Question 1

Which of the following statements is true regarding a gift?

Accepted Answer

A)  A valid completed gift cannot be taken back by the donor. 
B)  The donor gives the property to another with the intention of receiving some consideration in return. 
C)  The donee cannot bequeath the gift to someone else through a will. 
D)  The donee cannot sell the gift. 
A)  A valid completed gift cannot be taken back by the donor. 
B)  The donor gives the property to another with the intention of receiving some consideration in return. 
C)  The donee cannot bequeath the gift to someone else through a will. 
D)  The donee cannot sell the gift.

Question 2

Which of the following types of properties is most likely to include land and anything permanently attached to it such as houses?

Accepted Answer

A)  Tangible personal property 
B)  Real property 
C)  Intangible personal property 
D)  Intellectual property 
A)  Tangible personal property 
B)  Real property 
C)  Intangible personal property 
D)  Intellectual property

Question 3

What is a mislaid property? Who can claim it?

Accepted Answer

Mislaid property is personal property th

Question 4

With reference to property interest, what is the difference between remainder and reversion?

Accepted Answer

If the grantor of life estate orders tha

Question 5

Which of the following types of property estates represents an interest in land that is only good for the life of the life tenant who holds the interest?

Accepted Answer

A)  Reversion 
B)  Life estate 
C)  Remainder 
D)  Tenant 
A)  Reversion 
B)  Life estate 
C)  Remainder 
D)  Tenant

Question 6

What is a 'gifts causa mortis'?

Accepted Answer

A)  A gift that is sold by the donee to someone else 
B)  A completed gift which is taken back by the donor 
C)  A conditional gift where the donor gives a gift to the donee because the donor is contemplating the possibility of death 
D)  A gift given by a donor with an expectation of receiving some consideration in return 
A)  A gift that is sold by the donee to someone else 
B)  A completed gift which is taken back by the donor 
C)  A conditional gift where the donor gives a gift to the donee because the donor is contemplating the possibility of death 
D)  A gift given by a donor with an expectation of receiving some consideration in return

Question 7

Describe a will.

Accepted Answer

Will is a legal document providing for t

Question 8

If the grantor of land orders that the land will go to a third party (i.e., not the grantor or grantee/life tenant) after the life estate is over then this is known as reversion.

Accepted Answer

A) True 
 B)False

Question 9

Ted is the only person who holds title to a house. He does not have to consult with anyone to determine how the house can be used. He is the only one responsible for paying for the property, repairs, taxes, and harm that occurs to another from use of the house. This is an example of _____.

Accepted Answer

A)  joint tenants with right of survivorship 
B)  sole ownership 
C)  tenants in common 
D)  tenants by the entirety 
A)  joint tenants with right of survivorship 
B)  sole ownership 
C)  tenants in common 
D)  tenants by the entirety

Question 10

Even though one plot of land may look much like another, according to the law each piece of real property is unique.

Accepted Answer

A) True 
 B)False

Question 11

When someone sells a house or building, it is enough to simply include the street address of the property in the deed; the full legal description of the property need not be included.

Accepted Answer

A) True 
 B)False

Question 12

Three siblings hold title to a piece of property at the same time. Each of them has an undivided proportionate share of the whole and even if one of them dies, his or her share will not go to the other owners automatically. This is most likely to be an example of _____.

Accepted Answer

A)  sole ownership 
B)  joint tenants with right of survivorship 
C)  tenants by the entirety 
D)  tenants in common 
A)  sole ownership 
B)  joint tenants with right of survivorship 
C)  tenants by the entirety 
D)  tenants in common

Question 13

Trees are most likely to be an example of _____ property.

Accepted Answer

A)  tangible personal 
B)  real 
C)  intangible personal 
D)  intellectual 
A)  tangible personal 
B)  real 
C)  intangible personal 
D)  intellectual

Question 14

Which of the following statements is true regarding reversion?

Accepted Answer

A)  The grantee gets the life estate interest in the land after the death of the grantor. 
B)  The grantor orders that the land will go to a third party after the life estate is over. 
C)  The grantee can sell the land after the death of the granter. 
D)  The grantor dictates that after the life estate the interest is to return to the grantor. 
A)  The grantee gets the life estate interest in the land after the death of the grantor. 
B)  The grantor orders that the land will go to a third party after the life estate is over. 
C)  The grantee can sell the land after the death of the granter. 
D)  The grantor dictates that after the life estate the interest is to return to the grantor.

Question 15

An agreement to sell to buyer trees cut from your property is an agreement for personal property

Accepted Answer

A) True 
 B)False

Which of the following statements is true regarding a gift?

Which of the following types of properties is most likely to include land and anything permanently attached to it such as houses?

What is a mislaid property? Who can claim it?

With reference to property interest, what is the difference between remainder and reversion?

Which of the following types of property estates represents an interest in land that is only good for the life of the life tenant who holds the interest?

What is a 'gifts causa mortis'?

Describe a will.

If the grantor of land orders that the land will go to a third party (i.e., not the grantor or grantee/life tenant) after the life estate is over then this is known as reversion.

Ted is the only person who holds title to a house. He does not have to consult with anyone to determine how the house can be used. He is the only one responsible for paying for the property, repairs, taxes, and harm that occurs to another from use of the house. This is an example of _____.

Even though one plot of land may look much like another, according to the law each piece of real property is unique.

When someone sells a house or building, it is enough to simply include the street address of the property in the deed; the full legal description of the property need not be included.

Three siblings hold title to a piece of property at the same time. Each of them has an undivided proportionate share of the whole and even if one of them dies, his or her share will not go to the other owners automatically. This is most likely to be an example of _____.

Trees are most likely to be an example of _____ property.

Which of the following statements is true regarding reversion?

An agreement to sell to buyer trees cut from your property is an agreement for personal property

Introduction to the Business and Ethics Environment in a Diverse Society

Alternative Dispute Resolution

The Court System and Legal Process

Administrative Law

Contracts and Sales

Torts

Business Crimes

Secured Transactions and Bankruptcy

Agency and Business Organizations

The Employment Relationship and Equal Employment Opportunity

Labor and Management Relations

Securities Regulation and Compliance

Antitrust and Trade Regulation

Intellectual Property

Environmental Law and Business

International Law and Business

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Exam 7: Property, Real and Personal

Which of the following statements is true regarding a gift?

Which of the following types of properties is most likely to include land and anything permanently attached to it such as houses?

What is a mislaid property? Who can claim it?

With reference to property interest, what is the difference between remainder and reversion?

Which of the following types of property estates represents an interest in land that is only good for the life of the life tenant who holds the interest?

What is a 'gifts causa mortis'?

Describe a will.

If the grantor of land orders that the land will go to a third party (i.e., not the grantor or grantee/life tenant) after the life estate is over then this is known as reversion.

Ted is the only person who holds title to a house. He does not have to consult with anyone to determine how the house can be used. He is the only one responsible for paying for the property, repairs, taxes, and harm that occurs to another from use of the house. This is an example of _____.

Even though one plot of land may look much like another, according to the law each piece of real property is unique.

When someone sells a house or building, it is enough to simply include the street address of the property in the deed; the full legal description of the property need not be included.

Three siblings hold title to a piece of property at the same time. Each of them has an undivided proportionate share of the whole and even if one of them dies, his or her share will not go to the other owners automatically. This is most likely to be an example of _____.

Trees are most likely to be an example of _____ property.

Which of the following statements is true regarding reversion?

An agreement to sell to buyer trees cut from your property is an agreement for personal property

Introduction to the Business and Ethics Environment in a Diverse Society

Alternative Dispute Resolution

The Court System and Legal Process

Administrative Law

Contracts and Sales

Torts

Business Crimes

Secured Transactions and Bankruptcy

Agency and Business Organizations

The Employment Relationship and Equal Employment Opportunity

Labor and Management Relations

Securities Regulation and Compliance

Antitrust and Trade Regulation

Intellectual Property

Environmental Law and Business

International Law and Business

Filters