Determine the Proper Classification(s) of a House Owned and Used

question 40

Multiple Choice

Determine the proper classification(s) of a house owned and used by John as his principal residence.
I.Personal use property.
IV.Intangible property.
II.Business use property.
V.Real estate.
III.Tangible property.
VI.Personal property.
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• A)Statements I, III, and V are correct.
• B)Statements I, III, and VI are correct.
• C)Only statement I and V are correct.
• D)Only statement V is correct.
• E)Only statement I is correct.

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Definitions:

Nominal Damages

Nominal damages are a small sum of money awarded to a plaintiff in a lawsuit, acknowledging that a legal right has been violated, but no substantial harm was suffered.

Tort

A non-criminal action causing damage or injury to another party, which subjects the wrongdoer to legal accountability through the system of torts.

Compensable Damages

Damages that a plaintiff can recover in a lawsuit, representing monetary compensation for loss or injury.

Punitive Damages

Monetary compensation awarded to a plaintiff, above and beyond actual damages, to punish the defendant for egregious conduct.