Work Keys Exam With Complete Solution Appraisal - practice of determining what something is worth Asset - valuable property owned by a person or company Bankruptcy - a legal status of a person or other entity that cannot repay the debts it owes Beneficiary - a person who gains from something, especially a trust, will or life insurance policy Breach of contract - term describing a situation where a binding agreement or bargainedfor exchange is not honored by one or more of the parties Buyout - the purchase of a controlling share in a company, usually forcing another owner out of the company Caveat emptor - "buyer beware", the idea that the buyer has a responsibility not to get fooled by high-risk sales practices. Credit report - report used by a lender to decide whether a person is likely to pay back a loan. Discount - a reduction in price Downpayment - money paid when a loan agreement is made impound - seize and take legal custody of something because of a violation of a law or regulation interest - fee, usually measured in percentage points, paid by a borrower to the owner as a compensation for the loan lender - person or group who allows another to borrow money or assets. lien - taking possession of the property of another until a debt is paid mortgage - a loan used in real estate transactions principal - the actual amount of money being borrowed, minus interest and other fees. quota - a target sales figure real estate - property consisting of land or building
waiver - giving up some right or privilege