Question 1

What is adverse possession?

Accepted Answer

One of the forms of ownership through po

Question 2

If one of the joint tenants in a joint tenancy dies,the remaining tenant becomes the sole owner of the entire resource.

Accepted Answer

A) True 
 B)False

Question 3

In the context of attachment in secured transactions,collateral may include not only things currently owned by the debtor but collateral known as after-acquired property that the debtor acquires in the future.

Accepted Answer

A) True 
 B)False

Question 4

In a bailment for the sole benefit of the bailor,the bailee owes a very high duty of care.

Accepted Answer

A) True 
 B)False

Question 5

Explain the forms of concurrent ownership through joint tenancy and tenancy in common.

Accepted Answer

Some forms of concurrent ownership inclu

Question 6

Ruth is visiting her granddaughter Marcy and decides to give Marcy her very expensive cameo brooch.The brooch,an heirloom,has been in the family for over 100 years and is the only item in a safe in Ruth's home.Ruth offers the brooch to Marcy who accepts it.Ruth then gives Marcy the only key to the safe.According to the information given,which of the following statements is true?

Accepted Answer

A)  This is not a valid gift because there has been no delivery. 
B)  This is a valid gift because the gift is a physical entity. 
C)  This is a testamentary gift, and Marcy can claim the gift only after Ruth's death. 
D)  This is a valid gift because there has been a constructive delivery. 
E)  This is not a valid gift because Ruth must provide a document for chain of custody. 
A)  This is not a valid gift because there has been no delivery. 
B)  This is a valid gift because the gift is a physical entity. 
C)  This is a testamentary gift, and Marcy can claim the gift only after Ruth's death. 
D)  This is a valid gift because there has been a constructive delivery. 
E)  This is not a valid gift because Ruth must provide a document for chain of custody.

Question 7

Name two items on an average university campus that would be classified as personal property and two items that would be classified as fixtures.

Accepted Answer

Student answers will vary,but the focus

Question 8

What type of laws divides counties or municipalities into use districts designated residential,commercial,or industrial?

Accepted Answer

A)  purchase money security interest 
B)  zoning ordinance 
C)  adverse possession 
D)  eminent domain 
E)  partitioning 
A)  purchase money security interest 
B)  zoning ordinance 
C)  adverse possession 
D)  eminent domain 
E)  partitioning

Question 9

Generally,mortgages and deeds of trust must be registered in a recording office in the county where the land is located.

Accepted Answer

A) True 
 B)False

Question 10

In many states,if foreclosure and auction does not produce enough money to satisfy the debt owed by the mortgagor,the creditor-mortgagee can still sue the debtor for the balance owed,called a(n)______.

Accepted Answer

A)  collateral 
B)  deficiency 
C)  attachment 
D)  perfection 
E)  accession 
A)  collateral 
B)  deficiency 
C)  attachment 
D)  perfection 
E)  accession

Question 11

Which of the following is an example of intangible property?

Accepted Answer

A)  cars 
B)  books 
C)  clothing 
D)  securities 
E)  land 
A)  cars 
B)  books 
C)  clothing 
D)  securities 
E)  land

Question 12

What is the difference between a public and a private nuisance?

Accepted Answer

A public nuisance is one arising from so

Question 13

Mike gives Maria a life estate in one of the homes he owns.Maria lives there for a while and then accepts a job in another state,so she gives the property to her sister Jackie as it is permissible.Jackie owns the property until

Accepted Answer

A)  Mike revokes the life estate. 
B)  Maria dies. 
C)  Mike dies. 
D)  the life estate is taken over by the government. 
E)  Maria returns to the life estate. 
A)  Mike revokes the life estate. 
B)  Maria dies. 
C)  Mike dies. 
D)  the life estate is taken over by the government. 
E)  Maria returns to the life estate.

Question 14

Mortimer's father,Loomis,has lost his home to foreclosure.Mortimer wants to make sure that his father has some land of his own for his remaining years.Mortimer owns Sunnylake,a plot of land that is located nearby.Mortimer knows his father would be happy living on Sunnylake,but he also hopes to develop the land for his own retirement home,when the time comes.Explain what Mortimer should do and why.

Accepted Answer

A life estate grants an ownership in lan

Question 15

The rules of a testamentary gift require that such a gift pass ownership by

Accepted Answer

A)  mere delivery. 
B)  transfer of interest. 
C)  death of the donor and proving of a valid will that specifies the gift. 
D)  providing evidence of the physical existence of the gift and the transferor. 
E)  physical transfer to the donee. 
A)  mere delivery. 
B)  transfer of interest. 
C)  death of the donor and proving of a valid will that specifies the gift. 
D)  providing evidence of the physical existence of the gift and the transferor. 
E)  physical transfer to the donee.

Question 16

Which of the following is a mutual benefit bailment?

Accepted Answer

A)  renting a car 
B)  lending your car to a friend without receiving consideration 
C)  borrowing a car from a friend without paying consideration 
D)  buying a car 
E)  riding a bus 
A)  renting a car 
B)  lending your car to a friend without receiving consideration 
C)  borrowing a car from a friend without paying consideration 
D)  buying a car 
E)  riding a bus

Question 17

Bailment arises when you store something in a warehouse or rent furniture from a rental store.

Accepted Answer

A) True 
 B)False

Question 18

Rachel owns a beach house and wants to build a deck.Zoning restrictions limit decks to 120 square feet,but Rachel wants to build one that is 144 square feet.Which of the following should Rachel do next?

Accepted Answer

A)  She can go ahead and build it as the law permits that once the deck is built it cannot be brought down. 
B)  She should ask for a nonconforming exemption. 
C)  She should ask for a variance. 
D)  She must shift to some other location, because once zoning ordinances are in place, they allow for no changes, variations, or exceptions. 
E)  She should lobby her local zoning board to force them to change the restriction as that is the only plausible recourse. 
A)  She can go ahead and build it as the law permits that once the deck is built it cannot be brought down. 
B)  She should ask for a nonconforming exemption. 
C)  She should ask for a variance. 
D)  She must shift to some other location, because once zoning ordinances are in place, they allow for no changes, variations, or exceptions. 
E)  She should lobby her local zoning board to force them to change the restriction as that is the only plausible recourse.

Question 19

Explain the rule of first possession.

Accepted Answer

The rule of first possession says that t

Question 20

In 2008,Donald gives Tony a life estate in one of his houses,specifying that upon the end of the life estate,the property is to go to Tony's son,Mike.Tony dies in 2012.In this scenario,which of the following statements is true?

Accepted Answer

A)  If Donald is still alive, he may revoke the transfer to Mike and keep the property. 
B)  Mike gets a reversion interest in 2012. 
C)  Mike gets a remainder interest in 2012. 
D)  In 2012, Mike and Donald become joint tenants until Donald's death when Mike becomes the sole owner. 
E)  The property is held in trust until Mike comes of age. 
A)  If Donald is still alive, he may revoke the transfer to Mike and keep the property. 
B)  Mike gets a reversion interest in 2012. 
C)  Mike gets a remainder interest in 2012. 
D)  In 2012, Mike and Donald become joint tenants until Donald's death when Mike becomes the sole owner. 
E)  The property is held in trust until Mike comes of age.

What is adverse possession?

If one of the joint tenants in a joint tenancy dies,the remaining tenant becomes the sole owner of the entire resource.

In the context of attachment in secured transactions,collateral may include not only things currently owned by the debtor but collateral known as after-acquired property that the debtor acquires in the future.

In a bailment for the sole benefit of the bailor,the bailee owes a very high duty of care.

Explain the forms of concurrent ownership through joint tenancy and tenancy in common.

Name two items on an average university campus that would be classified as personal property and two items that would be classified as fixtures.

What type of laws divides counties or municipalities into use districts designated residential,commercial,or industrial?

Generally,mortgages and deeds of trust must be registered in a recording office in the county where the land is located.

In many states,if foreclosure and auction does not produce enough money to satisfy the debt owed by the mortgagor,the creditor-mortgagee can still sue the debtor for the balance owed,called a(n)______.

Which of the following is an example of intangible property?

What is the difference between a public and a private nuisance?

Mike gives Maria a life estate in one of the homes he owns.Maria lives there for a while and then accepts a job in another state,so she gives the property to her sister Jackie as it is permissible.Jackie owns the property until

The rules of a testamentary gift require that such a gift pass ownership by

Which of the following is a mutual benefit bailment?

Bailment arises when you store something in a warehouse or rent furniture from a rental store.

Rachel owns a beach house and wants to build a deck.Zoning restrictions limit decks to 120 square feet,but Rachel wants to build one that is 144 square feet.Which of the following should Rachel do next?

Explain the rule of first possession.

In 2008,Donald gives Tony a life estate in one of his houses,specifying that upon the end of the life estate,the property is to go to Tony's son,Mike.Tony dies in 2012.In this scenario,which of the following statements is true?

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

Filters

Exam 7: The Property System

What is adverse possession?

If one of the joint tenants in a joint tenancy dies,the remaining tenant becomes the sole owner of the entire resource.

In the context of attachment in secured transactions,collateral may include not only things currently owned by the debtor but collateral known as after-acquired property that the debtor acquires in the future.

In a bailment for the sole benefit of the bailor,the bailee owes a very high duty of care.

Explain the forms of concurrent ownership through joint tenancy and tenancy in common.

Name two items on an average university campus that would be classified as personal property and two items that would be classified as fixtures.

What type of laws divides counties or municipalities into use districts designated residential,commercial,or industrial?

Generally,mortgages and deeds of trust must be registered in a recording office in the county where the land is located.

In many states,if foreclosure and auction does not produce enough money to satisfy the debt owed by the mortgagor,the creditor-mortgagee can still sue the debtor for the balance owed,called a(n)______.

Which of the following is an example of intangible property?

What is the difference between a public and a private nuisance?

Mike gives Maria a life estate in one of the homes he owns.Maria lives there for a while and then accepts a job in another state,so she gives the property to her sister Jackie as it is permissible.Jackie owns the property until

The rules of a testamentary gift require that such a gift pass ownership by

Which of the following is a mutual benefit bailment?

Bailment arises when you store something in a warehouse or rent furniture from a rental store.

Rachel owns a beach house and wants to build a deck.Zoning restrictions limit decks to 120 square feet,but Rachel wants to build one that is 144 square feet.Which of the following should Rachel do next?

Explain the rule of first possession.

In 2008,Donald gives Tony a life estate in one of his houses,specifying that upon the end of the life estate,the property is to go to Tony's son,Mike.Tony dies in 2012.In this scenario,which of the following statements is true?

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

Filters