Question 1

Which of the following parties is not likely to undertake a title examination?

Accepted Answer

A)  A paralegal 
B)  A title insurance company 
C)  The buyer's attorney 
D)  The seller's attorney 
A)  A paralegal 
B)  A title insurance company 
C)  The buyer's attorney 
D)  The seller's attorney

Question 2

Co-ownership of property by husbands and wives that is similar to a joint tenancy, except that the spouses cannot separately transfer their interests in the property during their lifetimes, is called

Accepted Answer

A)  a tenancy in common. 
B)  a joint tenancy. 
C)  community property. 
D)  a tenancy by the entirety. 
A)  a tenancy in common. 
B)  a joint tenancy. 
C)  community property. 
D)  a tenancy by the entirety.

Question 3

In insurance law, the______ is the one assuming a risk in return for the payment of a premium.

Accepted Answer

A)  underwriter 
B)  insured 
C)  agent 
D)  broker 
A)  underwriter 
B)  insured 
C)  agent 
D)  broker

Question 4

In insurance law, the_____ is the price paid by the insured for insurance protection for a specified period of time.

Accepted Answer

A)  policy 
B)  risk 
C)  insurable interest 
D)  premium 
A)  policy 
B)  risk 
C)  insurable interest 
D)  premium

Question 5

_______involves checking the publicly available records of real estate transactions to make sure that the seller is actually the owner of the property described in the purchase offer and to determine whether claims (such as a tax lien for overdue taxes) on the property exist that were not disclosed by the seller.

Accepted Answer

A)  A title application 
B)  A title inspection 
C)  A title examination 
D) Title insurance 
A)  A title application 
B)  A title inspection 
C)  A title examination 
D) Title insurance

Question 6

Which of the following statements is true regarding property law?

Accepted Answer

A)  About a quarter of all paralegals work in property law. 
B)  About one-half of all paralegals work in property law. 
C)  Almost all paralegals work in property law. 
D)  Paralegals never work in property law. 
A)  About a quarter of all paralegals work in property law. 
B)  About one-half of all paralegals work in property law. 
C)  Almost all paralegals work in property law. 
D)  Paralegals never work in property law.

Question 7

A form of property ownership entitling the owner to use, possess, or dispose of the property as she chooses during her lifetime, and which on her death descends to her heirs is called

Accepted Answer

A)  fee simple absolute ownership. 
B)  tenancy in common. 
C)  joint tenancy. 
D)  tenancy by the entirety. 
A)  fee simple absolute ownership. 
B)  tenancy in common. 
C)  joint tenancy. 
D)  tenancy by the entirety.

Question 8

Which of the following is not an example of personal property?

Accepted Answer

A)  An iPhone 
B)  A house 
C)  A horse 
D)  Intellectual property rights 
A)  An iPhone 
B)  A house 
C)  A horse 
D)  Intellectual property rights

Question 9

Contracts for the sale of real estate must be in writing as required by

Accepted Answer

A)  the Uniform Commercial Code. 
B)  the Statute of Frauds. 
C)  common law. 
D)  the Constitution. 
A)  the Uniform Commercial Code. 
B)  the Statute of Frauds. 
C)  common law. 
D)  the Constitution.

Question 10

Which of the following statements is not true of life estates?

Accepted Answer

A)  The life tenant cannot do anything to the property that would reduce its value for the owner of the future interest in it. 
B)  The life tenant may use the property for rental income. 
C)  The life tenant has interest in the property for the duration of his or her life. 
D)  The life tenant must live on the property. 
A)  The life tenant cannot do anything to the property that would reduce its value for the owner of the future interest in it. 
B)  The life tenant may use the property for rental income. 
C)  The life tenant has interest in the property for the duration of his or her life. 
D)  The life tenant must live on the property.

Question 11

Which of the following statements is true regarding title examinations of commercial properties?

Accepted Answer

A)  Approval of local government zoning authorities may be needed. 
B)  An environmental regulator may need to sign off on the property's use. 
C)  There may need to be investigation for prior environmental contaminants. 
D)  All of these choices are correct. 
A)  Approval of local government zoning authorities may be needed. 
B)  An environmental regulator may need to sign off on the property's use. 
C)  There may need to be investigation for prior environmental contaminants. 
D)  All of these choices are correct.

Question 12

A document by which title to real property is transferred from one party to another is called a

Accepted Answer

A)  purchase agreement. 
B)  mortgage. 
C)  lease. 
D)  deed. 
A)  purchase agreement. 
B)  mortgage. 
C)  lease. 
D)  deed.

Question 13

Using its power of eminent domain, the government takes David's land because it is part of the route for a new highway. The government must

Accepted Answer

A)  fairly compensate David for taking his land. 
B)  pay David at least half of the market value of his land. 
C)  let David continue to live on the land for at least one year. 
D)  notify David's neighbors of the taking. 
A)  fairly compensate David for taking his land. 
B)  pay David at least half of the market value of his land. 
C)  let David continue to live on the land for at least one year. 
D)  notify David's neighbors of the taking.

Question 14

Under the Statute of Frauds, leases

Accepted Answer

A)  exceeding one month's duration must be in writing. 
B)  exceeding one year's duration must be in writing. 
C)  of less than one year's duration must be in writing. 
D)  of less than one month's duration must be in writing. 
A)  exceeding one month's duration must be in writing. 
B)  exceeding one year's duration must be in writing. 
C)  of less than one year's duration must be in writing. 
D)  of less than one month's duration must be in writing.

Question 15

Property that is movable or intangible and is not real property is called

Accepted Answer

A)  real property. 
B)  personal property. 
C)  property held in fee. 
D)  None of these choices is correct. 
A)  real property. 
B)  personal property. 
C)  property held in fee. 
D)  None of these choices is correct.

Question 16

The ______acts as a neutral party and facilitates the sale of real estate by allowing the buyer and seller to complete the transaction without having to exchange documents and funds directly with each other.

Accepted Answer

A)  real estate agent 
B)  escrow agent 
C)  attorney 
D)  paralegal 
A)  real estate agent 
B)  escrow agent 
C)  attorney 
D)  paralegal

Question 17

A written temporary insurance policy is called a

Accepted Answer

A)  binder. 
B)  liability. 
C)  casualty. 
D)  policy. 
A)  binder. 
B)  liability. 
C)  casualty. 
D)  policy.

Question 18

_______is the right to pursue another party's claim.

Accepted Answer

A)  Indemnity 
B)  Subrogation 
C)  Transferable liability 
D)  Sequential liability 
A)  Indemnity 
B)  Subrogation 
C)  Transferable liability 
D)  Sequential liability

Question 19

Renters of property are often referred to as which of the following?

Accepted Answer

A)  Tenants 
B)  Inhabitors 
C)  Residents 
D)  None of these choices is correct. 
A)  Tenants 
B)  Inhabitors 
C)  Residents 
D)  None of these choices is correct.

Question 20

Which of the following is not an example of real property?

Accepted Answer

A)  An acre of land 
B)  The minerals under an acre of land 
C)  The air above an acre of land 
D)  A car 
A)  An acre of land 
B)  The minerals under an acre of land 
C)  The air above an acre of land 
D)  A car

Which of the following parties is not likely to undertake a title examination?

Co-ownership of property by husbands and wives that is similar to a joint tenancy, except that the spouses cannot separately transfer their interests in the property during their lifetimes, is called

In insurance law, the______ is the one assuming a risk in return for the payment of a premium.

In insurance law, the_____ is the price paid by the insured for insurance protection for a specified period of time.

Which of the following statements is true regarding property law?

A form of property ownership entitling the owner to use, possess, or dispose of the property as she chooses during her lifetime, and which on her death descends to her heirs is called

Which of the following is not an example of personal property?

Contracts for the sale of real estate must be in writing as required by

Which of the following statements is not true of life estates?

Which of the following statements is true regarding title examinations of commercial properties?

A document by which title to real property is transferred from one party to another is called a

Using its power of eminent domain, the government takes David's land because it is part of the route for a new highway. The government must

Under the Statute of Frauds, leases

Property that is movable or intangible and is not real property is called

The ______acts as a neutral party and facilitates the sale of real estate by allowing the buyer and seller to complete the transaction without having to exchange documents and funds directly with each other.

A written temporary insurance policy is called a

_______is the right to pursue another party's claim.

Renters of property are often referred to as which of the following?

Which of the following is not an example of real property?

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Exam 16: Real Property and Insurance Law

Which of the following parties is not likely to undertake a title examination?

Co-ownership of property by husbands and wives that is similar to a joint tenancy, except that the spouses cannot separately transfer their interests in the property during their lifetimes, is called

In insurance law, the______ is the one assuming a risk in return for the payment of a premium.

In insurance law, the_____ is the price paid by the insured for insurance protection for a specified period of time.

Which of the following statements is true regarding property law?

A form of property ownership entitling the owner to use, possess, or dispose of the property as she chooses during her lifetime, and which on her death descends to her heirs is called

Which of the following is not an example of personal property?

Contracts for the sale of real estate must be in writing as required by

Which of the following statements is not true of life estates?

Which of the following statements is true regarding title examinations of commercial properties?

A document by which title to real property is transferred from one party to another is called a

Using its power of eminent domain, the government takes David's land because it is part of the route for a new highway. The government must

Under the Statute of Frauds, leases

Property that is movable or intangible and is not real property is called

The ______acts as a neutral party and facilitates the sale of real estate by allowing the buyer and seller to complete the transaction without having to exchange documents and funds directly with each other.

A written temporary insurance policy is called a

_______is the right to pursue another party's claim.

Renters of property are often referred to as which of the following?

Which of the following is not an example of real property?

Todays Professional Paralegal

Career Opportunities

The Inner Workings of the Law Office

Ethics and Professional Responsibility

Sources of American Law

The Court System and Alternative Dispute Resolution

Legal Research and Analysis

Online Legal Research

Legal Writing: Form and Substance

Civil Litigation: Before the Trial

Conducting Interviews and Investigations

Trial Procedures

Criminal Law and Procedures

Tort Law, Product Liability,

Contracts and Intellectual Property Law

Family Law and Estates

Business Organizations and Employment Law

Bankruptcy and Environmental Law

Filters