Deck 12: Property

Question 1

Community property is property acquired:

A) By inheritance.
B) During marriage through earnings of either spouse.
C) Before marriage.
D) By gift.
E) By divorce.

Answer 1

B

Question 2

Which of the following most needs a will?

A) A 25-year-old single parent who is attending college.
B) A 40-year-old executive with no family who earns $40,000 a year.
C) A 65-year-old retiree whose only asset is a $1,000,000 life insurance policy.
D) A 14-year-old who has no assets but plans to set a record by sailing around the world alone.
E) None of the above.

Answer 2

A

Question 3

Internationally renowned artist Georgia O'Keefe taught at West Texas A&M University. Efforts to prevent the owner of the building where she resided from altering or destroying the property:

A) Will fail because of the owner's absolute property interests.
B) Will focus primarily on the economic benefit to the landowner.
C) May be successful because the state may use its police power to provide a public benefit.
D) Will be successful because of the theory of easement.
E) None of the above.

Answer 3

C

Question 4

Which of the following is not correct about a life estate?

A) The life tenant can sell the property without consulting anyone.
B) Is created by such language as "To Sue for her lifetime, then to my nieces and nephews."
C) The life tenant is entitled to the income and profits.
D) The life tenancy may also be created in surviving spouses by statute.
E) None of the above.

Question 5

Jessica and Jennifer have been neighbors for ten years. Five years ago, Jessica built a swimming pool on her lot. The lots have been surveyed again, and it now appears that the swimming pool is actually on Jennifer's land. Jessica may claim the pool under the doctrine of:

A) Eminent domain.
B) License.
C) Easement.
D) Adverse possession.
E) None of the above.

Question 6

The origin of the legal protection of intellectual property is often attributed to which craft?

A) The Goldsmiths Guild of London.
B) The Pepperers Guild of York.
C) The Glassmakers of Venice.
D) The Weavers of Amsterdam.
E) The Card makers of Paris.

Question 7

A written declaration of a person's wishes regarding the distribution of her property after death is:

A) Will.
B) Codicil.
C) Trust.
D) Power of attorney.
E) Agency agreement.

Question 8

Carl Perkins composed and recorded "Blue Suede Shoes" in 1956, the same year that The King (Elvis Presley) released the song. Unless someone is paying royalties, you are violating when you download the music.

A) Patent law.
B) Trademark law.
C) Copyright law.
D) Promissory estoppels.
E) Napster Act

Question 9

According to the textbook, which cartoon character prompted the extension of copyright protections in the United States?

A) SpongeBob Square Pants.
B) Mickey Mouse.
C) Marmaduke.
D) Dagwood.
E) Daffy Duck.

Question 10

Which of the following is usually not part of a sale of a residence?

A) Promissory note to the bank.
B) Deed of trust recording the creditor's interest.
C) Warranty deed.
D) Reservation of riparian rights.
E) None of the above.

Question 11

When a creditor has a legally protected interest in real or tangible property, this is called a:

A) Promissory note.
B) Lien.
C) Fee simple estate.
D) Leasehold estate.
E) Corpus.

Question 12

Which of the following is not a method of acquiring title to property?

A) By foreclosure of judgment or for nonpayment of debt.
B) By deed.
C) By gift.
D) By adverse possession.
E) None of the above.

Question 13

Norma decides that the title to her ranch should pass only in the female line. Her conveyance would be:

A) A fee simple absolute.
B) "To my daughter, Sherri, her heirs, and assigns."
C) An example of primogeniture.
D) "To my daughter, Sherri, and the female heirs of her body."
E) None of the above.

Question 14

The terminology for the right to use another's land is:

A) Easement.
B) Covenant.
C) Fee simple.
D) Eminent domain.
E) None of the above.

Question 15

Charlotte opted not to attend class and failed all her courses. Her parents are understandably upset and have decided to alter the provisions relating to her in their wills while keeping the remainder of the provisions the same. These amendments are known as a:

A) Codicil.
B) Holographic will.
C) Nuncupative will.
D) Trust.
E) None of the above.

Question 16

Grandpa voluntarily transfers title to his 2011 flaming red Corvette to you. This is known as:

A) Trust.
B) Seisin.
C) Testamentary transfer.
D) Gift.
E) Intestate transfer.

Question 17

To recoup their costs in the development of plants such as lupinus texensis, AKA the "maroon bluebonnet," and Beta Sweet carrots, AKA the "maroon carrot," scientists and their sponsors usually file:

A) Patents.
B) Trademarks.
C) Copyrights.
D) Restrictive covenants.
E) None of the above.

Question 18

Keisha's grandfather has created a trust for the benefit of the grandchildren:

A) He may limit access to the funds by requiring that the money only be expended for their education.
B) He may extend the terms of the trust into perpetuity.
C) He may not protect the money from her creditors since Keisha is a known spendthrift.
D) He may not act as co-trustee of the funds himself.
E) All of the above.

Question 19

You wish to open a daycare center in your home. This is an area of single-family dwellings, not a commercial area. You must obtain permission from the City because of:

A) Sector planning.
B) Zoning.
C) Eminent domain.
D) Covenants.
E) All of the above.

Question 20

Jorge, who is very wealthy, wishes to provide financial protection for his elderly mother and his children in the event of his death. His will is likely to:

A) Contain a clause giving his mother a life estate in his property and naming the children as remaindermen.
B) Contain a clause setting up a trust from which both his mother and the children could draw for support and maintenance.
C) Contain a clause transferring his property to his brother, in trust, with his mother to receive the income from the property during her lifetime and with his children receiving the corpus following her death.
D) Any of the above.
E) None of the above.

Question 21

Creighton wishes to give the family cemetery to his son Buchanan with the strongest title possible. Which type of instrument will he use?

A) Quitclaim deed.
B) Warranty deed.
C) Special warranty deed.
D) Contract for deed.
E) None of the above.

Question 22

Santa Fe is noted for the uniformity of its architectural style. This uniformity could be the result of:

A) Easements.
B) Restrictive covenants among private parties.
C) Zoning by the government.
D) A and B.
E) B and C.

Question 23

Which of the following is categorized correctly?

A) Stocks and certificates of deposit-tangible property.
B) Property owned jointly by siblings--community property.
C) Timber grown as a crop--realty.
D) Right to a certain percentage of profits from the sales of oil and gas--mineral royalty interest.
E) Right to protect the design of the better mousetrap from production by someone else-- trademark.

Question 24

Distinguish between a freehold and leasehold estate and discuss the attributes of each.

Question 25

The system of feudalism is the source of much of today's property law. Discuss feudalism and its remnants in our current jurisprudence.

Question 26

Identify various freehold estates and the attributes of each.

Question 27

Identify and discuss types of concurrent ownership including, but not limited to, marital estates.

Question 28

Define and discuss easements, licenses, profits, and covenants. Give examples.

Question 29

Discuss limitations on ownership interests including, but not limited to, historic preservation, zoning, and eminent domain.

Question 30

Identify and discuss various methods of inception of titles and liens as well as the characteristics of different types of deeds.

Question 31

Discuss the requisites for a valid will and the effect if one procrastinates and does not actually execute some type of will.

Question 32

Describe the formation of a trust and contrast its effect with that of a gift.

Question 33

Trace the historical development of intellectual property.

Question 34

Define and distinguish among patents, copyrights, and trademarks and the legal interests protected by each.