Which of the Following Is NOT a Requirement If a Contractor

question 58

Multiple Choice

Which of the following is NOT a requirement if a contractor decides to foreclose on a lien?

• A)Consent of the homeowner to the original lien.
• B)A timely foreclosure sale within state deadlines.
• C)Notice of foreclosure to the homeowner.
• D)Advertisement of the foreclosure sale.
• E)Filing of a foreclosure action within a designated period of time after filing the lien.

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Definitions:

Maker

In the context of negotiable instruments, the individual or entity that creates and signs the promissory note, committing to pay the specified sum.

Note

A legal document that represents a type of debt or an obligation to pay an amount of money at a future date.

Cashier's Check

A check issued by a bank, drawn on its own funds rather than the account of a private individual, offering a high level of guarantee of payment.

Bank

A banking entity authorized to accept deposits, extend credit, and offer diverse financial services to both private individuals and commercial entities.