In 2000,Michael Purchased Land for $100,000

question 81

Multiple Choice

In 2000,Michael purchased land for $100,000.Over the years,economic conditions deteriorated,and the value of the land declined to $60,000.Michael sells the property in this year,when it is subject to a $30,000 nonrecourse mortgage.The buyer pays Michael $34,000 cash and takes the property subject to the mortgage.Michael incurs $5,000 in real estate commissions.Michael's gain or loss on the sale is

• A)$4,000 gain.
• B)$1,000 loss.
• C)$36,000 loss.
• D)$41,000 loss.

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Definitions:

Participant-observation

A qualitative research method in which the researcher becomes involved in the community or context being studied while observing its dynamics.

Sociological Research

The systematic study of social behavior, structures, and functions, utilizing various methods to collect and analyze data to understand and explain social phenomena.

Research Method

The systematic plan, strategy, and technique applied in the pursuit of knowledge or to investigate specific scientific, social, or educational questions.

Population

The total number of individuals occupying an area or making up a whole, often studied in terms of size, density, and distribution.