The Highest Form of Ownership a Person Can Have in a Piece

question 11

Multiple Choice

The highest form of ownership a person can have in a piece of property is:

• A) fee simple absolute
• B) fee simple qualified
• C) life estate
• D) testate estate

---

Definitions:

Rent Expense

Costs incurred from leasing a property or space for business operations or personal use.

Rental Income

Earnings generated from leasing out property or equipment, recorded as income by the property owner or lessor.

Normal Balance

The aspect of an account, be it on the debit or credit side, designated for recording increments to the account.

Credit

An accounting entry that increases a liability or equity account, or decreases an asset or expense account.