Which of the Following Statements Is TRUE

question 25

Multiple Choice

Which of the following statements is TRUE?

• A)The common law refuses to recognize non-possessory interests in land.
• B)True property rights can only be acquired through contract.
• C)Land cannot be expropriated if it is subject to a fee simple.
• D)A fixed-term tenancy can be terminated only through a notice to quit.
• E)As a general rule, a person who holds a life estate has no obligation to spend money to keep the property in good condition but has an obligation to prevent waste.

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Definitions:

International Standards

These are agreements set by international organizations that dictate certain specifications, guidelines, or characteristics to ensure products, services, and systems are safe, reliable, and interchangeable worldwide.

IFRS

A collection of accounting principles formulated by the International Accounting Standards Board, known as International Financial Reporting Standards, that aid in the global creation of financial reports.

GAAP

Generally Accepted Accounting Principles, a collection of commonly-followed accounting rules and standards used in financial reporting within the United States.

Proprietorships

A business structure where a single individual owns and runs the business, bearing unlimited liability for its debts and obligations.