The Implied Warranty of Habitability

question 27

Multiple Choice

The implied warranty of habitability:

• A) is a warranty that the land is well maintained.
• B) is a concept created by Congress to protect consumers who rent homes.
• C) requires leased premises to be fit for ordinary residential purposes.
• D) requires a refund to a tenant if the leased premises have defects that remain uncorrected more than 30 days.

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Definitions:

Disposal

Disposal refers to the act of selling, discarding, or removing an asset from a company's balance sheet, often due to obsolescence, excess, or replacement.

Long-Lived Asset

A long-lived asset is a tangible or intangible asset with a useful life of more than one year, used in the operating activities of a business, such as buildings, machinery, or patents.

Goodwill

An intangible asset that arises when a business is acquired for more than the fair value of its net assets.

Fair Value

An estimate of the market value of an asset or liability, based on current prices in an active market.