In the absence of express agreement to the contrary

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Reference no: EM132005775

1. The amount of revenue a property would generate if fully occupied at market rents, and with no uncollectible rent, is its

effective gross income

potential gross income

net operating income

before-tax cash flow

2. The major attractions of co-tenancy are ___________________________ .

its pride of personal ownership and freedom from personal income tax liability

its ease of legal arrangements, and its status as a non-taxpaying entity

its limited liability and its ease of management

none of the above

3. In the absence of express agreement to the contrary, partners in a general partnership _______________________ .

share profits and losses equally

share profits and losses in proportion to their equity investment

are liable for partnership obligations only to the extent of their investment in the partnership

share liability for partnership obligations in the same ratio that they share profits and losses

Reference no: EM132005775

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