When a Zoning Ordinance Is Adopted, Any Property Used for a Purpose

question 17

Multiple Choice

When a zoning ordinance is adopted, any property used for a purpose that does not conform to the zoning ordinance:

• A) must be demolished.
• B) must no longer be used for a nonconforming use or purpose.
• C) may be used for any use that does not conform to the zoning regulation.
• D) may continue to be used for the same nonconforming use.

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Definitions:

Historical Rate

The exchange rate used to convert foreign currency amounts involved in a transaction to the reporting currency based on the rate in effect at the time of the transaction.

Current-Rate Method

An accounting method used in translating the financial statements of a foreign subsidiary, where all current and non-current items are translated at the current exchange rate.

Functional Currency

The primary currency used by a business or entity in its daily operations.

South African Rand

The South African Rand is the official currency of South Africa, denoted by the symbol ZAR.