Question 1

How can resources be acquired through confusion?

Accepted Answer

Ownership through confusion arises when ...

Question 2

Property is the legal right to exclude others from resources that are originally possessed or are acquired without force,theft,or fraud.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following statements is true about the property boundaries in the physical world?

Accepted Answer

A)   The physical dimension of tangible personal property is the most difficult to define.
B)   Law rather than intuition should ideally provide physical boundaries for a real property.
C)   The physical boundaries for real property are relatively easier to establish than for other forms of property.
D)   An individual rather than the law defines and sets forth the boundaries of an intellectual property or a security.
E)   The law regarding physical boundaries is fixed across all the states regardless of the type of land involved.F) C) and D)
G) C) and E)

Question 4

Under the deed of trust,a third party who holds the full ownership to a land is called a ______.

Accepted Answer

A)   bailor
B)   bailee
C)   trustee
D)   debtor
E)   mortgageeF) A) and B)
G) B) and C)

Question 5

In the determination of private nuisance,a court will declare a nuisance based solely upon the plaintiff's showing that the defendant's use of his or her land produces an offensive result for the community.

Accepted Answer

A) True 
 B)False

Question 6

Sidney Carton,owner of a fee simple land,makes the grant of his land "to Lucie Manette for life,then at the death of Lucie Manette,to her children in equal share." At the time of the grant,Sidney Carton has no children or heirs of his own.What interests have been created by this land grant?

Accepted Answer

A life estate grants an ownership in lan...

Question 7

Which of the following statements is true about concurrent ownership?

Accepted Answer

A)   The property interest is divided in joint tenancy.
B)   The joint tenants can have unequal ownership of shares.
C)   The tenants in common can own different shares of the resource.
D)   The tenants in common can have the right of survivorship.
E)   The ownership is divided such that each concurrent owner owns a specific piece of the resource.F) A) and B)
G) B) and E)

Question 8

You have driven to a local shopping mall in a friend's car.Explain and give examples of how you might park the car in terms of the three different standards of care depending upon the type of bailment relationship you have entered into with your friend.

Accepted Answer

If it is a bailment for the sole benefit...

Question 9

A fee simple absolute represents restricted,limited ownership of personal property.

Accepted Answer

A) True 
 B)False

Question 10

You and your roommate are driving through a residential area 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." Which of the following statements is true in this scenario?

Accepted Answer

A)   You may claim the chair as lost property.
B)   You may claim the chair as mislaid property.
C)   You may claim the chair as abandoned property.
D)   The homeowner retains ownership until it is picked up the next morning, so you must leave it.
E)   The homeowner retains ownership of the property until you buy it from him.F) B) and E)
G) A) and E)

Question 11

Which of the following is a similarity between joint tenancy and tenancy in common?

Accepted Answer

A)   In both these forms of ownership, the property interest is divided.
B)   In both these forms of ownership, the tenants can own different shares of the resource.
C)   In both these forms of ownership, the tenants can exercise right of survivorship.
D)   In both these forms of ownership, the tenants can have disproportionate ownership of share.
E)   In both these forms of ownership, the tenants can force the separation of ownership under the doctrine of partition.F) A) and D)
G) B) and E)

Question 12

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

Accepted Answer

A)   artisan's lien.
B)   financing statement.
C)   deed of trust.
D)   warranty deed.
E)   creditor's instrument.F) B) and E)
G) A) and E)

Question 13

What are deeds of trust?

Accepted Answer

Similar to mortgages are deeds of trust....

Question 14

Property helps generate prosperity by establishing the conditions necessary for capital formation.

Accepted Answer

A) True 
 B)False

Question 15

The property interest is divided equally in both joint tenancy and tenancy in common.

Accepted Answer

A) True 
 B)False

Question 16

The legal foundation for federal taxation is found in ______.

Accepted Answer

A)   yearly power grants from each of the individual states
B)   the Declaration of Independence
C)   Article 1, Section 8 of the United States Constitution
D)   the Congressional Budget and Impoundment Control Act, which created the Congressional Budget Office
E)   the Transportation Equity ActF) A) and B)
G) C) and E)

Question 17

What are the three types of deeds and explain how they differ.

Accepted Answer

A deed is the document of title that tra...

Question 18

In the making of a gift,a mutual exchange of resources occurs.

Accepted Answer

A) True 
 B)False

Question 19

Which of the following types of easement is also called easement by necessity?

Accepted Answer

A)   negative easement
B)   easement by prescription
C)   easement by reservation
D)   natural easement
E)   functional easementF) A) and E)
G) B) and D)

Question 20

Landon,an 80-year-old,writes a trust that states that his property is to go to his "great-great-great grandchild" upon his death.At the time of creating the trust,his only child is one year old.In this scenario,which of the following statements is true about the validity of the trust?

Accepted Answer

A)   The trust is valid, but the property must wait until the great-great-great grandchild is born to be transferred.
B)   The trust is invalid due to the rule against eventualities.
C)   The trust is valid due to the rule of progression.
D)   The trust is invalid due to the rule against perpetuities.
E)   The trust is valid, but the property must wait until Landon's child dies to be transferred.F) C) and D)
G) B) and C)

Exam 7: The Property System

In the determination of private nuisance,a court will declare a nuisance based solely upon the plaintiff's showing that the defendant's use of his or her land produces an offensive result for the community.

Correct Answer
verified

The property interest is divided equally in both joint tenancy and tenancy in common.

Correct Answer
verified

In the making of a gift,a mutual exchange of resources occurs.

Correct Answer
verified

Which of the following statements is true about the property boundaries in the physical world?

Correct Answer
verified

Which of the following types of easement is also called easement by necessity?

Correct Answer
verified

What are the three types of deeds and explain how they differ.

Correct Answer
verified
A deed is the document of title that tra...
View Answer

What are deeds of trust?

Correct Answer
verified
Similar to mortgages are deeds of trust....
View Answer

Property helps generate prosperity by establishing the conditions necessary for capital formation.

Correct Answer
verified

You have driven to a local shopping mall in a friend's car.Explain and give examples of how you might park the car in terms of the three different standards of care depending upon the type of bailment relationship you have entered into with your friend.

Correct Answer
verified
If it is a bailment for the sole benefit...
View Answer

How can resources be acquired through confusion?

Correct Answer
verified
Ownership through confusion arises when ...
View Answer

Which of the following statements is true about concurrent ownership?

Correct Answer
verified

Under the deed of trust,a third party who holds the full ownership to a land is called a ______.

Correct Answer
verified

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

Correct Answer
verified

Correct Answer
verified

Landon,an 80-year-old,writes a trust that states that his property is to go to his "great-great-great grandchild" upon his death.At the time of creating the trust,his only child is one year old.In this scenario,which of the following statements is true about the validity of the trust?

Correct Answer
verified

The legal foundation for federal taxation is found in ______.

Correct Answer
verified

Sidney Carton,owner of a fee simple land,makes the grant of his land "to Lucie Manette for life,then at the death of Lucie Manette,to her children in equal share." At the time of the grant,Sidney Carton has no children or heirs of his own.What interests have been created by this land grant?

Correct Answer
verified
A life estate grants an ownership in lan...
View Answer

A fee simple absolute represents restricted,limited ownership of personal property.

Correct Answer
verified

Property is the legal right to exclude others from resources that are originally possessed or are acquired without force,theft,or fraud.

Correct Answer
verified

Which of the following is a similarity between joint tenancy and tenancy in common?

Correct Answer
verified

Exam 7: The Property System

In the determination of private nuisance,a court will declare a nuisance based solely upon the plaintiff's showing that the defendant's use of his or her land produces an offensive result for the community.

Correct AnswerverifiedShow Answer

The property interest is divided equally in both joint tenancy and tenancy in common.

Correct AnswerverifiedShow Answer

In the making of a gift,a mutual exchange of resources occurs.

Correct AnswerverifiedShow Answer

Which of the following statements is true about the property boundaries in the physical world?

Correct AnswerverifiedShow Answer

Which of the following types of easement is also called easement by necessity?

Correct AnswerverifiedShow Answer

What are the three types of deeds and explain how they differ.

Correct AnswerverifiedA deed is the document of title that tra...View AnswerShow Answer

What are deeds of trust?

Correct AnswerverifiedSimilar to mortgages are deeds of trust....View AnswerShow Answer

Property helps generate prosperity by establishing the conditions necessary for capital formation.

Correct AnswerverifiedShow Answer

You have driven to a local shopping mall in a friend's car.Explain and give examples of how you might park the car in terms of the three different standards of care depending upon the type of bailment relationship you have entered into with your friend.

Correct AnswerverifiedIf it is a bailment for the sole benefit...View AnswerShow Answer

How can resources be acquired through confusion?

Correct AnswerverifiedOwnership through confusion arises when ...View AnswerShow Answer

Which of the following statements is true about concurrent ownership?

Correct AnswerverifiedShow Answer

Under the deed of trust,a third party who holds the full ownership to a land is called a ______.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Landon,an 80-year-old,writes a trust that states that his property is to go to his "great-great-great grandchild" upon his death.At the time of creating the trust,his only child is one year old.In this scenario,which of the following statements is true about the validity of the trust?

Correct AnswerverifiedShow Answer

The legal foundation for federal taxation is found in ______.

Correct AnswerverifiedShow Answer

Sidney Carton,owner of a fee simple land,makes the grant of his land "to Lucie Manette for life,then at the death of Lucie Manette,to her children in equal share." At the time of the grant,Sidney Carton has no children or heirs of his own.What interests have been created by this land grant?

Correct AnswerverifiedA life estate grants an ownership in lan...View AnswerShow Answer

A fee simple absolute represents restricted,limited ownership of personal property.

Correct AnswerverifiedShow Answer

Property is the legal right to exclude others from resources that are originally possessed or are acquired without force,theft,or fraud.

Correct AnswerverifiedShow Answer

Which of the following is a similarity between joint tenancy and tenancy in common?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
A deed is the document of title that tra...
View Answer

Correct Answer
verified
Similar to mortgages are deeds of trust....
View Answer

Correct Answer
verified

Correct Answer
verified
If it is a bailment for the sole benefit...
View Answer

Correct Answer
verified
Ownership through confusion arises when ...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
A life estate grants an ownership in lan...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified