What type of law is based on custom, usage, and judicial decisions?

The correct answer is that common law is based on custom, usage, and judicial decisions. Common law is a body of unwritten laws based on legal precedents established by the courts. This system evolves over time as judges interpret laws and make rulings in individual cases, which then become reference points for future cases. Because it relies heavily on previous judicial decisions, common law creates consistency and predictability within the legal system, allowing for the adaptation of the law to changing social norms and practices.

In contrast, community property refers to a legal framework that defines ownership rights between spouses. The Community Association Manager Licensing and Disciplinary Act pertains to regulations specific to community association managers and does not relate to the broader legal system. Comparative market analysis is a tool used in real estate to determine property values and is not a type of law. Therefore, the attributes of common law make it the most accurate choice in the context of the question.