Define Periodic Review System

question 18

Short Answer

Define periodic review system.

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Definitions:

Personal Property

Assets not permanently fixed to one location, such as furniture, vehicles, and electronics, as opposed to real estate.

Estate in Land

The degree, quantity, nature, and extent of interest a person has in real property, which can range from full ownership to temporary rights.

Lease Agreement

A contract outlining the terms under which one party agrees to rent property owned by another party.

Lessor

The party in a lease agreement that owns the leased property and grants its use to another party, known as the lessee, for a specified period.