Future Interests in Land

question 45

Multiple Choice

Future interests in land

• A)are presently existing nonpossessory rights that may or may not develop later.
• B)are possessory interests because they permit the holder to take possession at some point.
• C)must create a right to,not merely the possibility of,possession at some time in the future or they would be merely illusory.
• D)cannot be bought and sold.

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Definitions:

Horizontal Axis

The x-axis in a graph, typically representing the independent variable or the quantity of goods in economic graphs.

Vertical Axis

In a graph or chart, the y-axis along which numerical data, typically representing a variable being measured, is plotted.

Budget Line

A graphical representation of all possible combinations of two goods which a consumer can purchase with a given budget, at fixed prices for those goods.

Prices Rise

A situation where the general level of prices for goods and services increases over a period of time, reducing purchasing power, often referred to as inflation.