Exam 7: The Property System

If your home is being foreclosed on, you may retain ownership of the property if you pay the full amount of the debt before the sale. This is called a:

A(n) _____ means that an adjoining landowner cannot do anything that would cause your land to cave in or collapse, such as digging a ditch that would cause the land on your side to collapse.

No bailment has been formed if a student leaves a book bag in class by accident and the professor takes possession to safeguard the bag.

The right of redemption allows a mortgagor, before foreclosure, to get back land upon payment of the full amount of the debt.

Willie gave his girlfriend Madonna a gold necklace for her birthday. The next day Madonna broke up with Willie and started dating his best friend Waylon. Willie is heartbroken and furious. He becomes so upset that he commits suicide. Can Willie's estate get the necklace back from Madonna?

A purchase money security interest creates a perfected interest without the need to put a document on public record.

Generally, mortgages and deeds of trust must be registered in a recording office in the county where the land is located.

Stephen, a private individual, intends to bring a public nuisance claim against a textiles plant because its runoff is destroying the natural habitat of the local river's beaver population. Which of the following will permit Stephen to bring a valid claim?

House-sitting would be an example of a bailment because you are in temporary possession of someone's house with the intention to return full possession to the owners upon their return.

Which of the following is a mutual benefit bailment?

State law generally specifies that a landlord and tenant must give each other written notice of 30 or 60 days in order to terminate a lease that does not run for a definite duration.

The general way of perfecting a security interest under Article 9 is to file a(n):

Which of the following would be granted the greatest priority?

Which of the following is intangible property?

You're lying in bed when a piece of a meteorite enters the Earth's atmosphere and flies through the window of your apartment, landing at your feet.

If foreclosure and auction does not produce enough money to satisfy the debt owed by the mortgagor, the creditor-mortgagee can still sue the debtor for the balance owed, called a "remainder."

If Landon, who is 80 years old, writes a trust that states that his property is to go to "my great-great-great grandchild upon my death," and at the time of creating the trust his only child is one year old:

Explain the rule of first possession.

It is presumed in court that a bailee in a mutual benefit bailment is negligent for the loss or damage of the bailor's goods.

You and your roommate are driving through a nice neighborhood when you see some furniture piled on the curb to be picked up by the trash collectors the next morning. As you pick up a chair, the homeowner opens a window and yells, "Get away from my stuff."