Shawn and Erin are in the midst of a divorce. Their sole asset is the marital home and Shawn wants to keep the home but avoid having to pay very much to buy out Erin's share in the property. He wants to get his friend, Tony, a real estate broker, to undervalue the property and use that figure for negotiation purposes. Erin's attorney says "no way." In order to divide marital property, the parties
may need to determine what a willing buyer will pay to a willing seller for a particular piece of property in an arm's length transaction. This is called the ________ of the property.
A) basis
B) fair market value
C) active appreciation of the property
D) taxable value
B
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When raters assign ratings based on a general impression of the ratee and not the actual specific dimensions being asked, this is called ______.
A. severity error B. halo error C. leniency error D. central tendency error
An apportionment clause drafted into a will can save an estate a considerable amount of money because:
a. it stops the state from determining how death taxes owed will be paid. b. it has the capacity to shelter money from the Internal Revenue Service. c. within the will, the decedent can determine how and from what source any death taxes owed would be paid. d. both a and c
Fee simple absolute ownership is
A. ownership to the greatest degree possible. B. partial ownership. C. ownership with limitations. D. ownership with limited rights.
Upon granting a divorce a mensa et thoro, the ecclesiastical courts ordered the husband to pay alimony, or support to the wife.
Answer the following statement true (T) or false (F)