A Loss in Value Because of a Poor Floor Plan

question 26

Multiple Choice

A loss in value because of a poor floor plan is an example of:

• A) economic obsolescence
• B) accrual for depreciation
• C) functional obsolescence
• D) physical deterioration

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Definitions:

Statute of Frauds

A rule of law mandating specific agreements must be documented with the signatures of those participating to be valid and binding.

Oral Evidence

Testimony given by a witness or party during a trial based on what the witness has heard or personally experienced.

Statute of Frauds

A legal principle requiring certain types of contracts to be written and signed to be enforceable.

Assignments

The act of transferring rights, property, or responsibilities from one party to another.