Question 1

Which of the following is not a chose in action?

Accepted Answer

A) A partner's interest in a partnership. 
B) Shares in a company. 
C) A trademark. 
D) A lease over land. 
A) A partner's interest in a partnership. 
B) Shares in a company. 
C) A trademark. 
D) A lease over land.

Question 2

Which of the following statements in relation to joint tenancies and tenancies in common is not true?

Accepted Answer

A) Joint tenants hold an equal undivided share in the property. 
B) Joint tenants cannot have the right to leave their share to another person in their will. 
C) Tenants in common hold equal but distinctive shares in the property. 
D) Tenants in common have the right to leave their share to another person in their will. 
A) Joint tenants hold an equal undivided share in the property. 
B) Joint tenants cannot have the right to leave their share to another person in their will. 
C) Tenants in common hold equal but distinctive shares in the property. 
D) Tenants in common have the right to leave their share to another person in their will.

Question 3

Why are business partners usually advised to hold property as tenants in common rather than as joint tenants?

Accepted Answer

A) Each partner has the right to leave their share in their will to a third party and the shares in the property must be equal. 
B) The property automatically passes (transfers)to the last living partner and the shares in the property do not have to be equal. 
C) The property automatically passes (transfers)to the last living partner and the shares in the property must be equal. 
D) Each partner has the right to leave their share in their will to a third party and the shares in the property do not have to be equal. 
A) Each partner has the right to leave their share in their will to a third party and the shares in the property must be equal. 
B) The property automatically passes (transfers)to the last living partner and the shares in the property do not have to be equal. 
C) The property automatically passes (transfers)to the last living partner and the shares in the property must be equal. 
D) Each partner has the right to leave their share in their will to a third party and the shares in the property do not have to be equal.

Question 4

Which of the following statements is true in relation to bank obligations to guarantors under the Code of Banking Practice?

Accepted Answer

A) The bank must advise the guarantor about the minimum sum being guaranteed. 
B) The bank must inform the guarantor about the need to obtain independent advice. 
C) The bank is obliged under privacy laws from advising the guarantor about the debtor's capacity to repay the loan. 
D) All of the above. 
A) The bank must advise the guarantor about the minimum sum being guaranteed. 
B) The bank must inform the guarantor about the need to obtain independent advice. 
C) The bank is obliged under privacy laws from advising the guarantor about the debtor's capacity to repay the loan. 
D) All of the above.

Question 5

Which of the following statements is not true about a mortgagee's duty of good faith in relation to their power of sale?

Accepted Answer

A) Mortgagees should take expert advice regarding the sale method and any reserve price. 
B) Mortgagees must sell a mortgagee's property by auction to ensure there was a truly independent bargain. 
C) Mortgagees who sell the property to an associate or corporation to themselves must prove the sale was in good faith and an independent bargain. 
D) Mortgagees cannot sell the mortgagor's property to themselves. 
A) Mortgagees should take expert advice regarding the sale method and any reserve price. 
B) Mortgagees must sell a mortgagee's property by auction to ensure there was a truly independent bargain. 
C) Mortgagees who sell the property to an associate or corporation to themselves must prove the sale was in good faith and an independent bargain. 
D) Mortgagees cannot sell the mortgagor's property to themselves.

Question 6

What is the name of the document that warns anyone doing a title search of land that somebody is claiming an interest in the land?

Accepted Answer

A) A certificate of title. 
B) A covenant. 
C) A caveat. 
D) A restrictive covenant. 
A) A certificate of title. 
B) A covenant. 
C) A caveat. 
D) A restrictive covenant.

Question 7

Which of the following is not a guideline that can be used to decide if an item is a fixture or a non- fixture to land?

Accepted Answer

A) What was the intention of the person who placed the item on the land? 
B) How long did the person who placed the item on the land intend it should remain there? 
C) Could the item be removed without skilled labour or equipment? 
D) Could the item be removed without causing substantial damage? 
A) What was the intention of the person who placed the item on the land? 
B) How long did the person who placed the item on the land intend it should remain there? 
C) Could the item be removed without skilled labour or equipment? 
D) Could the item be removed without causing substantial damage?

Question 8

Mortgages are contracts in which borrowers give lenders:

Accepted Answer

A) their personal property as security for a loan. 
B) their house but not their land as security for a loan. 
C) the right to occupy their real property as security for a loan. 
D) their real property as security for a loan. 
A) their personal property as security for a loan. 
B) their house but not their land as security for a loan. 
C) the right to occupy their real property as security for a loan. 
D) their real property as security for a loan.

Question 9

A mortgagee who is exercising the power of sale has a duty of good faith to the mortgagor.Which of the following statements most accurately reflects the extent of this duty under Australian common law?

Accepted Answer

A) The mortgagee must advertise the sale through a licensed real estate agent. 
B) The mortgagee must take reasonable care to obtain a proper market price. 
C) The mortgagee must not act fraudulently,or recklessly sacrifice the interests of the mortgagor. 
D) All of the above. 
A) The mortgagee must advertise the sale through a licensed real estate agent. 
B) The mortgagee must take reasonable care to obtain a proper market price. 
C) The mortgagee must not act fraudulently,or recklessly sacrifice the interests of the mortgagor. 
D) All of the above.

Question 10

The old system title to land relies on:

Accepted Answer

A) state registration of title documents. 
B) the principle of state guaranteed insurance protection for losses suffered by innocent persons. 
C) indefeasibility of title. 
D) a series of documents showing transactions that affect the land. 
A) state registration of title documents. 
B) the principle of state guaranteed insurance protection for losses suffered by innocent persons. 
C) indefeasibility of title. 
D) a series of documents showing transactions that affect the land.

Exam 18: Property Law: Real Property and Mortgages

Which of the following is not a chose in action?

Which of the following statements in relation to joint tenancies and tenancies in common is not true?

Why are business partners usually advised to hold property as tenants in common rather than as joint tenants?

Which of the following statements is true in relation to bank obligations to guarantors under the Code of Banking Practice?

Which of the following statements is not true about a mortgagee's duty of good faith in relation to their power of sale?

What is the name of the document that warns anyone doing a title search of land that somebody is claiming an interest in the land?

Which of the following is not a guideline that can be used to decide if an item is a fixture or a non- fixture to land?

Mortgages are contracts in which borrowers give lenders:

A mortgagee who is exercising the power of sale has a duty of good faith to the mortgagor.Which of the following statements most accurately reflects the extent of this duty under Australian common law?

The old system title to land relies on:

The Legal System: Legal Foundations, the Constitution and Statute Law

The Legal System: the Courts, Case Law and Dispute Resolution

Civil Liability: Tort of Negligence

Civil Liability: Intentional Torts and Defamation

Business Structures

Agency Law

Partnerships and Joint Ventures

Introduction to Contracts

Intention to Create Legal Relations

Agreement

Consideration

Capacty

Genuine Consent

Legality

Terma of a Contract

Transfer and Termination

Remedies for Breach of Contract

Leases and Transfer of Real Property

Negotiable Instruments and Electronic Funds Transfers

Credit Law and the Anti-Money Laundering and Counter-Terrorism Financing Act

Bankruptcy and Debt Recovery

Sale of Goods

Consumer Protection

Anti-Competitive Conduct

Privacy and E-Commerce Law

Marketing Law and Ethics

Intellectual Property: Copyright, Designs, Patents, Trademarks and Other Types of Protection

Insurance Law

Employment Law and Industrial Relations

Workplace Health and Safety and Workers Compensation

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