In the Case of ________,After the Foreclosure,the Proceeds of the Sale

question 42

Multiple Choice

In the case of ________,after the foreclosure,the proceeds of the sale are applied to the payment of the mortgage debt,and any surplus is paid over to the mortgagor.

• A)strict foreclosure
• B)foreclosure by action and sale
• C)accommodative foreclosure
• D)foreclosure by redemption

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Definitions:

Inferior Good

An inferior good is a type of product whose demand decreases as the income of the consumer increases, in contrast to normal goods.

Income Elasticity

Measures how the demand for a product or service changes in response to changes in consumer income.

Positive Elasticity

Occurs when the demand for a product increases as the price increases, indicating a direct relationship between price and demand.