The Principle That States That Land Should Be Applied to Generate

question 7

Multiple Choice

The principle that states that land should be applied to generate its greatest net return:

• A) highest and best use
• B) conformity
• C) supply and demand
• D) substitution

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Definitions:

Statutory Requirements

Legal obligations imposed by a statute that individuals or organizations must follow.

Transfer of Land

The legal process by which ownership of a piece of land is moved from one party to another.

Statute of Frauds

A legal principle requiring certain types of contracts (e.g., real estate transactions, contracts not to be performed within one year) to be in writing to be enforceable.

Partially Performed

A term referring to a contract or agreement that has been started but not fully executed or completed.