Which of the following people does NOT have an insurable interest in an insured property?
A. A home owner's interest in the local town's water pipes that deliver water to his home.
B. A mechanic's interest in a customer's convertible, which is sitting in his garage overnight.
C. A tenant's interest in the premium wood flooring that she had installed in her apartment.
D. A bank's interest in the new minivan they just financed for a young couple.
Ans: A. A home owner's interest in the local town's water pipes that deliver water to his home.
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The holding period for a real property investment to qualify as a long-term capital gain is more than
A) one month B) six month C) twelve month D) two years
With respect to privileged communications of accountants, which of the following is true?
A. A state statutory privilege will be recognized in a case being tried in a federal court involving a federal question. B. Most courts recognize a common law privilege between an accountant and the client. C. As a result of legislative enactment and court adoption, the client-accountant privilege is recognized in the majority of jurisdictions. D. The privilege will be lost if the party asserting the privilege voluntarily submits part of the privileged communications into evidence.