2013 Property owner O has sold the property and there is $160,000 left to be distributed. How should this amount be distributed?
A) 160/250, 40/250, and 50/250 x $160,000 B) 40/250 and 50/250 x $160,000 with mortgage company taking nothing C) $160,000 to the mortgage lender D) None of the above
Courts normally have not enforced the terms of click-on agreements.
Answer the following statement true (T) or false (F)