Question 1

Which of the following exclusively applies to real property?

Accepted Answer

A)  securities 
B)  books 
C)  clothing 
D)  bailments 
E)  easements 
A)  securities 
B)  books 
C)  clothing 
D)  bailments 
E)  easements

Question 2

A(n)______ arises when someone contributes materials and/or services to real estate,usually a building,and is not paid.

Accepted Answer

A)  general lien 
B)  chattel lien 
C)  surety lien 
D)  mechanic's lien 
E)  assayer's lien 
A)  general lien 
B)  chattel lien 
C)  surety lien 
D)  mechanic's lien 
E)  assayer's lien

Question 3

Ivana's car was stolen.The car needed some repairs and the thief,Donald,had the rearview mirror replaced as well as the muffler.Donald was apprehended and the car was returned to Ivana.In this scenario,which of the following is true?

Accepted Answer

A)  Ivana owns the car but Donald owns the rearview mirror and muffler. 
B)  Ivana owns the car but must pay Donald for the rearview mirror and muffler. 
C)  Donald becomes the owner of the car due to accession. 
D)  Ivana owns the car and owes Donald nothing. 
E)  Donald and Ivana both own the car as both have contributed equally to the finished product. 
A)  Ivana owns the car but Donald owns the rearview mirror and muffler. 
B)  Ivana owns the car but must pay Donald for the rearview mirror and muffler. 
C)  Donald becomes the owner of the car due to accession. 
D)  Ivana owns the car and owes Donald nothing. 
E)  Donald and Ivana both own the car as both have contributed equally to the finished product.

Question 4

Define and differentiate between private property,public property,and common property.

Accepted Answer

Private property protects private person

Question 5

Mike repaired Rosie's car,and Rosie refused to pay the bill.Mike was still in possession of the car and therefore could claim a mechanic's lien on the car.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following statements is true of an easement?

Accepted Answer

A)  It creates ownership of the land in question. 
B)  It exists for the benefit of pharmaceutical corporations. 
C)  It occurs when landlocked property is purchased. 
D)  It creates a leasehold estate. 
E)  It places a particular use of land behind the exclusive legal fence. 
A)  It creates ownership of the land in question. 
B)  It exists for the benefit of pharmaceutical corporations. 
C)  It occurs when landlocked property is purchased. 
D)  It creates a leasehold estate. 
E)  It places a particular use of land behind the exclusive legal fence.

Question 7

Which of the following statements is true about lost items?

Accepted Answer

A)  The law distinguishes things that have been lost from things that have simply been mislaid. 
B)  The things that have been lost belong to the person who owns the premises where the item was lost. 
C)  The finder of a lost item becomes the owner of the item even before reducing it to possession. 
D)  The ownership is lost at the end of a statutory period for the finder of a lost item. 
E)  The assumption of knowledge about the original owner is irrelevant in determining the ownership of the mislaid item. 
A)  The law distinguishes things that have been lost from things that have simply been mislaid. 
B)  The things that have been lost belong to the person who owns the premises where the item was lost. 
C)  The finder of a lost item becomes the owner of the item even before reducing it to possession. 
D)  The ownership is lost at the end of a statutory period for the finder of a lost item. 
E)  The assumption of knowledge about the original owner is irrelevant in determining the ownership of the mislaid item.

Question 8

What are the different types of easement?

Accepted Answer

An easement places a particular use of l

Question 9

Foreclosure means that the court will order the land sold to satisfy the debt owed,usually by auction to the highest bidder,with any excess after payment of what is owed to the secured creditor going to the debtor.

Accepted Answer

A) True 
 B)False

Question 10

The physical dimensions of real property are generally easy to define.

Accepted Answer

A) True 
 B)False

Question 11

Ben lives in an apartment building next to a children's park.He is in his apartment when a baseball flies in through the window and lands in his room.Which of the following statements is true of this scenario?

Accepted Answer

A)  Ben must return the baseball to the owner immediately as it is not an object of great value. 
B)  Ben can keep the baseball because of the rule of first possession. 
C)  The owner of the apartment building must take the final decision as the baseball landed on his premises. 
D)  The owner of the baseball can exercise his right of eminent domain and claim the baseball. 
E)  The baseball must be turned over to police and can only be claimed after a week has passed. 
A)  Ben must return the baseball to the owner immediately as it is not an object of great value. 
B)  Ben can keep the baseball because of the rule of first possession. 
C)  The owner of the apartment building must take the final decision as the baseball landed on his premises. 
D)  The owner of the baseball can exercise his right of eminent domain and claim the baseball. 
E)  The baseball must be turned over to police and can only be claimed after a week has passed.

Question 12

Explain the concept of zoning laws.

Accepted Answer

Zoning ordinances are generally laws tha

Question 13

Josh borrows Amanda's car to get to school.Josh is obligated to exercise ______.

Accepted Answer

A)  the level of care imposed by Amanda 
B)  a reasonable duty of care 
C)  a slight duty of care 
D)  the level of care imposed by Amanda's parents 
E)  a very high duty of care 
A)  the level of care imposed by Amanda 
B)  a reasonable duty of care 
C)  a slight duty of care 
D)  the level of care imposed by Amanda's parents 
E)  a very high duty of care

Question 14

Which of the following statements is true about property?

Accepted Answer

A)  People can privately own every resource, especially every resource of use. 
B)  A private property in a resource can be created if you can legally exclude others from that resource. 
C)  The federal law has little control over the exercise of ownership or sale of any type of property across all states. 
D)  A property is usually infinite but has an ambiguous boundary. 
E)  A property includes resources but not the use of resources. 
A)  People can privately own every resource, especially every resource of use. 
B)  A private property in a resource can be created if you can legally exclude others from that resource. 
C)  The federal law has little control over the exercise of ownership or sale of any type of property across all states. 
D)  A property is usually infinite but has an ambiguous boundary. 
E)  A property includes resources but not the use of resources.

Question 15

The women in the house next to you party and keep you up most nights.In this scenario,they are creating a public nuisance.

Accepted Answer

A) True 
 B)False

Question 16

The Homestead Act of 1862 illustrates ownership through ______.

Accepted Answer

A)  possession 
B)  exchange 
C)  gifting 
D)  confusion 
E)  accession 
A)  possession 
B)  exchange 
C)  gifting 
D)  confusion 
E)  accession

Question 17

Which of the following statements is true about bailment?

Accepted Answer

A)  In a bailment for the sole benefit of the bailee, the possessor of the object is known as the bailor. 
B)  In a bailment, the possessor of the object is predominantly the owner. 
C)  In the business world, most bailments are of mutual benefit to both parties. 
D)  In a mutual benefit bailment, the bailee is under a duty to use high care in taking care of the object in possession. 
E)  In a bailment for the sole benefit of the bailor, the bailee owes a very high duty of care while in possession of the object. 
A)  In a bailment for the sole benefit of the bailee, the possessor of the object is known as the bailor. 
B)  In a bailment, the possessor of the object is predominantly the owner. 
C)  In the business world, most bailments are of mutual benefit to both parties. 
D)  In a mutual benefit bailment, the bailee is under a duty to use high care in taking care of the object in possession. 
E)  In a bailment for the sole benefit of the bailor, the bailee owes a very high duty of care while in possession of the object.

Question 18

A buyer in an ordinary course of business has priority over a perfected security interest.

Accepted Answer

A) True 
 B)False

Question 19

Property is infinite,and its boundaries are free from any ambiguity.

Accepted Answer

A) True 
 B)False

Question 20

Solomon plans to sell his property.He intends to sell the cattle on his property to the prospective buyer but not the clothes and the household goods.Which of the following is the reason for the clothes and the household goods not being sold with the house?

Accepted Answer

A)  The clothes and household goods are intangible goods. 
B)  The clothes and household goods are fixtures. 
C)  The clothes and household goods are personal property. 
D)  The clothes and household goods form real property. 
E)  The clothes and household goods are abandoned. 
A)  The clothes and household goods are intangible goods. 
B)  The clothes and household goods are fixtures. 
C)  The clothes and household goods are personal property. 
D)  The clothes and household goods form real property. 
E)  The clothes and household goods are abandoned.

Exam 7: The Property System

Which of the following exclusively applies to real property?

A(n)______ arises when someone contributes materials and/or services to real estate,usually a building,and is not paid.

Ivana's car was stolen.The car needed some repairs and the thief,Donald,had the rearview mirror replaced as well as the muffler.Donald was apprehended and the car was returned to Ivana.In this scenario,which of the following is true?

Define and differentiate between private property,public property,and common property.

Mike repaired Rosie's car,and Rosie refused to pay the bill.Mike was still in possession of the car and therefore could claim a mechanic's lien on the car.

Which of the following statements is true of an easement?

Which of the following statements is true about lost items?

What are the different types of easement?

Foreclosure means that the court will order the land sold to satisfy the debt owed,usually by auction to the highest bidder,with any excess after payment of what is owed to the secured creditor going to the debtor.

The physical dimensions of real property are generally easy to define.

Ben lives in an apartment building next to a children's park.He is in his apartment when a baseball flies in through the window and lands in his room.Which of the following statements is true of this scenario?

Explain the concept of zoning laws.

Josh borrows Amanda's car to get to school.Josh is obligated to exercise ______.

Which of the following statements is true about property?

The women in the house next to you party and keep you up most nights.In this scenario,they are creating a public nuisance.

The Homestead Act of 1862 illustrates ownership through ______.

Which of the following statements is true about bailment?

A buyer in an ordinary course of business has priority over a perfected security interest.

Property is infinite,and its boundaries are free from any ambiguity.

Solomon plans to sell his property.He intends to sell the cattle on his property to the prospective buyer but not the clothes and the household goods.Which of the following is the reason for the clothes and the household goods not being sold with the house?

Law As a Foundation for Business

The Role of Ethics in Decision Making

The Court System

Litigation

Alternative Dispute Resolution

The Constitution

Contract Formation

Contractual Performance and Breach

Torts Affecting Business

Intellectual Property

International Law

Criminal Law and Business

Business Organizations

The Regulatory Process

Regulating Competitionantitrust Laws

Financial and Securities Regulations

Regulations Protecting Consumer Purchases, privacy, and Financial Activities

Environmental Regulation

Discrimination in Employment

Employment Laws

Labormanagement Relationship

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