This topic contains a solution. Click here to go to the answer

Author Question: Which of the following is true regarding the establishment of a public purpose? A)A narrow ... (Read 22 times)

altibaby

  • Hero Member
  • *****
  • Posts: 562
Which of the following is true regarding the establishment of a public purpose?
 A)A narrow interpretation is given to the term
 B)There must be a public road, park, school or other facility involved
 C)Private property cannot be affected
 D)None of the above

Question 2

Homeowner A closed on his property (a two-acre lot) on May 30, 2012. First Federal (FF) financed the purchase and recorded a mortgage on the lot on that same day. Unbeknownst to A and FF, Forest Excavators (FE) had removed two trees from the property and had several pieces of equipment stored on the property. A had contracted with FE for the clearing of the lot so that he could begin construction. FE filed a lien on April 15, 2013, five days after it completed its clearing work. A defaults on his mortgage on May 1, 2013. At the time of default, he owes 229,000. FE is also owed 7,500. Sale of the lot brings 200,000. How will the 200,000 be distributed?
 A) The 200,000 goes to FF because its mortgage was recorded before FE's lien
 B) The 200,000 goes to FF because mortgages take priority over mechanic's liens
 C) 7,500 goes to FE with the remainder to FF
 D) Because FE began construction before the lot transaction closed, it can collect nothing



Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by a Subject Expert

aburgess

  • Sr. Member
  • ****
  • Posts: 361
Answer to Question 1

D

Answer to Question 2

C




aburgess

  • Sr. Member
  • ****
  • Posts: 361

 

Did you know?

Cancer has been around as long as humankind, but only in the second half of the twentieth century did the number of cancer cases explode.

Did you know?

About 600,000 particles of skin are shed every hour by each human. If you live to age 70 years, you have shed 105 pounds of dead skin.

Did you know?

You should not take more than 1,000 mg of vitamin E per day. Doses above this amount increase the risk of bleeding problems that can lead to a stroke.

Did you know?

Before a vaccine is licensed in the USA, the Food and Drug Administration (FDA) reviews it for safety and effectiveness. The CDC then reviews all studies again, as well as the American Academy of Pediatrics and the American Academy of Family Physicians. Every lot of vaccine is tested before administration to the public, and the FDA regularly inspects vaccine manufacturers' facilities.

Did you know?

Long-term mental and physical effects from substance abuse include: paranoia, psychosis, immune deficiencies, and organ damage.

For a complete list of videos, visit our video library