________ Is the Process of Taking Possession of the Mortgaged

question 59

Multiple Choice

________ is the process of taking possession of the mortgaged property to satisfy the debt in the event of failure to repay the mortgage and foregoing claim to any deficiency.

• A)Perfecting collateral
• B)Foreclosure
• C)Power of sale
• D)Conditions precedent
• E)Lien enforcement

---

Definitions:

Two Proprietorships

Two separate businesses or commercial ventures, each owned by a single individual.

Fair Value

An assessment of an asset or liability's market worth, determined by current market rates or appraisals.

Noncash Assets

Assets that are not in the form of cash but can be converted into cash, such as investments, real estate, and inventory.

Book Value

The net value of an asset, calculated as the asset’s original cost minus depreciation, amortization, or impairment costs.