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A recently retired client sold their home and purchased a life lease unit in a cooperative building. What property policy do they need? OA) Condominium Unit Owners Policy as this will cover the client's personal property as well as any improvements and betterments in the unit. OB) Tenant Policy as this will cover the client's personal property as the client holds an interest in the unit but does not own the unit. OC) Homeowners Policy as a life lease could be a detached house or a row-house as the client is responsible for the repairs to the unit. OD) Rented Dwelling Property Policy as the client will have to pay a monthly maintenance fee to the cooperative. Which one (1) of the following best describes a "fiduciary"? OA) One who performs duties faithfully. OB) One who manages money or property in trust for another. OC) One whose loyalty is unswerving. OD) One who is appointed to oversee another.

A recently retired client sold their home and purchased a life lease unit in a cooperative building. What property policy do they need? OA) Condominium Unit Owners Policy as this will cover the client's personal property as well as any improvements and betterments in the unit. OB) Tenant Policy as this will cover the client's personal property as the client holds an interest in the unit but does not own the unit. OC) Homeowners Policy as a life lease could be a detached house or a row-house as the client is responsible for the repairs to the unit. OD) Rented Dwelling Property Policy as the client will have to pay a monthly maintenance fee to the cooperative. Which one (1) of the following best describes a "fiduciary"? OA) One who performs duties faithfully. OB) One who manages money or property in trust for another. OC) One whose loyalty is unswerving. OD) One who is appointed to oversee another.

Understanding Business
Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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A recently retired client sold their home and purchased a life lease unit in a cooperative building. What property policy do they need? OA) Condominium Unit Owners Policy as this will cover the client's personal property as well as any improvements and betterments in the unit. OB) Tenant Policy as this will cover the client's personal property as the client holds an interest in the unit but does not own the unit. OC) Homeowners Policy as a life lease could be a detached house or a row-house as the client is responsible for the repairs to the unit. OD) Rented Dwelling Property Policy as the client will have to pay a monthly maintenance fee to the cooperative.
Transcribed Image Text:A recently retired client sold their home and purchased a life lease unit in a cooperative building. What property policy do they need? OA) Condominium Unit Owners Policy as this will cover the client's personal property as well as any improvements and betterments in the unit. OB) Tenant Policy as this will cover the client's personal property as the client holds an interest in the unit but does not own the unit. OC) Homeowners Policy as a life lease could be a detached house or a row-house as the client is responsible for the repairs to the unit. OD) Rented Dwelling Property Policy as the client will have to pay a monthly maintenance fee to the cooperative.
Which one (1) of the following best describes a "fiduciary"? OA) One who performs duties faithfully. OB) One who manages money or property in trust for another. OC) One whose loyalty is unswerving. OD) One who is appointed to oversee another.
Transcribed Image Text:Which one (1) of the following best describes a "fiduciary"? OA) One who performs duties faithfully. OB) One who manages money or property in trust for another. OC) One whose loyalty is unswerving. OD) One who is appointed to oversee another.
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