To Be Certain That the Seller Is Actually the Owner

question 39

Multiple Choice

To be certain that the seller is actually the owner of the property, the buyer should order

• A) an estoppel certificate.
• B) a general warranty deed.
• C) a survey.
• D) a title search.

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Definitions:

Cost of Goods Sold

The expenditure directly associated with producing a company's sold goods, covering materials and labor involved.

Beginning Inventory

The value of an entity’s inventory at the start of an accounting period.

Net Sales

Net Sales is the total revenue from sales of goods or services, after deducting returns, allowances for damaged or missing goods, and discounts.

Inventory Turnover

A ratio showing how many times a company's inventory is sold and replaced over a specific period, indicating the efficiency of inventory management.