What Are Surface Rights in Real Property

question 92

Multiple Choice

What are surface rights in real property?

• A) the right to possess the earth beneath the land
• B) the right to occupy the land
• C) the right to possess personal property
• D) the right to convert personal property to negotiable instruments

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Definitions:

Financial Accounting

The field of accounting that focuses on recording, summarizing, and reporting the myriad of transactions resulting from business operations over a period of time.

Goodwill

An intangible asset that represents the excess value of a purchased company over the fair value of its identifiable net assets.

Amortize

The gradual reduction of a debt over a period of time through regular payments of principal and interest sufficient to pay off the debt by maturity.

GAAP

Generally Accepted Accounting Principles, a set of accounting standards and procedures used in the United States to guide the recording and reporting of financial information.