Which of the Following Does Not Describe an Extraordinary Gain

question 6

Multiple Choice

Which of the following does not describe an extraordinary gain or loss?

• A) infrequent in occurrence
• B) peripheral to the company's core business
• C) unusual in nature
• D) material in amount

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Definitions:

Enabling Statute

A law that gives a government entity or agency the authority to take specific actions.

Zoning

Regulations governing the use of land and structures within certain areas to control and direct urban growth and land use.

Lien Theory

A legal theory under which real estate acts as security for the repayment of a debt, with the lender holding an interest in the property until the mortgage is paid in full.

Title Theory

A legal concept in real estate that posits that the mortgage lender holds the title to the property until the mortgage is fully paid off.