When a buyer who bought an undivided interest in a thing, he becomes a co-owner of the thing a. True b. False c. Partly true d. Partly false
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- True or false 1. In a contract to sell what the seller agrees or obliges himself to do is to fulfill his promise to sell the subject property when the entire amount of the purchase price is delivered to him.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.Pick correct one Which of the following statements is true? A. Realized gain and recognized gain are the same and can be used interchangeably. B. When boot is given in a like-kind exchange, recognized gain is the greater of the boot or the realized gain. C. To qualify as a like-kind exchange, real property must be exchanged either for other real property or for personal property. D. If boot is received in a like-kind exchange, the recognized gain cannot exceed the realized gain. E. Kate exchanges land held as an investment for a investment building owned by Clark. This exchange is not qualified as like-kind exchange because they exchange developed real property with non-developed real property.
- The co-owner of an immovable property has a right to exercise A. pre-emption B. Redemption C. Legal Redemption D. Conventional redemptionWhich of the following statements about a business combination is valid? a. The acquirer should recognize the acquiree’s contingent assets if certain conditions are met. b. The acquirer should recognize the acquiree’s contingent liabilities if certain conditions are met. c. The acquirer should recognize the acquiree’s contingent assets regardless of any conditions to be met. d. The acquirer should never recognize the acquiree’s contingent liabilities even if certain conditions are met.The cost basis of a given property does not include liabilities payable to the seller by the buyer because no cash changes hands. Group of answer choices True False
- The generally accepted accounting principle that supports recording the value of a property at the purchase price when the market value is higher is the: A. conservatism principle B. going concern principle C. monetary principle D. cost principleThe 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.True or False The term FOB shipping point means that the ownership of the goods is vested on the buyer upon receipt of the goods thereof.
- When assets are purchased under an installment sales contract, the seller becomes the creditor. A. True B. FalseSale of real estate is subject to VAT. True, if not made in the regular course of trade or business False, it is exempt if the real estate is classified as capital asset False, it is exempt if what is sold is a resi¬dential unit True, if the real estate is classified as capital assetWhat is the fair market value of an item? a)the amount that a buyer would pay for the item under a fair barter systemb)the amount that an independent buyer would pay for the itemc)the amount that the seller's parents would pay for the itemd)the cost of an item
