Question 1

A[n] ______ is an irrevocable right to use some part of another's land for a specific purpose without taking anything from it.

Accepted Answer

A)  Appurtenance 
B)  Profit 
C)  Easement 
D)  Fixation 
E)  Joint use 
A)  Appurtenance 
B)  Profit 
C)  Easement 
D)  Fixation 
E)  Joint use C

Question 2

Which of the following refers to government restriction of property use?

Accepted Answer

A)  Obligatory covenants 
B)  Public use agreements 
C)  Approved use requirements 
D)  Restrictive covenants 
E)  Zoning 
A)  Obligatory covenants 
B)  Public use agreements 
C)  Approved use requirements 
D)  Restrictive covenants 
E)  Zoning E

Question 3

In most states,a broker cannot act as an agent for both buyer and seller unless both parties consent.

Accepted Answer

A) True 
 B)False  True

Question 4

As set forth in the text,describe a cooperative including typical rules of governance and the penalty if a member violates the rules.

Accepted Answer

With a cooperative,the investor resident

Question 5

A ______ is a person's present right to future property ownership and possession.

Accepted Answer

A)  Conditional estate 
B)  Life estate 
C)  Leasehold estate 
D)  Future interest 
E)  Fee simple absolute 
A)  Conditional estate 
B)  Life estate 
C)  Leasehold estate 
D)  Future interest 
E)  Fee simple absolute

Question 6

Which of the following is true regarding Mandy's claim for the $10,000?

Accepted Answer

A)  She has no interest in the house on which to base a claim. 
B)  She may obtain a lien on the house. 
C)  She can require that Samantha pay it based on Samantha's inheritance interest in the house. 
D)  She can require that Alex pay it based on Alex's inheritance interest in the house. 
E)  She can require that both Alex and Samantha pay it based upon their inheritance interests in the house. 
A)  She has no interest in the house on which to base a claim. 
B)  She may obtain a lien on the house. 
C)  She can require that Samantha pay it based on Samantha's inheritance interest in the house. 
D)  She can require that Alex pay it based on Alex's inheritance interest in the house. 
E)  She can require that both Alex and Samantha pay it based upon their inheritance interests in the house.

Question 7

A license is a right to use another's property that is temporary but not revocable.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following was the result in Country Club Dist.Homes Assn.v.Country Club Christian Church,the case in the text in which the defending church wanted to use three lots in a subdivision for a parking lot,and the subdivision homeowners' association sued to enforce a restrictive covenant providing that lots in the subdivision would only be sued for private residences?

Accepted Answer

A)  The court ruled that the church was not subject to the restrictions because it was a nonprofit entity. 
B)  The court ruled that the church was not subject to the restrictions because it was a religious entity. 
C)  The court ruled that the church was not subject to the restrictions because the church itself was not a private residence but was allowed to remain, and it was clearly entitled to sufficient parking. 
D)  The court ruled that the church was barred by the restrictive covenant from using the lots as a parking lot. 
E)  The court ruled that the church was allowed to proceed because using the lots for parking was the highest and best use for the property. 
A)  The court ruled that the church was not subject to the restrictions because it was a nonprofit entity. 
B)  The court ruled that the church was not subject to the restrictions because it was a religious entity. 
C)  The court ruled that the church was not subject to the restrictions because the church itself was not a private residence but was allowed to remain, and it was clearly entitled to sufficient parking. 
D)  The court ruled that the church was barred by the restrictive covenant from using the lots as a parking lot. 
E)  The court ruled that the church was allowed to proceed because using the lots for parking was the highest and best use for the property.

Question 9

Title insurance protects a buyer from losses resulting from a defect in the title of property.

Accepted Answer

A) True 
 B)False

Question 10

Which of the following was the result in Double Diamond Properties v.BP Products,the case in the text in which the plaintiff sought a declaratory judgment that a restrictive covenant prohibiting the purchase of gasoline from any source other than the defendant was no longer enforceable because the defendant had assigned its right to supply gasoline to another entity?

Accepted Answer

A)  The court ruled that the covenant remained enforceable because the defendant continued to provide gasoline on an indirect basis as allowed by the covenant, and the plaintiff failed to prove other challenges to it. 
B)  The court ruled that the agreement remained enforceable because the intent of the parties when entering into the agreement was that the plaintiff receive gasoline only from the defendant or from an entity of the defendant's choosing. 
C)  The court ruled that the covenant was not enforceable because the defendant no longer supplied the plaintiff with gasoline recognizing that the reference to indirect sales in the covenant meant merely that the plaintiff had the option to obtain defendant's brand of gasoline either from the defendant or indirectly from another supplier. 
D)  The court ruled that the covenant was not enforceable because it was unreasonable as to the parties. 
E)  The court ruled that the covenant was not enforceable because it was injurious to the public by reason of its effect on gasoline trade in the area. 
A)  The court ruled that the covenant remained enforceable because the defendant continued to provide gasoline on an indirect basis as allowed by the covenant, and the plaintiff failed to prove other challenges to it. 
B)  The court ruled that the agreement remained enforceable because the intent of the parties when entering into the agreement was that the plaintiff receive gasoline only from the defendant or from an entity of the defendant's choosing. 
C)  The court ruled that the covenant was not enforceable because the defendant no longer supplied the plaintiff with gasoline recognizing that the reference to indirect sales in the covenant meant merely that the plaintiff had the option to obtain defendant's brand of gasoline either from the defendant or indirectly from another supplier. 
D)  The court ruled that the covenant was not enforceable because it was unreasonable as to the parties. 
E)  The court ruled that the covenant was not enforceable because it was injurious to the public by reason of its effect on gasoline trade in the area.

Question 11

Restrictive covenants are promises to use or not use land in particular ways.

Accepted Answer

A) True 
 B)False

Question 12

Patricia buys a house from Jake but does not record her ownership interest.Later,Jake dishonestly sells the same house to Paula who had checked ownership at the courthouse but saw no mention of Patricia.After she paid Jake,Paula recorded her property interest at the courthouse.Paula,who thought that Patricia was renting the house from Jake,then wrote to Patricia asking her to move.Who is entitled to the house? Who do you believe that ethically should be done assuming Jake cannot be found?

Accepted Answer

In many states,Paula would hav

Question 13

Which of the following is the most likely type of ownership held by Sally and Ruthy?

Accepted Answer

A)  Joint tenancy 
B)  Tenancy in common 
C)  Tenancy by form 
D)  Tenancy by the entirety 
E)  Family tenancy 
A)  Joint tenancy 
B)  Tenancy in common 
C)  Tenancy by form 
D)  Tenancy by the entirety 
E)  Family tenancy

Question 14

Which of the following is the legal process by which a transfer of property is made by a governmental entity against the protest of the property owner?

Accepted Answer

A)  Allocation 
B)  Appropriation 
C)  Condemnation 
D)  Substitution 
E)  Publication 
A)  Allocation 
B)  Appropriation 
C)  Condemnation 
D)  Substitution 
E)  Publication

Question 15

What does the term "caveat emptor" mean?

Accepted Answer

A)  Let the seller beware. 
B)  The buyer was negligent. 
C)  The buyer was unintelligent. 
D)  Title has passed. 
E)  Let the buyer beware. 
A)  Let the seller beware. 
B)  The buyer was negligent. 
C)  The buyer was unintelligent. 
D)  Title has passed. 
E)  Let the buyer beware.

Question 16

Which of the following is the least desirable type of deed from the grantee's perspective?

Accepted Answer

A)  Quitclaim 
B)  Special warranty 
C)  Approved 
D)  General warranty 
E)  Specific 
A)  Quitclaim 
B)  Special warranty 
C)  Approved 
D)  General warranty 
E)  Specific

Question 17

An easement or profit is ______ when it is not dependent on owning property adjacent to the land on which the nonpossessory interest exists.

Accepted Answer

A)  Express 
B)  Adjoining 
C)  In gross 
D)  Appurtenant 
E)  Prevailing 
A)  Express 
B)  Adjoining 
C)  In gross 
D)  Appurtenant 
E)  Prevailing

Question 18

The owner of a[n] ______ estate possesses the same interest as the owner of a fee simple absolute,only this interest is subject to a condition.

Accepted Answer

A)  Conditional 
B)  Life 
C)  Leasehold 
D)  Future interest 
E)  Absolute 
A)  Conditional 
B)  Life 
C)  Leasehold 
D)  Future interest 
E)  Absolute

Question 19

The duration of one's ownership interest and the power one has over using the land depends on the type of ______ one is said to hold.

Accepted Answer

A)  Condition 
B)  Estate 
C)  Tenancy 
D)  Dominion 
E)  Territory 
A)  Condition 
B)  Estate 
C)  Tenancy 
D)  Dominion 
E)  Territory

Question 20

Which of the following is land and everything permanently attached to it?

Accepted Answer

A)  Real property 
B)  Personal property 
C)  Absolute property 
D)  Listed property 
E)  Fee property 
A)  Real property 
B)  Personal property 
C)  Absolute property 
D)  Listed property 
E)  Fee property

Exam 49: Real Property

A[n] ______ is an irrevocable right to use some part of another's land for a specific purpose without taking anything from it.

Which of the following refers to government restriction of property use?

In most states,a broker cannot act as an agent for both buyer and seller unless both parties consent.

As set forth in the text,describe a cooperative including typical rules of governance and the penalty if a member violates the rules.

A ______ is a person's present right to future property ownership and possession.

Which of the following is true regarding Mandy's claim for the $10,000?

A license is a right to use another's property that is temporary but not revocable.

Title insurance protects a buyer from losses resulting from a defect in the title of property.

Restrictive covenants are promises to use or not use land in particular ways.

Which of the following is the most likely type of ownership held by Sally and Ruthy?

Which of the following is the legal process by which a transfer of property is made by a governmental entity against the protest of the property owner?

What does the term "caveat emptor" mean?

Which of the following is the least desirable type of deed from the grantee's perspective?

An easement or profit is ______ when it is not dependent on owning property adjacent to the land on which the nonpossessory interest exists.

The owner of a[n] ______ estate possesses the same interest as the owner of a fee simple absolute,only this interest is subject to a condition.

The duration of one's ownership interest and the power one has over using the land depends on the type of ______ one is said to hold.

Which of the following is land and everything permanently attached to it?

An Introduction to Dynamic Business Law

Business Ethics

The Uslegal System

Alternative Dispute Resolution

Constitutional Principles

International and Comparative Law

Crime and the Business Community

Tort Law

Negligence and Strict Liability

Product Liability

Liability of Accountants and Other Professionals

Intellectual Property

Introduction to Contracts

Agreement

Consideration

Capacity and Illegality

Reality of Assent

Contracts in Writing

Third Party Rights to Contracts

Performance,Breach of Contract,discharge,and Remedies

Introduction to Sales and Lease Contracts

Title,Risk of Loss,and Insurable Interest

Performance and Obligations Under Sales and Lease Contracts

Remedies for Breach of Sales and Lease Contracts

Warranties

Negotiable Instruments: Negotiability and Transferability

Negotiation, Holder in Due Course, and Defenses

Liability,defenses,and Discharge

Checks and Electronic Fund Transfers

Secured Transactions

Other Creditors Remedies and Suretyship

Bankruptcy and Reorganization

Agency Formation and Duties

Liability to Third Parties and Termination

Forms of Business Organizations

Partnerships: Nature, Formation, and Operation

Partnerships: Termination and Limited Partnerships

Corporations: Formation and Financing

Corporations: Directors, Officers, and Shareholders

Corporations: Mergers, Consolidations, and Termination

Corporations: Securities and Investor Protection

Employment and Labor Law

Employment Discrimination

Administrative Law

Consumer Law

Environmental Law

Antitrust Law

The Nature of Property, Personal Property, and Bailments

Landlord-Tenant Law

Insurance Law

Wills and Trusts

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