Final answer:
The correct term for repairing and updating property to modern standards is Renovation. It is distinct from restoration or adaptive reuse but is related to urban renewal and gentrification which impact the social and physical landscape of urban areas.
Step-by-step explanation:
The term used to describe the concept of repairing, redecorating, and sometimes converting an existing property to meet modern standards of comfort, amenity, and health, is most accurately described by option c. Renovation. While restoration tends to return a structure to its previous state, renovation involves updating and improving structures to meet current needs. The process of adaptive reuse, on the other hand, goes beyond renovation by repurposing buildings for different uses than originally intended.
Urban renewal, a related concept, refers to the redevelopment of areas within a city, which, although aimed at revitalizing these areas, often led to the displacement of communities and did not always result in the intended renewal. Instead of solving the root problems of inner cities, it sometimes merely removed the visible signs of poverty without creating sufficient new housing.
Gentrification is also linked to these concepts, where a neighborhood is improved, typically starting with residents of lower status, and gradually attracts residents of higher social status, altering the character and demographic of the neighborhood.