Which of the Following Is False with Regard to the Nature

question 99

Multiple Choice

Which of the following is false with regard to the nature of mortgages?

• A)A second mortgage is referred to as an equitable mortgage because it is the equity of redemption that is transferred to the mortgagee as security.
• B)The land titles system of land registration provides that the mortgagee does not show up as the registered owner on the state of title certificate but merely as the holder of a charge against the property.
• C)In the event of default,the first mortgagee must wait until the end of the redemption period to ask the court to make the foreclosure absolute if payment has not been made.
• D)In the case of default,the property cannot be sold by a second mortgagee until the end of the redemption period.
• E)Unlike an agreement for sale,under which an owner retains title to his property until the purchaser makes all payments,a mortgage is a document by which the owner conveys title to a lender.

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Definitions:

Machine-Hours

A metric for the amount of time a machine is operated, used as a basis for allocating manufacturing overhead costs.

Manufacturing Overhead

All manufacturing costs that are not directly assignable to specific products, including indirect materials, labor, and other indirect costs.

Milling Department

A specific department within a manufacturing facility where material, such as metal or grain, is ground or processed.

Manufacturing Overhead

Costs in the production process that are not directly tied to the product, such as salary of supervisors and rent of the factory.