Question

Imagine a strip mall where a fabric store recently moved and the space was empty, with a shoe repair business ready to lease it. Which of the following statements indicates the difference between ownership and possession in this scenario?

a.
Once the lease agreement takes into effect, the owner of the empty store loses ownership of the space.

b.
The shoe repair business would rent the empty store in a strip mall, and those owners would be the new owner of the space.

c.
The owner of the space would lease it to the shoe repair business, and the shoe repair business owners would have possession of the space.

d.
The owner of the empty space would lease it to the shoe repair business, but they would retain possession and ownership of the space.

Answer 1

The statement that indicates the difference between ownership and possession in this scenario is (c) "The owner of the space would lease it to the shoe repair business, and the shoe repair business owners would have possession of the space."

This statement differentiates between ownership and possession by indicating that the owner of the space would retain ownership of the space, but would lease it to the shoe repair business, who would then have possession of the space. Ownership refers to legal rights and control over a property, while possession refers to physical control and use of a property. In this case, the owner of the space would still own the property, but the shoe repair business would have possession of it through the lease agreement.

Answer 2

The statement that indicates the difference between ownership and possession in this scenario is c. The owner of the space would lease it to the shoe repair business, and the shoe repair business owners would have possession of the space. This statement suggests that the original owner retains ownership of the space but allows the shoe repair business to have possession of it through a lease agreement. Ownership refers to the legal right to the property, while possession refers to physically occupying or using the property.

Short answer

C