COB 218 Final Test Questions with Correct Answers

COB 218 Final Test Questions with Correct Answers beatrix defaults on a debt to CLC. as a creditor, CLC can place lines on all of Beatrix's property, - Answer-except motor vehicles used to commute to workd cal owes devin 100$ on their roof repair contract, but refuses to pay. to collect, Devin files a mechanic's lien. under the mechanic lien, security for the debt is represented by - Answer-Cal's real estate michael contracts with jill to fix her car brakes. jill will not pay after the job is done. - Answer-if michael imposes a lien on the car, it will end when michael voluntarily gives up the car sasha's debt to Tully is past due. Tully brings legal action against sasha to collect the debt. Tully asks court to order seizure of sashas property to ensure favorable judgement in court - Answer-this is a request for a writ of attachment a court awards judgement to Loan agency, who is the creditor against Marge. the creditor requests a court order to seize marge's property after the judgemnts to ensure payment - Answer-this is a writ of execution rons debt to sofia is past due. ron obtains a judgment against sofie to collect the debt that sofia will not pay. ron requests a writ of execution - Answer-the property seized under the writ of execution must be located within the courts geographical jurisdiction Nells debt to olsen is past due. olsen obtains an order of garnishment to require nells employer to pay a part of nells paycheck to olsen - Answer-the law limits the amount that can be taken from nell's take-home pay george borrows funds from the union to buy real property. george signs a written instrument that gives the union an interest in the property as security for the debts payment - Answer-this is a mortgage bank provides shirley with a mortgage to buy a home. the rate of interest is fixed for 3 years then adjusted annually - Answer-this is an adjustable-rate mortgage erin and dooley, married, borrow money from Bank to buy home. when they divorce, they are unable to make payments on the mortgage. the market value of the home has declined to less the ba;ance of the loan. bank agrees to a sale of the property for this amount - Answer-this is a short sale