The Party Who Owns an Asset That Is Rented to Another

question 126

Multiple Choice

The party who owns an asset that is rented to another is referred to as the

• A) Lessor
• B) Mortgagee
• C) Lessee
• D) Principal

---

Definitions:

Constructive Trust

An equitable remedy imposed by a court to rectify situations where injustice would otherwise occur due to wrongful possession of property.

Irrevocable Living Trust

A legal arrangement where a grantor places assets into a trust, relinquishing control over them, and the assets are managed by a trustee for the benefit of the trust's beneficiaries. Once established, it cannot be amended or dissolved.

Probate

The legal process by which a will is reviewed to determine whether it is valid and authentic.

Trustee

A person or entity given responsibility to manage property or assets on behalf of others, typically within a trust.