Answer: B. Once Bobby-Lee dies, Judy will own the "fee simple" title to the property.
Explanation:
In the Life Estate arrangement, a person is granted use and ownership of a property for as long as they are alive. When they die however, if a Remainder also known as <em>Remainder- man</em> is named, then the property rights transfer to the Remainder- man.
The Remainder-man then gets access to the property and owns in to the highest extent of the law which in common law countries such as the United States, is the Fee Simple title ownership. This gives them the right to basically do what they want with the property.
Bobby-Lee therefore gets the rights to the property but once he dies, his sister Judy will own a <em>fee simple</em> title to the property.
Answer:
Is the process of allocating to expense the cost of plant asset.
Explanation:
Depreciation is an expense indicating a decline in the value of the capital assets due to tear and wear, obsolescence, consumption, time span, etc. It's shown on the income statement debit side. It is a non-cash item which has no effect on the cash balance.
Moreover, it is to charged over the specified number of useful life so that proper amount of the depreciation should be recorded in the books of accounts
Economists believe that the wants of people are infinite.
<h3>What is want in economics?</h3>
These are the basic needs of people. In the field of economics it is believed that the wants of people are too numerous.
People have so many needs and the resources that are required to fulfill them are limited. This is the concept of scarcity.
Read more on want and scarcity here:
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Aside from the actual mortgage payments, you also pay for your monthly property taxes, homeowner's insurance, and home repairs.
Sometimes homeowners also pay for monthly dues to their homeowners association. This monthly dues include water, sewer, garbage, and maintenance of other amenities like clubhouse, pool, and tennis courts.
