Ask Question, Ask an Expert

+1-415-315-9853

info@mywordsolution.com

Ask Accounting Basics Expert

1. Which of the given is true about service providers' liens on personal property?

a. The liens attach with respect to any work performed on personal property that benefits the property regardless of the consent of the owner of the property.
b. They can exist only if provided for by statute.
c. Whether or not they are recorded, the lien will remain attached to property if debtor transfers property to another.
d. Such a lien applies only to reasonable value of services provided.

2.What is a mortgage?

a. A loan to buy house or other real property.
b. A contract to purchase house or other real property.
c. Any loan associated with real property.
d. A security agreement in which real property is pledged as collateral for the related debt.

3. How are mortgages and deeds of trust related to one another?

a. They are two different methods to give lender a security interest in real property of the debtor.
b. They are two names for the same instrument, and thus can be used interchangeably.
c. They are two distinct aspects of a security agreement covering real property, both of which must be present for the security interest to be valid.
d. Mortgages are used for real property, and deeds of trust are used for personal property.
e. Mortgages are used to make a security agreement covering residential real property, and deeds of trust are used in connection with commercial real property.

4. Which of the following best describes how a deed of trust works?

a. The state gives deed to lender to hold until borrower satisfies debt.
b. The borrower gives deed to the lender to hold until borrower satisfies the debt.
c. When a party borrows money to buy property, seller holds deed until debt is paid off, at which point it will be conveyed borrower.
d. When a trust is owner of real property, a special type of deed is required.
e. The borrower conveys deed to third party who holds legal title until debt is paid off or borrower defaults.

5. Under a land sales contract:

a. A third-party lender gives financing for purchase of a piece of property.
b. Credit is extended directly by seller to the buyer, with buyer not receiving a deed from seller until debt obligation is fully satisfied.
c. Credit is extended directly by seller to buyer, with buyer receiving a deed immediately and which will become null and void upon default.
d. Land is sold which will not involve use of a mortgage or deed of trust.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M920409

Have any Question? 


Related Questions in Accounting Basics

Accountingmoviesplus inc is in its third year of business

Accounting MoviesPlus, Inc. is in its third year of business. The company offers DVD rental to online customers for a fixed monthly fee. For $20 per month, a customer receives three DVDs each month, one at a time as the ...

Accounting provide referencesresearch the company via the

Accounting Provide References Research the company via the website and download the Income Statement, Statement of Shareholders' Equity, Balance Sheet, and Statement of Cash Flows. Develop a 700-word examination of the f ...

Calculate and provide an interpretation of the financial

Calculate and provide an interpretation of the financial results of an organisation listed on the FTSE 100 using ratio analysis. Assignment Task: Choose two of the UK'S Top three Telecoms companies from the list provided ...

Principles of accountingyou will select a company from this

Principles of Accounting You will select a company from this list, and you will analyze the company's financial performance, highlighting accounting principles and methods learned in this course. This project requires yo ...

Choose a manufacturing company as a basis for this

Choose a manufacturing company as a basis for this discussion. Select one of the following variances: • direct material price variance, • direct labor price variance, • direct material efficiency variance, • direct labor ...

1-1 define marketing and outline the steps in the marketing

1-1. Define marketing and outline the steps in the marketing process. (AACSB: Written and Oral Communication) 1-2. What is marketing myopia, and how can it be avoided? (AACSB: Written and Oral Communication; Reflective T ...

Assignment - journals ledger and trial balancethe following

Assignment - Journals, Ledger and Trial Balance The following transactions relates to Merlin Bruce, a sole trader, during his first month of business: Date Transaction details 01-Jan Started business by investing $25,000 ...

Valuation of accounts receivablesbulldiscuss the primary

Valuation of Accounts Receivables • Discuss the primary advantages and disadvantages of applying the direct write-off and the allowance method of writing off accounts. Even though the direct write-off method is not accep ...

1 many programming languages allow you to use to force an

1. Many programming languages allow you to use ____ to force an expression to evaluate first. A) a pound sign B) an asterisk C) parentheses D) quotation marks 2. At the beginning of any method, it is the programmer s res ...

Nonfinancial performance measuresalpha university wishes to

Nonfinancial performance measures Alpha University wishes to monitor the efficiency and quality of its course registration process. a. Identify three input and three output measures for this process. b. Why would Alpha U ...

  • 4,153,160 Questions Asked
  • 13,132 Experts
  • 2,558,936 Questions Answered

Ask Experts for help!!

Looking for Assignment Help?

Start excelling in your Courses, Get help with Assignment

Write us your full requirement for evaluation and you will receive response within 20 minutes turnaround time.

Ask Now Help with Problems, Get a Best Answer

A cola-dispensing machine is set to dispense 9 ounces of

A cola-dispensing machine is set to dispense 9 ounces of cola per cup, with a standard deviation of 1.0 ounce. The manuf

What is marketingbullwhat is marketing think back to your

What is Marketing? • "What is marketing"? Think back to your impressions before you started this class versus how you

Question -your client david smith runs a small it

QUESTION - Your client, David Smith runs a small IT consulting business specialising in computer software and techno

Inspection of a random sample of 22 aircraft showed that 15

Inspection of a random sample of 22 aircraft showed that 15 needed repairs to fix a wiring problem that might compromise

Effective hrmquestionhow can an effective hrm system help

Effective HRM Question How can an effective HRM system help facilitate the achievement of an organization's strate