Question 1

A _____ deed promises the grantee (usually, the buyer) that the grantor (seller) has good ownership and the full power to convey it.

Accepted Answer

A)  special warranty 
B)  pass title 
C)  quitclaim 
D)  freehold 
E)  warranty 
A)  special warranty 
B)  pass title 
C)  quitclaim 
D)  freehold 
E)  warranty

Question 2

Larry loses his watch in a city park. Frieda finds the watch lying in the grass while strolling through the park. Frieda discovers Larry's name and address engraved on the back of the watch. Which of the following is correct (assume no city statutes exist regarding lost property)?

Accepted Answer

A)  Frieda may keep the watch because it is a misplaced property. 
B)  Frieda may keep the watch because it is a lost property. 
C)  Frieda must contact Larry and tell him that she has his watch. 
D)  Frieda must turn the watch over to whoever runs the park. 
E)  Larry may sue Freida for the watch. 
A)  Frieda may keep the watch because it is a misplaced property. 
B)  Frieda may keep the watch because it is a lost property. 
C)  Frieda must contact Larry and tell him that she has his watch. 
D)  Frieda must turn the watch over to whoever runs the park. 
E)  Larry may sue Freida for the watch.

Question 3

Ken is having a bad morning. He has to go to work and can't find his car keys. After searching for 20 minutes, he finds them in the pocket of the jeans he wore the previous day. The keys would have been considered lost until he found them.

Accepted Answer

A) True 
 B)False

Question 4

A buyer in an ordinary course of business has priority over a perfected security interest.

Accepted Answer

A) True 
 B)False

Question 5

Josh borrows Amanda's car to get to school. Josh is obligated to exercise _____.

Accepted Answer

A)  the level of care imposed by Amanda 
B)  a reasonable duty of care 
C)  a slight duty of care 
D)  the level of care imposed by Amanda's parents 
E)  a very high duty of care 
A)  the level of care imposed by Amanda 
B)  a reasonable duty of care 
C)  a slight duty of care 
D)  the level of care imposed by Amanda's parents 
E)  a very high duty of care

Question 6

The eminent domain clause is contained in:

Accepted Answer

A)  Article I of the Constitution. 
B)  the Fifth Amendment to the Constitution. 
C)  state property codes. 
D)  state constitutions, but not the federal Constitution. 
E)  the Declaration of Independence. 
A)  Article I of the Constitution. 
B)  the Fifth Amendment to the Constitution. 
C)  state property codes. 
D)  state constitutions, but not the federal Constitution. 
E)  the Declaration of Independence.

Question 7

Name three types of deeds and explain how they differ.

Accepted Answer

The warranty deed promises the grantee t

Question 8

A(n) _____ lien arises when someone contributes materials and/or services to real estate, usually a building, and is not paid.

Accepted Answer

A)  general 
B)  chattel 
C)  surety 
D)  mechanic's 
E)  assayer's 
A)  general 
B)  chattel 
C)  surety 
D)  mechanic's 
E)  assayer's

Question 9

Explain zoning.

Accepted Answer

Zoning ordinances are generally laws tha

Question 10

Mike rents a car from Brandy for a day for $40. Which of the following statements is correct?

Accepted Answer

A)  This is a bailment for the sole benefit of the bailor. 
B)  Brandy is the bailee. 
C)  Mike owes the duty of slight care. 
D)  Brandy must tell Mike of any defects regarding the car that aren't obvious. 
E)  This is a bailment for the sole benefit of the bailee. 
A)  This is a bailment for the sole benefit of the bailor. 
B)  Brandy is the bailee. 
C)  Mike owes the duty of slight care. 
D)  Brandy must tell Mike of any defects regarding the car that aren't obvious. 
E)  This is a bailment for the sole benefit of the bailee.

Question 11

Ruth is visiting her granddaughter Marcy and decides to give Marcy her very expensive cameo brooch. The brooch, an heirloom, has been in the family for over 100 years and is the only item in a safe in Ruth's home. Ruth offers the brooch to Marcy who accepts. Ruth then gives Marcy the only key to the safe. According to the information given in this case, which of the following statements is true regarding the gift?

Accepted Answer

A)  This is not a valid gift because there has been no delivery. 
B)  This is a valid gift because there has been an actual delivery. 
C)  This is a testamentary gift and Marcy can claim the gift only after Ruth's death. 
D)  This is a valid gift because there has been a constructive delivery. 
E)  This is not a valid gift because Ruth must provide a document for chain of custody. 
A)  This is not a valid gift because there has been no delivery. 
B)  This is a valid gift because there has been an actual delivery. 
C)  This is a testamentary gift and Marcy can claim the gift only after Ruth's death. 
D)  This is a valid gift because there has been a constructive delivery. 
E)  This is not a valid gift because Ruth must provide a document for chain of custody.

Question 12

Zoning laws apply to types and locations of physical structures but not to aesthetic characteristics such as color and exterior design.

Accepted Answer

A) True 
 B)False

Question 13

When a tenant in common dies, his or her share of the property _____.

Accepted Answer

A)  passes to the state government 
B)  passes to the remaining tenants in common 
C)  passes to the highest bidder in an estate auction 
D)  passes to the federal government 
E)  passes to his or her heirs 
A)  passes to the state government 
B)  passes to the remaining tenants in common 
C)  passes to the highest bidder in an estate auction 
D)  passes to the federal government 
E)  passes to his or her heirs

Question 14

Which of the following can ONLY apply to real property?

Accepted Answer

A)  Confusion 
B)  Gifts 
C)  Accession 
D)  Bailments 
E)  Easements 
A)  Confusion 
B)  Gifts 
C)  Accession 
D)  Bailments 
E)  Easements

Question 15

Brothers Wayne and Garth twins in their mid-40s, but they still live with their parents. Finally on their 45th birthdays, they are told by their parents that they must move out within 60 days.

Accepted Answer

A)  Because they have remained on the property for over 20 years as adults, they may remain because of their adverse possession. 
B)  Because they have remained on the property for over 20 years as adults, they may remain because they have an easement by prescription. 
C)  Because they have remained on the property for over 20 years as adults, and have been open and notorious, they may remain on the property based on eminent domain. 
D)  Because their parents have permitted them to stay in the house for over 20 years, they must move out. 
E)  Because they are next of kin, they may stay in the house as potential possessors. 
A)  Because they have remained on the property for over 20 years as adults, they may remain because of their adverse possession. 
B)  Because they have remained on the property for over 20 years as adults, they may remain because they have an easement by prescription. 
C)  Because they have remained on the property for over 20 years as adults, and have been open and notorious, they may remain on the property based on eminent domain. 
D)  Because their parents have permitted them to stay in the house for over 20 years, they must move out. 
E)  Because they are next of kin, they may stay in the house as potential possessors.

A _____ deed promises the grantee (usually, the buyer) that the grantor (seller) has good ownership and the full power to convey it.

Larry loses his watch in a city park. Frieda finds the watch lying in the grass while strolling through the park. Frieda discovers Larry's name and address engraved on the back of the watch. Which of the following is correct (assume no city statutes exist regarding lost property)?

Ken is having a bad morning. He has to go to work and can't find his car keys. After searching for 20 minutes, he finds them in the pocket of the jeans he wore the previous day. The keys would have been considered lost until he found them.

A buyer in an ordinary course of business has priority over a perfected security interest.

Josh borrows Amanda's car to get to school. Josh is obligated to exercise _____.

The eminent domain clause is contained in:

Name three types of deeds and explain how they differ.

A(n) _____ lien arises when someone contributes materials and/or services to real estate, usually a building, and is not paid.

Explain zoning.

Mike rents a car from Brandy for a day for $40. Which of the following statements is correct?

Zoning laws apply to types and locations of physical structures but not to aesthetic characteristics such as color and exterior design.

When a tenant in common dies, his or her share of the property _____.

Which of the following can ONLY apply to real property?

Brothers Wayne and Garth twins in their mid-40s, but they still live with their parents. Finally on their 45th birthdays, they are told by their parents that they must move out within 60 days.

Law As a Foundation for Business

The Role of Ethics in Decision Making

The Court System

Litigation

Alternative Dispute Resolution

The Constitution

Contract Formation

Contractual Performance and Breach

Torts Affecting Business

Intellectual Property

International Law

Criminal Law and Business

Business Organizations

The Regulatory Process

Regulating Competition_Antitrust Laws

Financial and Securities Regulations

Privacy and Consumer Protection

Environmental Regulation and Resource Sustainability

Discrimination in Employment

Employment Laws

Labor-Management Relationship

Filters

Exam 7: The Property System

A _____ deed promises the grantee (usually, the buyer) that the grantor (seller) has good ownership and the full power to convey it.

Larry loses his watch in a city park. Frieda finds the watch lying in the grass while strolling through the park. Frieda discovers Larry's name and address engraved on the back of the watch. Which of the following is correct (assume no city statutes exist regarding lost property)?

Ken is having a bad morning. He has to go to work and can't find his car keys. After searching for 20 minutes, he finds them in the pocket of the jeans he wore the previous day. The keys would have been considered lost until he found them.

A buyer in an ordinary course of business has priority over a perfected security interest.

Josh borrows Amanda's car to get to school. Josh is obligated to exercise _____.

The eminent domain clause is contained in:

Name three types of deeds and explain how they differ.

A(n) _____ lien arises when someone contributes materials and/or services to real estate, usually a building, and is not paid.

Explain zoning.

Mike rents a car from Brandy for a day for $40. Which of the following statements is correct?

Zoning laws apply to types and locations of physical structures but not to aesthetic characteristics such as color and exterior design.

When a tenant in common dies, his or her share of the property _____.

Which of the following can ONLY apply to real property?

Brothers Wayne and Garth twins in their mid-40s, but they still live with their parents. Finally on their 45th birthdays, they are told by their parents that they must move out within 60 days.

Law As a Foundation for Business

The Role of Ethics in Decision Making

The Court System

Litigation

Alternative Dispute Resolution

The Constitution

Contract Formation

Contractual Performance and Breach

Torts Affecting Business

Intellectual Property

International Law

Criminal Law and Business

Business Organizations

The Regulatory Process

Regulating Competition_Antitrust Laws

Financial and Securities Regulations

Privacy and Consumer Protection

Environmental Regulation and Resource Sustainability

Discrimination in Employment

Employment Laws

Labor-Management Relationship

Filters