When a new subdivision is sold to the public, the Commissioner's public report often requires that purchase monies be impounded, because the subdivision is subject to a blanket encumbrance which does not contain an unconditional release clause. The impounding provisions, under these circumstances, are primarily for the benefit of the:
A: Lender of a subordinated loan on the land;
B: Purchaser of a lot in the subdivision;
C: Subdivider;
D: Holder of the blanket encumbrance.
Answer: B: Purchaser of a lot in the subdivision;
Business
You might also like to view...
The major purpose of the European Union (EU) is to turn member countries into
a. countries with the identical currency. b. a single marketplace for ideas, goods, and services. c. free trade agreements with the United States. d. fierce competitors.
Business
Contrary to corrective maintenance, adaptive maintenance is generally the largest part of an organization's maintenance effort, but it does not add value to the organization
Indicate whether the statement is true or false
Business