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:

Consumes

To use up resources or goods, typically in the context of eating, drinking or utilizing products to satisfy needs or wants.

Utility Function

A mathematical representation that describes how consumers rank different bundles of goods according to their level of satisfaction or utility.

Consumption

The process by which goods and services are utilized by consumers, influencing economic activity and growth.

Income

The monetary payment received for one's work (wages), investments, or other sources such as pensions or government aid.