Question

In: Finance

A property owner decides to restore a property to satisfactory condition without changing the floor plan, form, or style of the structure. This is known as what?

A property owner decides to restore a property to satisfactory condition without changing the floor plan, form, or style of the structure. This is known as what?

 

1)

rehabilitation
 

2)

remodeling
 

3)

conversion
 

4)

adaptive reuse

 

What term describes a tenant's transfer of a portion of his or her rights to another?

 

1)

a lease
 

2)

a sublease
 

3)

an assignment
 

4)

a contract

Solutions

Expert Solution

Answer to question no. 24 will be option 1 i.e. Rehabilitation.

Rehabilitation means restoring something which is either damaged or destroyed to its original condition means without changing its originality. E.g. Property was destroyed in fire now being restored to its original condition.

Remodeling means changing/transformation of old structures, form, plan into new one with various changes. E. g. Changing the furniture, layout, design of an property etc.

Conversion means an act of converting the legal rights or possession of property.

Adaptive reuse means reusing the property for the purpose other than it was designed/build for. Like if building was made for residential purpose but now being reused for commercial purpose.


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