Joey Owned Three Homes in Three Different States

question 80

Multiple Choice

Joey owned three homes in three different states. He tells Monica that she can live in his Iowa home until he decides to start using the home again in the future. Monica moves in and lives there for 13 years when Joey calls and says that he wishes to start using the home and that she must move out. Monica tells Joey that the statutory period for adverse possession in Iowa is 10 years and that she is now the owner.

• A) Monica owns the home because she was open, notorious, visible, continuous, and exclusive and lived there longer than the 10-year requirement.
• B) Monica owns the home because she was there with Joey's permission and had not broken the law.
• C) Joey owns the home because he did show up after 13 years to claim the property.
• D) Joey owns the home because Monica was not adverse or hostile since she was there with his consent.

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Definitions:

Marginal Utility

The additional satisfaction or benefit (utility) a consumer gains from consuming one more unit of a good or service.

Supply and Demand

The fundamental economic model describing the balance between the quantity of goods available and the desire of buyers for it.

Marginal Utility

The additional satisfaction a consumer gains from consuming one more unit of a good or service.

Opportunity Cost

The cost of foregoing the next best alternative when making a decision or choice.