An equitable lien is best describes by which of the following statements? Multiple Choice O It is a claim to property by a real estate broker to secure payment of a commission. It is a claim on property either created by a sales contract or imposed by a court in the interest of fairness. It is the lien of a judgment creditor that arises when a motion for a new trial has been denied. It is a claim to property by implication of the law rather than statute.

An equitable lien is best describes by which of the following statements? Multiple Choice O It is a claim to property by a real estate broker to secure payment of a commission. It is a claim on property either created by a sales contract or imposed by a court in the interest of fairness. It is the lien of a judgment creditor that arises when a motion for a new trial has been denied. It is a claim to property by implication of the law rather than statute.

CONCEPTS IN FED.TAX.,2020-W/ACCESS

20th Edition

ISBN:9780357110362

Author:Murphy

Publisher:Murphy

Chapter11: Property Dispositions

Section: Chapter Questions

Problem 4DQ

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3 The following statements are true about the fair value of property investment, except_______. Select one: a. the term arm's length transaction means that the transaction is one between parties that have a particular or special relationship that makes prices of transactions typical of market conditions b. the term knowledgeable means that both the willing buyer and the willing seller are reasonably informed about the nature and characteristics of the investment property c. a willing buyer is motivated, but not compelled, to buy d. a willing seller is neither an over-eager nor a forced seller, prepared to sell at any price, nor one prepared to hold out for a price not considered reasonable in current market conditions
T/F 1. In conventional redemption, the creditors of the vendor may make use of the right of redemption against the vendee although they have not exhausted the properties of the vendor. In case of doubt, a contract purporting to be a sale with a right to repurchase shall be construed as an equitable mortgage. For an assignment of credit to be binding against third persons if a movable property is involved, the same must be in a public instrument and recorded in the Registry of Property. A debtor who has paid his creditor before he learns of the assignment of his debt shall be released from his liability to the assignee. The debtor's consent is required for the validity of the assignment of the credit made by his creditor to another person.
92. Which of the following is not a mode of extinguishment of contract of sale? Group of answer choices a. Redemption, whether legal redemption or conventional redemption b. Fulfilment of suspensive condition on sale of a determinate thing whose acquisition of ownership by the seller depends upon a contingency c. Resale of the goods by the unpaid seller d. Cancellation of sale of personal property in instalments by the seller in case the buyer defaulted in at least two instalments
Determine whether the statement is legally correct (true) or not (false). 1. The sale of an undivided interest in a property and the sale of an undivided share in a mass are not perfected contracts of sale. 2. For auction sales, the seller may bid for as long as the right is reserved, without need for notice.
Which of the following is true? B. The agent is expected to carry out an agency although its execution would manifestly result in loss or damage to the principal. D. Agency is presumed to be for a compensation, unless there is proof to the contrary. A. The contract of agency is extinguished by the insanity of the agent but not of the principal. C. Two persons authorizing an agent to sell a property on their behalf are liable jointly to the agent.
The sale with right to repurchase the property will be presumed equitable mortgage, when? a. When the price of a sale with right to repurchase is unusually inadequate b. When the vendee binds himself to pay the taxes on the thing sold c. When the vendee took over the property d. When the vendor does not want to deliver the property.
It refers to the right of mortgagor to redeem the mortgaged property after his default of the performance of his obligation by paying the secured obligation in order to prevent the public sale of his mortgaged property. a. Equity of redemption b. Right of redemption c. Right of preemption d. Equity of preemption
(a) Cite an example of a contract which is contrary to morals, (b) Can the nullity of the stipulation on the usurious interest affect (i) the lender’s rights to recover the principal loan; (ii) the terms of the real estate mortgage?
In the final settlement, of the contingent consideration, which of the following statements is valid?I. If the contingent consideration is classified as equity, the amount shall be measured upon settlement and recognized as part of profit and loss.II. If the contingent consideration is classified as financial liability, the amount shall be measured at fair value upon settlement with any gain or loss recognized as part of profit and loss. a. I only b. Both I and II c. II only d. Neither I nor II
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