When a Person Makes a New Primary or Secondary Appraisal

question 104

Multiple Choice

When a person makes a new primary or secondary appraisal resulting from a change in the situation, they are making a

• A) primary appraisal.
• B) secondary appraisal.
• C) tertiary appraisal.
• D) reappraisal.

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Definitions:

Traveler's Check

A preprinted, fixed-amount check designed to allow the person signing it to make an unconditional payment to someone else as a result of having paid the issuer for that privilege.

Instrument

A formal document, especially one that legally records a fact, act, or agreement.

Enforceable Contract

A legally binding agreement that can be upheld and compelled in a court of law.

Negotiability

The quality of a financial instrument that allows it to be transferred from one party to another with minimal legal restrictions.