If Niles and Frasier Buy a "Fee Simple" Interest, Which

question 81

Multiple Choice

If Niles and Frasier buy a "fee simple" interest, which of the following is true with regard to their rights?

• A) In law, they are entitled only to the surface of the earth within the boundaries.
• B) They have rights to the area under their land, including the mineral rights.
• C) The maxim "to whomsoever the soil belongs, he owns also to the sky" remains unchanged and is as valid today as ever.
• D) Today a person's right to the area above his land is restricted to that part of it he can make use of.
• E) You can sue an airplane for trespass for flying at 30,000 feet over your property.

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Definitions:

Non-Controlling Interest

The portion of equity interest in a subsidiary not attributable to the parent company, which reflects the equity stake that other investors or shareholders have in the subsidiary.

Statement of Comprehensive Income

A financial statement that shows all the items of income and expense recognized in a period including items beyond those in profit or loss.

Profit

The financial gain realized when the revenues generated from business activities exceed the expenses and costs associated with operating the business.

Unrealised Profit

Profits that have been earned but not yet realized through a transaction, such as an increase in the value of an investment that has not been sold.