Question 1

Which one of the following indicates what is meant by riparian rights?

Accepted Answer

A) Consumer protection laws are referred to as "riparian rights." 
B) This is where someone uses his property in such a way that it interferes with his neighbours' use of their property. 
C) This is where someone brings something essentially dangerous onto his property and it escapes, causing damage to a neighbour's property. 
D) A person has the right when living downstream to water of a certain quality and quantity. 
E) A farmer can sue a polluter if that pollution interferes with the maturing or ripening of his crop.

Question 2

Which of the following describes involuntary bailment?

Accepted Answer

A) Someone is forced to provide bail. 
B) The bailor sells the goods to compensate for storage costs. 
C) Goods have been left without permission. 
D) The borrower refuses to return goods. 
E) The bailee refuses to claim the stored goods.

Question 3

Life estate means that the land is leased to a tenant for the period of his or her life.

Accepted Answer

A) True 
 B)False

Question 4

A surety bond guarantees performance of a contract.

Accepted Answer

A) True 
 B)False

Question 5

An insurable interest refers to the fact that the insurance company has to have been paid a premium so that it has an interest in the contract.

Accepted Answer

A) True 
 B)False

Question 6

Insurable interest means that the insured must have a personal stake or interest in whatever is being insured and can only claim on the insurance to the extent of the value of that interest.

Accepted Answer

A) True 
 B)False

Question 7

Who is responsible for the repair of the premises in a normal rental agreement?

Accepted Answer

The answer of Who is responsible for the repair of...

Question 8

A right of way can be acquired by prescription when a person's habitual use of land is not interfered with by the owner.

Accepted Answer

A) True 
 B)False

Question 9

Real property refers to land only.

Accepted Answer

A) True 
 B)False

Question 10

Nelson granted a first mortgage on his property to Vancouver Trust as security for a loan of $110 000, and a second mortgage to Hong Kong Bank as security for a loan of $25 000.Which of the following statements is false? Read each separately.

Accepted Answer

A) Nelson has given Vancouver Trust his fee simple interest and Hong Kong Bank his right to redeem, and he has retained a right to redeem. 
B) If Nelson were to default on his first mortgage, Vancouver Trust could petition the court to set a period of time within which the debtor must pay off the mortgage (redeem his title). 
C) If Nelson were to default on his first mortgage, at the first hearing he would likely be granted a redemption period within which he could pay his debt and thus avoid foreclosure. 
D) If Nelson is in default on his first mortgage, Vancouver Trust has a contractual right to sell. 
E) If Nelson were to default on his second mortgage only and the second mortgagee foreclosed, then the first mortgagee and Nelson himself would lose their interests in the property.

Question 11

Mabel was employed as a waitress at a respectable restaurant in Vancouver.After cleaning up one of the tables, she noticed a valuable broach on the floor beneath the table.Which of the following is correct with respect to her legal claim to the broach?

Accepted Answer

A) Because of the principle of "finders keepers," Mabel gets to keep the broach even against the original owners who lost it. 
B) Mabel must hand the broach to the police, and if the rightful owner does not come forward, the broach becomes the property of the government. 
C) Mabel has no claim to the broach no matter where she found it. 
D) As the finder of the broach, Mabel is entitled to it.She has a prior claim against all but the rightful owner of the broach. 
E) Although Mabel found the broach in a public part of the restaurant, she must give the broach to her employer, who has the right to keep it if the rightful owner is not found.

Question 12

Which of the following statements is correct with respect to bonding?

Accepted Answer

A) Bonding provides protection against losses incurred because of fluctuations in the financial markets. 
B) Bonding provides protection to the victim injured by the wrongful conduct of the person bonded. 
C) Bonding is a government certification system whereby the government guarantees that a person so bonded or certified will do the job he is hired to do as set out in the bonding certificate. 
D) If a person is bonded and that person commits some wrongful act such as stealing a client's money, the bonding company is bound to compensate him for any losses he suffers from being caught. 
E) Bonding is another term for insurance.The two terms, bonding and insurance, are interchangeable.

Question 13

Consider the various remedies that are available to the mortgagee in the event of a default, and discuss the effectiveness of each.

Accepted Answer

The answer of Consider the various remedies that are available...

Question 14

Which level of government has jurisdiction to pass laws to protect the environment?

Accepted Answer

A) Provincial 
B) Federal 
C) Municipal 
D) All of the above 
E) Neither the federal, provincial, nor municipal government has jurisdiction.

Question 15

Which of the following is correct with respect to the principle of subrogation as it relates to insurance law?

Accepted Answer

A) Subrogation refers to the principle that the insured cannot benefit from his own wrongdoing. 
B) Subrogation refers to the principle that, if an insurance company pays out on a policy, it assumes all of the rights of the insured against the person causing the loss. 
C) Subrogation refers to the principle that, if the insured does not take out enough insurance, he will be taken to be responsible for a portion of any loss incurred. 
D) Subrogation refers to the insured's right to demand payment from the insurance company if the insured-against event takes place. 
E) Subrogation refers to the practice of insurance companies taking out their own insurance where a policy involves potentially large losses or high risk.

Question 16

If a person habitually crosses property over a number of years with the permission of the owner, he can, in some provinces, acquire a right to cross that property even though there has been no actual documented grant of such a right.Acquiring such a right is this manner is called:

Accepted Answer

A) Profit à prendre 
B) A dominant tenement 
C) Prescription 
D) An estate in land 
E) Adverse possession

Question 17

Which of the following is not an appropriate matter for insurance coverage?

Accepted Answer

A) Insurance against lost profits 
B) Insurance against damage to property 
C) Insurance against fire in your next-door neighbour's home 
D) Insurance against loss of life 
E) Insurance against fire in a home

Question 18

Explain what is meant by bonding.

Accepted Answer

The answer of Explain what is meant by bonding....

Question 19

In January 2012, Adam sold his farm to his three sons: Bert (age 36), Charles (age 33), and Darwin (age 31), all married.The transfer of estate in fee simple form named them as joint tenants.Bert sold his interest to his younger sister, Eileen (age 27) in June 2012.In August 2012, Charles and Darwin were killed in a car accident.They died instantaneously.The law presumes that the older brother, Charles, died first.Which of the following is false? Read each separately.

Accepted Answer

A) After the sale of Bert's interest to her, Eileen became a tenant in common in relation to her brothers Charles and Darwin. 
B) After the sale of Bert's interest to her, Eileen became a joint tenant in relation to her brothers Charles and Darwin. 
C) After the purchase of Bert's interest in the farm, Eileen would be free to bequeath her interest to her heirs in her will. 
D) After the accident, Eileen is a co-owner with Darwin's heirs. 
E) If Eileen becomes a tenant in common, she cannot identify the portion of the property that will belong to her exclusively.

Question 20

Joe was walking in a park and found a watch.He took it to the City's lost and found, but it was not claimed.Three years later, Joe went to this lost and found and asked for the watch and was told that it was a property of the City.Explain Joe's legal position in these circumstances.

Accepted Answer

The answer of Joe was walking in a park and...

Exam 8: Property

Which one of the following indicates what is meant by riparian rights?

Which of the following describes involuntary bailment?

Life estate means that the land is leased to a tenant for the period of his or her life.

A surety bond guarantees performance of a contract.

An insurable interest refers to the fact that the insurance company has to have been paid a premium so that it has an interest in the contract.

Insurable interest means that the insured must have a personal stake or interest in whatever is being insured and can only claim on the insurance to the extent of the value of that interest.

Who is responsible for the repair of the premises in a normal rental agreement?

A right of way can be acquired by prescription when a person's habitual use of land is not interfered with by the owner.

Real property refers to land only.

Nelson granted a first mortgage on his property to Vancouver Trust as security for a loan of $110 000, and a second mortgage to Hong Kong Bank as security for a loan of $25 000.Which of the following statements is false? Read each separately.

Mabel was employed as a waitress at a respectable restaurant in Vancouver.After cleaning up one of the tables, she noticed a valuable broach on the floor beneath the table.Which of the following is correct with respect to her legal claim to the broach?

Which of the following statements is correct with respect to bonding?

Consider the various remedies that are available to the mortgagee in the event of a default, and discuss the effectiveness of each.

Which level of government has jurisdiction to pass laws to protect the environment?

Which of the following is correct with respect to the principle of subrogation as it relates to insurance law?

If a person habitually crosses property over a number of years with the permission of the owner, he can, in some provinces, acquire a right to cross that property even though there has been no actual documented grant of such a right.Acquiring such a right is this manner is called:

Which of the following is not an appropriate matter for insurance coverage?

Explain what is meant by bonding.

Joe was walking in a park and found a watch.He took it to the City's lost and found, but it was not claimed.Three years later, Joe went to this lost and found and asked for the watch and was told that it was a property of the City.Explain Joe's legal position in these circumstances.