Which of the following would be considered a latent defect in the property?
A. A house that needs to be painted
B. Carpet that needs to be replaced
C. A water leak in a wall covered by paneling
D. A bathroom faucet that drips water
Answer: C. A water leak in a wall covered by paneling
Business
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The principal tax benefit of investing in an exploratory oil and gas drilling program is derived from:
A) capital appreciation. B) intangible drilling costs. C) recapture. D) depreciation expenses.
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An assumed loan amount is a credit to the seller and a debit to the buyer.
a. true b. false
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