Which One of the Following Is False with Respect to the Builders

question 88

Multiple Choice

Which one of the following is false with respect to the Builders' Lien Act?

• A) The Builders' Lien Act gives some protection for those in the building trades, and these include contractors, subcontractors, workers, and materialmen.
• B) If a lien claimant loses the right to file a lien, he still has the right to sue the party who failed to pay him for breach of contract.
• C) If a lien claimant files his lien within the time set, he can be assured that he will collect the full amount of his claim.
• D) A lien claimant has a limited period of time from filing his lien within which to begin his court action.
• E) The lien claim is required to be filed at the appropriate registry in order to establish a claim against the property.

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Definitions:

Withdrawals

Money or assets taken out of a business by its owner(s) for personal use, not considered business expenses.

Fees Revenue

Income earned from providing services, as opposed to selling goods.

Accumulated Depreciation

The total amount of a tangible asset's cost that has been allocated to depreciation expense since the asset was put into use.

Fees Earned

Revenue earned from providing services, as opposed to selling goods.