To Exit to the Street,a Third-Floor Condominium Owner Is Most

question 116

Multiple Choice

To exit to the street,a third-floor condominium owner is most likely to have

• A)a right of way of necessity.
• B)an express easement.
• C)a dominant tenement.
• D)a prescriptive right of easement.
• E)None of these.

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Definitions:

Double-Declining-Balance Method

An accelerated depreciation method in which an asset's book value is reduced by twice the rate of its straight-line depreciation.

Depreciation Record

Documentation that tracks the reduction in value of an asset over time due to wear and tear.

Residual Value

The anticipated value an asset is expected to retain at the end of its useful life, often used in calculating depreciation.

Service Life

The expected period during which an asset is considered usable and economically feasible for its intended purpose.