Question 1

In the context of legal framework,which of the following statements is true about the property system?

Accepted Answer

A)  The state takes ownership of resources directly as a result of legislation provided. 
B)  The citizens acquire resources primarily through taxation. 
C)  The state enforces rights when people legally have exclusive property rights in scarce resources. 
D)  The state primarily plans what people should do and allocates the resources. 
E)  The state limits and excludes any redistribution of resources through voluntary exchange. 
A)  The state takes ownership of resources directly as a result of legislation provided. 
B)  The citizens acquire resources primarily through taxation. 
C)  The state enforces rights when people legally have exclusive property rights in scarce resources. 
D)  The state primarily plans what people should do and allocates the resources. 
E)  The state limits and excludes any redistribution of resources through voluntary exchange.

Question 2

Olena,a wanderer,finds an abandoned ranch in Wyoming and decides to settle there.The record owner finds out 23 years later that Olena has occupied the abandoned ranch.What is Olena's best legal argument that the land is hers?

Accepted Answer

Olena now owns the land by adverse posse

Question 3

Explain the rule against perpetuities.

Accepted Answer

The rule against perpetuities limits all

Question 4

Vincent keeps his bag of books and magazines at his friend's storeroom,as he believes that he will not be using it for a few months.This is an example of a(n)______.

Accepted Answer

A)  bailment for the sole benefit of the bailor 
B)  easement by prescription 
C)  bailment for the sole benefit of the bailee 
D)  negative easement 
E)  easement by necessity 
A)  bailment for the sole benefit of the bailor 
B)  easement by prescription 
C)  bailment for the sole benefit of the bailee 
D)  negative easement 
E)  easement by necessity

Question 5

What is foreclosure?

Accepted Answer

Foreclosure is the term used for the exe

Question 6

Zoning limits the use to which land can be put.

Accepted Answer

A) True 
 B)False

Question 7

Exclusive right is primarily an ethical or moral end in itself.

Accepted Answer

A) True 
 B)False

Question 8

What property right is granted by a landlord to a tenant,and what are the three ways in which the duration of the grant is qualified?

Accepted Answer

A tenant is granted a leasehold estate,a

Question 9

Public nuisance claims may be brought only by a public official,not private individuals,unless the latter have suffered some special damage to their property as a result of the public nuisance.

Accepted Answer

A) True 
 B)False

Question 10

Intangible personal property includes intellectual property.

Accepted Answer

A) True 
 B)False

Question 11

Common carriers are responsible for acts of God or of public enemies.

Accepted Answer

A) True 
 B)False

Question 12

What is a right of redemption?

Accepted Answer

Before the actual foreclosure,most state

Question 13

A ______ makes no guarantees other than that the grantor surrenders all claim against the land.

Accepted Answer

A)  simple warranty deed 
B)  trust deed 
C)  quitclaim deed 
D)  special warranty deed 
E)  fiduciary deed 
A)  simple warranty deed 
B)  trust deed 
C)  quitclaim deed 
D)  special warranty deed 
E)  fiduciary deed

Question 14

Which of the following is beyond the scope of zoning ordinances?

Accepted Answer

A)  to separate commercial districts from residential districts 
B)  to specify the number of buildings that can be built on land 
C)  to enforce ethnic or gender diversity 
D)  to impose specific color requirements 
E)  to specify a specific design for all buildings in an area 
A)  to separate commercial districts from residential districts 
B)  to specify the number of buildings that can be built on land 
C)  to enforce ethnic or gender diversity 
D)  to impose specific color requirements 
E)  to specify a specific design for all buildings in an area

Question 15

The ______ limits all exercise of property over resources to a duration of "lives in being plus twenty-one years."

Accepted Answer

A)  rule of transaction 
B)  rule against perpetuities 
C)  rule of first possession 
D)  rule against lateral transfers 
E)  rule against eventualities 
A)  rule of transaction 
B)  rule against perpetuities 
C)  rule of first possession 
D)  rule against lateral transfers 
E)  rule against eventualities

Question 16

Identify a correct statement regarding joint tenants.

Accepted Answer

A)  Joint tenants do not have the right of survivorship. 
B)  Joint tenants must have equal ownership shares. 
C)  The property of joint tenants is owned through fee simple absolute and fee simple defeasible. 
D)  If one of the joint tenants dies, the remaining tenant is allowed to take ownership of only his or her share. 
E)  Joint tenants cannot force the separation of concurrent ownerships like the tenants in common. 
A)  Joint tenants do not have the right of survivorship. 
B)  Joint tenants must have equal ownership shares. 
C)  The property of joint tenants is owned through fee simple absolute and fee simple defeasible. 
D)  If one of the joint tenants dies, the remaining tenant is allowed to take ownership of only his or her share. 
E)  Joint tenants cannot force the separation of concurrent ownerships like the tenants in common.

Question 17

Vincent conveys his land to his friend "as long as it is used for non-commercial purposes." A few months later,Vincent finds out that his friend has been using the land as a parking garage for tourists and charging unreasonable rates.In this case,Vincent's friend would most likely be in violation of the ______.

Accepted Answer

A)  remainder interest 
B)  future interest 
C)  fee simple absolute 
D)  fee simple defeasible 
E)  reversion interest 
A)  remainder interest 
B)  future interest 
C)  fee simple absolute 
D)  fee simple defeasible 
E)  reversion interest

Question 18

What is attachment and perfection in secured transactions?

Accepted Answer

Attachment takes place when (1)a secured

Question 19

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 remainder.

Accepted Answer

A) True 
 B)False

Question 20

A purchase money security interest is perfected by attachment alone.

Accepted Answer

A) True 
 B)False

Exam 7: The Property System

In the context of legal framework,which of the following statements is true about the property system?

Olena,a wanderer,finds an abandoned ranch in Wyoming and decides to settle there.The record owner finds out 23 years later that Olena has occupied the abandoned ranch.What is Olena's best legal argument that the land is hers?

Explain the rule against perpetuities.

Vincent keeps his bag of books and magazines at his friend's storeroom,as he believes that he will not be using it for a few months.This is an example of a(n)______.

What is foreclosure?

Zoning limits the use to which land can be put.

Exclusive right is primarily an ethical or moral end in itself.

What property right is granted by a landlord to a tenant,and what are the three ways in which the duration of the grant is qualified?

Public nuisance claims may be brought only by a public official,not private individuals,unless the latter have suffered some special damage to their property as a result of the public nuisance.

Intangible personal property includes intellectual property.

Common carriers are responsible for acts of God or of public enemies.

What is a right of redemption?

A ______ makes no guarantees other than that the grantor surrenders all claim against the land.

Which of the following is beyond the scope of zoning ordinances?

The ______ limits all exercise of property over resources to a duration of "lives in being plus twenty-one years."

Identify a correct statement regarding joint tenants.

What is attachment and perfection in secured transactions?

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 remainder.

A purchase money security interest is perfected by attachment alone.

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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