Final answer:
The assertion that market rent and contract rent are always the same is false; market rent is what the property could currently fetch on the market, while contract rent is the actual amount paid per lease agreements. The concept of sharecropping is accurately described as paying rent through crop shares.
Step-by-step explanation:
The statement 'If a property is rented, its market rent is always the same as its contract rent' is False. The market rent is the amount a property could currently rent for on the open market, while contract rent is the actual amount agreed upon in a rental agreement or lease. These two figures can diverge due to several factors, such as rent control laws, individual lease agreements, or changes in the market since the lease was signed.
Similarly, sharecroppers were indeed tenant farmers who paid their rent with shares of their crops. This arrangement was common in the post-Civil War Southern United States. Sharecroppers would work a piece of land and then pay the landowner a portion of the crops rather than a traditional cash rent.
The statement "If a property is rented, its market rent is always the same as its contract rent" is b) False. Market rent refers to the rental rate for a property that would be agreed upon between a willing landlord and a tenant in the current market conditions. Contract rent, on the other hand, refers to the specific rental rate agreed upon in the rental contract between the landlord and the tenant. These two rents may differ based on factors such as location, demand, and negotiation between the parties.