Question 1

Explain what is meant by an insurable interest.

Accepted Answer

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Question 2

Which of the following statements is correct with respect to the person who is entitled to found property?

Accepted Answer

A) When a person finds valuable property,he must turn it over to the police,and if the rightful owner is not found,the property goes to the government. 
B) When a person finds a valuable watch in a public place,he is entitled to that property over everyone else except the rightful owner. 
C) When a person finds a valuable watch in a public place,he is entitled to that property over everyone else including the rightful owner. 
D) When an employee finds an item of lost property on the premises of his employer,he is entitled to that lost property if the rightful owner cannot be found. 
E) You only have a claim to personal property you find if it is a chose in action.

Question 3

Distinguish between a tenancy in common and a joint tenancy.

Accepted Answer

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Question 4

Explain what is foreclosed in the foreclosure proceedings related to mortgages.

Accepted Answer

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Question 5

Which of the following is true with regard to real property law?

Accepted Answer

A) The essential characteristic of an estate in land is that the owner of the estate,whether it is a fee simple,life estate,or leasehold,has exclusive possession. 
B) People gain an interest in land when they are given the right to use or access property for some particular purpose. 
C) Restrictive covenants that are negative in nature are not binding on future owners. 
D) A profit à prendre is a type of restrictive covenant attaching to all properties within a particular development plan. 
E) An easement acquired by prescription must be restrictive in nature to be binding on subsequent purchasers of land.

Question 6

A voluntary bailment can occur when someone borrows an item from a neighbour.

Accepted Answer

A) True 
 B)False

Question 7

If a sign in the cloakroom of a restaurant hall warned "not responsible for lost or stolen goods" and the restaurant burned to the ground and all guests' coats and hats were destroyed,the court would likely determine that the restaurant had no responsibility,as the guests' property was lost in the fire and the exculpatory clause would protect the hall.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following is considered real property in legal terms?

Accepted Answer

A) chattels 
B) land 
C) a claim against someone that has value 
D) intellectual property (ideas and creative work) 
E) intangible property or chose in action

Question 9

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 10

After saving his money for years,Taylor was finally able to buy property with a small house and a lake.Which of the following is false?

Accepted Answer

A) Taylor's interest is referred to as a fee simple. 
B) Taylor owns all of the area above his land and all of the land below it. 
C) Taylor can sell part of his interest and create a joint tenancy. 
D) Taylor's ownership extends to include "fixtures." 
E) Despite the extent of Taylor's interest,the Crown can grant the mineral rights to someone else.

Question 11

What is an insurance premium?

Accepted Answer

The answer of What is an insurance premium?...

Question 12

The bailee is not liable for damage done to goods while in his or her possession.

Accepted Answer

A) True 
 B)False

Question 13

If someone stores goods on your property without permission,and you exercise no control over those goods,there is no duty to take care of them.

Accepted Answer

A) True 
 B)False

Question 14

In a second or third mortgage,it is the right to redeem that is mortgaged or transferred as security.

Accepted Answer

A) True 
 B)False

Question 15

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 16

A surety bond guarantees performance of a contract.

Accepted Answer

A) True 
 B)False

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

Which of the following is false with regard to the law of landlord and tenant,lessor and lessee?

Accepted Answer

A) The law of frustration applies to residential leases. 
B) A lease agreement is a contract that grants an estate in land (i.e.,it gives the lessee exclusive possession for a period of time). 
C) Residential properties are governed by statute and vary from jurisdiction to jurisdiction. 
D) If a commercial lessee defaults on his rent,the lessor has the power to seize the lessee's property left on the premises. 
E) A tenancy is primarily contractual and therefore does not "run with the land"; it does not bind a purchaser of the building.

Question 19

What is meant by a chattel?

Accepted Answer

The answer of What is meant by a chattel?...

Question 20

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

Accepted Answer

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

Exam 8: Property

Explain what is meant by an insurable interest.

Which of the following statements is correct with respect to the person who is entitled to found property?

Distinguish between a tenancy in common and a joint tenancy.

Explain what is foreclosed in the foreclosure proceedings related to mortgages.

Which of the following is true with regard to real property law?

A voluntary bailment can occur when someone borrows an item from a neighbour.

Which of the following is considered real property in legal terms?

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.

After saving his money for years,Taylor was finally able to buy property with a small house and a lake.Which of the following is false?

What is an insurance premium?

The bailee is not liable for damage done to goods while in his or her possession.

If someone stores goods on your property without permission,and you exercise no control over those goods,there is no duty to take care of them.

In a second or third mortgage,it is the right to redeem that is mortgaged or transferred as security.

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.

A surety bond guarantees performance of a contract.

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

Which of the following is false with regard to the law of landlord and tenant,lessor and lessee?

What is meant by a chattel?

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