In 2000,Michael Purchased Land for $100,000

question 81

Multiple Choice

In 2000,Michael purchased land for $100,000.Over the years,economic conditions deteriorated,and the value of the land declined to $60,000.Michael sells the property in this year,when it is subject to a $30,000 nonrecourse mortgage.The buyer pays Michael $34,000 cash and takes the property subject to the mortgage.Michael incurs $5,000 in real estate commissions.Michael's gain or loss on the sale is

• A)$4,000 gain.
• B)$1,000 loss.
• C)$36,000 loss.
• D)$41,000 loss.

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Definitions:

Political Will

The dedication or commitment of policymakers to achieve specific economic, social, or political goals.

Impediments

Obstacles or barriers that hinder progress or movement.

Freer Trade

Freer trade refers to the reduction of tariffs, quotas, and trade barriers between countries, aiming to encourage the exchange of goods and services across national borders.

Special-Interest Groups

Organizations or groups that advocate for specific causes or interests, often aiming to influence public policy and decision-making.