Question 1

A right of way is an example of a leasehold estate that is specified for a period of time.

Accepted Answer

A) True 
 B)False  False

Question 2

An insurance company's right to subrogation refers to its right to refuse to pay where the insured is responsible for his or her own loss.

Accepted Answer

A) True 
 B)False  False

Question 3

Distinguish between real and personal property.

Accepted Answer

Real property is land and things fixed to it.Personal property includes movables called chattels and intangible personal property in the form of a chose in action.

Question 4

Explain what is meant by the equity of redemption in a mortgage transaction.

Accepted Answer

The equity of redemption was a right cre

Question 5

A fidelity bond is when the employee pays the employer a fee to cover himself while he is on the job.

Accepted Answer

A) True 
 B)False

Question 6

Explain what is meant by a person obtaining a right of way by prescription.

Accepted Answer

If a person is allowed to go across land

Question 7

Which one of the following explains the effect of a co-insurance clause?

Accepted Answer

A) A co-insurance clause provides for the insurance claim to be split between two or more beneficiaries. 
B) A co-insurance clause provides for several different properties to be insured under the same policy. 
C) A co-insurance clause provides for the insurance company to only pay a percentage of any loss. 
D) A co-insurance clause provides for more than one person to pay the premium. 
E) A co-insurance clause provides for the insurance company to arrange its own insurance on a large policy. 
A) A co-insurance clause provides for the insurance claim to be split between two or more beneficiaries. 
B) A co-insurance clause provides for several different properties to be insured under the same policy. 
C) A co-insurance clause provides for the insurance company to only pay a percentage of any loss. 
D) A co-insurance clause provides for more than one person to pay the premium. 
E) A co-insurance clause provides for the insurance company to arrange its own insurance on a large policy.

Question 8

Marian met with the owner of a warehouse and contracted for factory space for a two-year term.The amount to be paid ($2400 yearly) and the premises were made clear, but nothing else was discussed.The law, however, implies some terms.Which of the following is a term of the contract?

Accepted Answer

A) The landowner has no obligation to provide vacant possession at the time the lease period is to start. 
B) The premises will be reasonably fit for Marian's purpose. 
C) The tenant is responsible for normal wear and tear. 
D) The landlord need not provide quiet enjoyment of the premises. 
E) Usually neither the landlord nor the tenant has an obligation to make repairs where normal wear and tear is involved. 
A) The landowner has no obligation to provide vacant possession at the time the lease period is to start. 
B) The premises will be reasonably fit for Marian's purpose. 
C) The tenant is responsible for normal wear and tear. 
D) The landlord need not provide quiet enjoyment of the premises. 
E) Usually neither the landlord nor the tenant has an obligation to make repairs where normal wear and tear is involved.

Question 9

In which one of the following situations would Joe be able to collect the entire amount of insurance claimed?

Accepted Answer

A) Joe insured the clubhouse of a Hells Angels motorcycle club located in the next block for $75 000; the house is valued at about that amount.The clubhouse is subsequently destroyed in a fire.Joe claims $75 000. 
B) Joe owns a one-half interest in a house valued at $1000 that is completely destroyed in a fire.The house is insured for that amount and Joe makes a claim for $100 000. 
C) Joe took out a life insurance policy on his wife for $500 000, and shortly thereafter, during a fight that occurred while he was in a drunken rage, he struck his wife, causing her death.Joe claims $500 000. 
D) Joe insured his law partner's life for $500 000 and the amount he actually loses when the partner dies is only $1000.Joe claims $500 000. 
E) Joe's house suffers $20 000 damage, and he only had it insured for $1000, when the actual value was over $250 000.Joe claims $20 000. 
A) Joe insured the clubhouse of a Hells Angels motorcycle club located in the next block for $75 000; the house is valued at about that amount.The clubhouse is subsequently destroyed in a fire.Joe claims $75 000. 
B) Joe owns a one-half interest in a house valued at $1000 that is completely destroyed in a fire.The house is insured for that amount and Joe makes a claim for $100 000. 
C) Joe took out a life insurance policy on his wife for $500 000, and shortly thereafter, during a fight that occurred while he was in a drunken rage, he struck his wife, causing her death.Joe claims $500 000. 
D) Joe insured his law partner's life for $500 000 and the amount he actually loses when the partner dies is only $1000.Joe claims $500 000. 
E) Joe's house suffers $20 000 damage, and he only had it insured for $1000, when the actual value was over $250 000.Joe claims $20 000.

Question 10

A distinction between real property and personal property is that one cannot be moved while the other can.

Accepted Answer

A) True 
 B)False

Question 11

Explain how a judicial sale or order can have the effect of shortening the foreclosure period.

Accepted Answer

Foreclosure takes place in a two-stage p

Question 12

Explain what is meant by an insurable interest and how the existence of this principle affects the right to collect on an insurance claim.

Accepted Answer

One of the most important aspects of ins

Question 13

Zack, Virgil, and Craig, friends for several years and all worried about the alarming rise in land prices, want to go in together to buy a four-hectare parcel in the country.There is a small cabin on it.They hope that the land value will appreciate, and they want to sell it in a few years to help finance a house of their own.Read each of the following separately and indicate which is true with regard to their ownership of this property.

Accepted Answer

A) Ownership of the property does not guarantee their right to everything below the surface of their property. 
B) Ownership of the property entitles them not only to the surface of the earth between the boundaries, but also to the infinite airspace above and everything below the surface of their property. 
C) In Canada, in strict legal terms, the only owner of land is the Crown, and if they buy land free and clear, they are only getting a life estate. 
D) Once a decision is made to hold property as joint tenants, that decision cannot be changed. 
E) If they buy the land and later use it to secure debt, possession of the property will be transferred to the creditor until the debt is repaid. 
A) Ownership of the property does not guarantee their right to everything below the surface of their property. 
B) Ownership of the property entitles them not only to the surface of the earth between the boundaries, but also to the infinite airspace above and everything below the surface of their property. 
C) In Canada, in strict legal terms, the only owner of land is the Crown, and if they buy land free and clear, they are only getting a life estate. 
D) Once a decision is made to hold property as joint tenants, that decision cannot be changed. 
E) If they buy the land and later use it to secure debt, possession of the property will be transferred to the creditor until the debt is repaid.

Question 14

Interests in land "run with the land." This means that:

Accepted Answer

A) All interests in land give the owner of that interest the right to exclusive possession 
B) The interest in land is tied to the property itself and is therefore binding on subsequent owners of the land 
C) The fee simple and life estate are types of freehold estates 
D) A leasehold estate is a type of freehold estate 
E) Contracts for interests in land are governed by the privity of contract rule (i.e., the contract affects only the parties to the contract) 
A) All interests in land give the owner of that interest the right to exclusive possession 
B) The interest in land is tied to the property itself and is therefore binding on subsequent owners of the land 
C) The fee simple and life estate are types of freehold estates 
D) A leasehold estate is a type of freehold estate 
E) Contracts for interests in land are governed by the privity of contract rule (i.e., the contract affects only the parties to the contract)

Question 15

Explain what is meant by a fee simple interest.

Accepted Answer

This is the highest interest in land tha

Question 16

What is a surety bond?

Accepted Answer

A surety bond guaran

Question 17

If Niles and Frasier buy a "fee simple" interest, which of the following is true with regard to their rights?

Accepted Answer

A) Today a person's right to the area above his land is restricted to that part of it he can make use of. 
B) The maxim "to whomsoever the soil belongs, he owns also to the sky" remains unchanged and is as valid today as ever. 
C) You can sue an airplane for trespass for flying at 30 000 feet over your property. 
D) Niles and Frasier have rights to the area under their land, including the mineral rights. 
E) In law, Niles and Frasier are entitled only to the surface of the earth within the boundaries. 
A) Today a person's right to the area above his land is restricted to that part of it he can make use of. 
B) The maxim "to whomsoever the soil belongs, he owns also to the sky" remains unchanged and is as valid today as ever. 
C) You can sue an airplane for trespass for flying at 30 000 feet over your property. 
D) Niles and Frasier have rights to the area under their land, including the mineral rights. 
E) In law, Niles and Frasier are entitled only to the surface of the earth within the boundaries.

Question 18

When people have a tenancy in common and one of them dies, his or her share in the property goes to the survivor.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following statements is correct with respect to the person who is entitled to found property?

Accepted Answer

A) When a person finds valuable property, he must turn it over to the police, and if the rightful owner is not found, the property goes to the government. 
B) When a person finds a valuable watch in a public place, he is entitled to that property over everyone else except the rightful owner. 
C) When a person finds a valuable watch in a public place, he is entitled to that property over everyone else including the rightful owner. 
D) When an employee finds an item of lost property on the premises of his employer, he is entitled to that lost property if the rightful owner cannot be found. 
E) You only have a claim to personal property you find if it is a chose in action. 
A) When a person finds valuable property, he must turn it over to the police, and if the rightful owner is not found, the property goes to the government. 
B) When a person finds a valuable watch in a public place, he is entitled to that property over everyone else except the rightful owner. 
C) When a person finds a valuable watch in a public place, he is entitled to that property over everyone else including the rightful owner. 
D) When an employee finds an item of lost property on the premises of his employer, he is entitled to that lost property if the rightful owner cannot be found. 
E) You only have a claim to personal property you find if it is a chose in action.

Question 20

When a person buys property but under the title is prevented from building certain types of structures or carrying on certain types of activities at that location, this is called what?

Accepted Answer

A restrict

A right of way is an example of a leasehold estate that is specified for a period of time.

An insurance company's right to subrogation refers to its right to refuse to pay where the insured is responsible for his or her own loss.

Distinguish between real and personal property.

Explain what is meant by the equity of redemption in a mortgage transaction.

A fidelity bond is when the employee pays the employer a fee to cover himself while he is on the job.

Explain what is meant by a person obtaining a right of way by prescription.

Which one of the following explains the effect of a co-insurance clause?

Marian met with the owner of a warehouse and contracted for factory space for a two-year term.The amount to be paid ($2400 yearly) and the premises were made clear, but nothing else was discussed.The law, however, implies some terms.Which of the following is a term of the contract?

In which one of the following situations would Joe be able to collect the entire amount of insurance claimed?

A distinction between real property and personal property is that one cannot be moved while the other can.

Explain how a judicial sale or order can have the effect of shortening the foreclosure period.

Explain what is meant by an insurable interest and how the existence of this principle affects the right to collect on an insurance claim.

Interests in land "run with the land." This means that:

Explain what is meant by a fee simple interest.

What is a surety bond?

If Niles and Frasier buy a "fee simple" interest, which of the following is true with regard to their rights?

When people have a tenancy in common and one of them dies, his or her share in the property goes to the survivor.

Which of the following statements is correct with respect to the person who is entitled to found property?

When a person buys property but under the title is prevented from building certain types of structures or carrying on certain types of activities at that location, this is called what?

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Enforcing Contractual Obligations

Legislation in the Marketplace

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Exam 8: Property

A right of way is an example of a leasehold estate that is specified for a period of time.

An insurance company's right to subrogation refers to its right to refuse to pay where the insured is responsible for his or her own loss.

Distinguish between real and personal property.

Explain what is meant by the equity of redemption in a mortgage transaction.

A fidelity bond is when the employee pays the employer a fee to cover himself while he is on the job.

Explain what is meant by a person obtaining a right of way by prescription.

Which one of the following explains the effect of a co-insurance clause?

Marian met with the owner of a warehouse and contracted for factory space for a two-year term.The amount to be paid ($2400 yearly) and the premises were made clear, but nothing else was discussed.The law, however, implies some terms.Which of the following is a term of the contract?

In which one of the following situations would Joe be able to collect the entire amount of insurance claimed?

A distinction between real property and personal property is that one cannot be moved while the other can.

Explain how a judicial sale or order can have the effect of shortening the foreclosure period.

Explain what is meant by an insurable interest and how the existence of this principle affects the right to collect on an insurance claim.

Interests in land "run with the land." This means that:

Explain what is meant by a fee simple interest.

What is a surety bond?

If Niles and Frasier buy a "fee simple" interest, which of the following is true with regard to their rights?

When people have a tenancy in common and one of them dies, his or her share in the property goes to the survivor.

Which of the following statements is correct with respect to the person who is entitled to found property?

When a person buys property but under the title is prevented from building certain types of structures or carrying on certain types of activities at that location, this is called what?

The Canadian Legal System

Torts and Professional Liability

Formation of Contracts

Enforcing Contractual Obligations

Legislation in the Marketplace

Agency and Employment

Methods of Carrying on Business

Ideas and Information

Electronic Commerce and International Trade

Filters