Classify Each of the Following As

question 76

Multiple Choice

Classify each of the following as:
-Resurfacing a pool in an apartment building

• A)Ordinary maintenance and repairs
• B)Asset improvements
• C)Extraordinary repairs

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Definitions:

Actual Authority

The express or implied legal power granted by a principal to an agent to carry out specific tasks on the principal's behalf.

Real Estate Broker

A licensed individual or firm that acts as an intermediary between sellers and buyers of real estate.

Contract Sale

An agreement between a buyer and a seller where the payment for goods or services is extended over a period, often related to real estate transactions.

Unidentified Principal

A party in a transaction whose identity is not disclosed or known to the other parties involved.