A Binding Obligation That Goes with Property When It Is

question 81

Multiple Choice

A binding obligation that goes with property when it is transferred to a new owner, who must abide by the obligation, is called a(n) :

• A) lien
• B) estate limitation
• C) mortgage
• D) possessory
• E) none of the other choices are correct

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Definitions:

Year-End

The conclusion of a fiscal year, marking the cutoff for financial reporting and the beginning of financial statement preparation for that period.

Invoice Price

The price listed on an invoice, representing the amount charged by the seller to the buyer for goods or services.

Settlement Date

The date on which a trade is finalized or settled, with the transfer of securities and cash between buyer and seller.

Liability Record

Documentation or entries that list the obligations or debts of a business that it must repay to others.