A person commits _____ when he or she obtains or exerts control over the property of another.

The term that describes the act of obtaining or exerting control over someone else's property is theft. This legal definition encompasses a range of actions where an individual takes or exerts authority over another person's property without consent and with the intent to permanently deprive the owner of that property.

The nuances in the definition of theft make it distinct from other related terms. For instance, burglary involves entering a building unlawfully with the intent to commit a crime inside, and robbery typically involves the use or threat of force to take property. Fraud, on the other hand, entails deception to secure unfair or unlawful gain. Thus, while all these terms relate to property crime, theft specifically focuses on the act of taking or controlling property without the owner's permission, which aligns precisely with the question.