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- The Jones company lists raw land for lease with broker Mary. After extensive advertising Mary Presents two offers to the Jones Company. One offer is from an oil company who wishes to extract oil below the land surface and the second is from a farmer who wishes to graze cattle. Both are without contingencies. The most profitable recommendation that broker Mary can make to the Jones Company is that they: A. accept both offers, since separate entities can enter into separate leases. B. accept neither offer and continue to market the property for a better user. C. accept the farmers lease offer since the oil company will be disruptive to the land. D. accept the oil company mineral rights lease offer since they are very financially stable.In a commercial real estate transaction, which of the following deed types would be used in a conveying the property to a new owner. 1. Special Warranty II. General Warranty III. Deed of Trust IV. Deed in Lieu of Warranty OI, II, III I and II III and IV II and IIIIf the contract is silent as to the party who is to appropriate the goods__________. Select one: a. goods seller is to be appropriate b. the buyer is to appropriate c. the party who under the contract is first to act is to appropriate d. any party may appropriate
- 85 The purpose of the insuring clause in on accident and Health policy is to A) specify the schedule and method of premium payments B) specify the conditions under which benefits are payable C) indicate the responsibility of the insured alter a covered loss D) satisfy the requirements of te undorm policy provision code 86 +hInsane persons have full contractual capacity.. true or false?What is the legal standard that a business should use in making the decision as to whether or not an accommodation is an "undue hardship?"
- 29. A sting broker is employed to find a purchaser and produces a full cash offer that meets the seller's terms. The seller refuses to accept the offer because he doesn't like the buyer. Which condition exists? (4) The broker is entitled to compensation since he produced a buyer who met the seller's terms for the sale A (b) The broker is obligated to find another buyer that the seler kes in order to be compensated (c) The troker is not entiled to compensation unit the contract is signed by all parties. The broker is only wted to compensation when the contract is consummated on the day of closing17. Elizabeth Ellis sells a business asset for $10,000. Assume that Elizabeth has owned the asset for several years; that the original cost was $6,000; and that Elizabeth has claimed no depreciation deduction during the period of ownership and use. Assume that Elizabeth would have deducted $2,000 if she had claimed depreciation. Assume also that Elizabeth will not file amended returns to correct any prior year returns. How should Elizabeth report the sale? Ignore any potential depreciation recapture. Gain of $6,000 and expense of sale deduction for AGI of $2,000 Gain of $6,000 and a deduction from AGI of $2,000 Gain of $4,000 Gain of $4,000 and itemized deduction of $2,000 A B D None of the aboveWhich of the following is false with regard to shipping contracts and destination contracts: A. A contract that provides only that goods are to be shipped "To buyer's address in California" is a shipping contract. B. A contract that provides for shipment of goods but is otherwise ambiguous as to shipment terms is presumed to be a shipment contract. C. For a destination contract, the risk of loss remains on the seller until the goods are delivered to the buyer at the buyer's location. D. Where a contract is silent as to delivery or shipment (i.e. the parties have not negotiated for shipment of the goods), the strong presumption is that the contract is deemed to be a shipment contract.
- 74 When a consumer has the right to rescind a mortgage loan transaction, which of the following definitions of the term A) All days, except Sundays and legal federal public holidays B) All days, except Saturdays, Sundays and lender holidays C) All days as deemed by the creditor's policies and procedures D) All days on which most creditors offices are open for business11. Received Water company bill in the amount of $380, to be paid next month. Identify the two parties to this transaction. Describe the activity of each party Which party is being accounted for Describe the impact on company value Describe the portions of the transaction occurring currently and describe portions of transaction that is being deferred (postponed) Was cash exchanged in the transaction?The purpose of the insuring clause in on accident and Health policy is to A) specify the schedule and method of premium payments B) specify the conditions under which benefits are payable C) indicate the responsibility of the insured alter a covered loss D) satisfy the requirements of te undorm policy provision code