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Home » Business Law » Page 1455

Business Law

Q: The ________ Clause of the Fifth Amendment to the U.S. Constitution (and state constitutions, where applicable) allows the government to take private property for public use.

Q: The ________ is a body that prosecutes cases that nations refer to it as well as cases involving treaties and the UN Charter. A) Security Council B) General Assembly C) International Court of Justice D) International Monetary Fund

Q: A(n) ________ is created when a landlord and a tenant agree on a specific duration for the lease.

Q: The federal statute of the ________ makes it unlawful for a party to refuse to sell, rent, finance, or advertise housing to protected classes.

Q: The Fair Housing Act is administered by the ________, a federal administrative agency.

Q: ________ of the ADA requires covered facilities to be designed, constructed, and altered in compliance with specific accessibility requirements established by regulations issued pursuant to the ADA.

Q: In a(n) ________ deed the seller is not liable for defects in title that existed before the seller obtained the property or for encumbrances that were present when the seller obtained the property.

Q: ________ deeds are most often used when property is transferred between relatives by gift or otherwise, and least between a buyer and seller.

Q: Under the doctrine of ________, the transfer of the property is involuntary and does not require the delivery of a deed.

Q: In community property, property that is acquired through gift or inheritance either before or during marriage is considered ________.

Q: A right of possession that returns to the grantor after the expiration of a limited or contingent estate is known as a(n) ________.

Q: The two forms of future interests in rights of possession are reversion and ________.

Q: A(n) ________ deed contains the greatest number of warranties and provides the highest level of protection to a grantee.

Q: How does the Americans with Disabilities Act influence housing and accommodation?

Q: Give an account of zoning. What are nonconforming uses?

Q: Certain personal property is so closely associated with real property that it becomes part of the realty. Such items are called ________.

Q: A(n) ________ estate is an estate in which the owner has a present possessory interest in the real property.

Q: A ________ is a type of freehold estate wherein the ownership is taken away upon the occurrence or nonoccurrence of a specified condition.

Q: In a joint tenancy, upon the death of one of the co-owners (or joint tenants), the deceased person's interest in the property automatically passes to the remaining joint tenant or joint tenants. This is due to the rule of ________.

Q: ________ is a form of co-ownership of real property that can be used only by married couples.

Q: Give an account of concurrent ownerships in multiple-dwelling building.

Q: What is a general warranty deed?

Q: Explain the role of recording statutes in real property contracts.

Q: What is an easement and how is it created?

Q: What is a lease?

Q: The ________ is a clause of the U.S. Constitution that allows the government to take property for "public use." A) Due Process Clause of the Fifth Amendment B) Just Compensation Clause of the Fifth Amendment C) Double Jeopardy Clause of the Fifth Amendment D) Ratification Clause of the Fifth Amendment

Q: The government's power to take private property for public use, provided that just compensation is paid to the private property holder is known as ________. A) future interest B) constructive eviction C) adverse possession D) eminent domain

Q: Which of the following is true of the government's power of eminent domain? A) It does not allow the owner of the property to make a case for keeping the property. B) It requires payment of compensation by the government. C) It does not apply to state and local governments. D) It allows the government to set up zoning areas.

Q: What is a life estate?

Q: What is an unlawful detainer action? A) a legal process that a tenant must complete before he or she is allowed to sublet B) a legal lawsuit brought against the landlord for breach of the implied warranty of habitability C) a lawsuit brought by the tenant against the landlord on wrongful eviction D) a legal process that a landlord must complete to evict a holdover tenant

Q: Which of the following forms of tenancy involves the possession of property without right? A) tenancy at sufferance B) periodic tenancy C) tenancy for years D) tenancy at will

Q: Which of the following is true of tenancy at sufferance? A) It can be terminated only after an eviction proceeding. B) It cannot be terminated as the holdover tenant has the title of transfer. C) It has a specific time period before expiration. D) It requires a notice period that equals the length of payment period.

Q: Which of the following legislations collectively prevents all the "protected classes" from discrimination in accommodation? A) the Rent Stabilization Law of 1969 B) the Americans with Disabilities Act of 1990 C) the Fair Housing Act of 1968 D) the Civil Rights Act of 1866

Q: A ________ is an exception that permits a type of building or use in an area that would not otherwise be allowed by a zoning ordinance. A) variance B) fixture C) dominant estate D) servient estate

Q: A tenancy created when a landlord and a tenant agree on a specific duration for a lease is known as a ________. A) tenancy for years B) periodic tenancy C) tenancy by the entirety D) tenancy at sufferance

Q: A tenancy created when a lease specifies intervals at which payments are due but does not specify how long the lease is for is called a ________. A) tenancy at sufferance B) tenancy for years C) periodic tenancy D) tenancy at will

Q: If a person lives in a house by paying rent on a monthly basis, which of the following types of tenancy would that represent? A) tenancy at will B) tenancy at sufferance C) tenancy for years D) periodic tenancy

Q: What is a tenancy at will? A) a tenancy created when a lease specifies intervals at which payments are due but does not specify how long the lease is for B) a tenancy created by a lease that may be terminated at any time by either party C) a tenancy created when a tenant retains possession of property after the expiration of another tenancy D) a tenancy created when a landlord and a tenant agree on a specific duration for a lease

Q: A ________ is a tenancy created when a tenant retains possession of property after the expiration of another tenancy or a life estate without the owner's consent. A) periodic tenancy B) tenancy at will C) tenancy at sufferance D) tenancy for years

Q: A tenant's interest in the real property is called a(n) ________. A) easement estate B) free simple absolute estate C) gifted estate D) leasehold estate

Q: A transfer of the right to the possession and use of real property for a set term in return for certain consideration is known as a(n) ________. A) title transfer B) lease C) novation D) easement

Q: What is a profit--prendre? A) a document that grants a person the right to remove something from another's real property B) a form of insurance obtained for losses caused by undiscovered defects in real property title C) a judicial proceeding where a certificate of title is awarded to the real owner to property D) a type of easement that grants a person a right to use another's land but disallows the usage of any personal property

Q: A landlordtenant relationship is characterized by ________. A) the transfer of title to the tenant B) the receipt of a nonfreehold estate by the tenant C) the creation of a future interest for the tenant D) the free simple absolute ownership of the tenant

Q: An estate where the tenant has a right to possess the real property but does not own title to the property is called ________. A) free simple absolute estate B) gifted estate C) nonfreehold estate D) easement estate

Q: A(n) ________ authorizes a person who does not own adjacent land the right to use another person's land. A) profit B) license C) easement appurtenant D) easement in gross

Q: A(n) ________ is a document that grants a person the right to enter upon another's property for a specified and usually short period of time. A) title insurance B) easement C) license D) deed

Q: A given or required right to make limited use of someone else's land without owning or leasing it is called a(n) ________. A) zoning ordinance B) title insurance C) easement D) abstract of title

Q: A situation created when the owner of one piece of land is given an easement over an adjacent piece of land is called a(n) ________. A) profit--prendre B) easement by license C) easements in gross D) easement appurtenant

Q: What is a servient estate? A) a piece of land that is being examined for an abstract of title B) a piece of land over which an easement is granted C) a piece of land which has concurrent owners D) a piece of land that comes under a zoning ordinance

Q: A deed in which the grantor of real property transfers whatever interest he has in the property to the grantee is known as a ________. A) quitclaim deed B) general warranty deed C) grand deed D) special warrant deed

Q: What is a quiet title action? A) a lawsuit to determine the rightful owner of a disputed property and his/her rights B) a lawsuit to enforce the right to survivorship to the holder of the title deed C) a lawsuit asking for the release of the details of a separate property from a couple D) a lawsuit to obtain reimbursement for losses cause by undiscovered defects in title

Q: A(n) ________ is a situation in which a person who wrongfully possesses someone else's real property obtains title to that property if certain statutory requirements are met. A) adverse possession B) reversion C) nonpossessory interest D) future interest

Q: Which of the following statements it true with regard to adverse possession? A) Adverse possession requires the delivery of a deed. B) Adverse possession covers all property including those owned by federal and state governments. C) Adverse possession requires continuous and uninterrupted occupancy of the property. D) Adverse possession covers only voluntary occupancy obtained with the express or implied permission of the owner.

Q: A(n) ________ is a situation in which a person holds an interest in another person's property without actually owning any part of the property. A) present possessory interest B) future interest C) reversion D) nonpossessory interest

Q: A(n) ________ is an instrument that describes a person's ownership interest in a piece of real property. A) title insurance B) deed C) license D) easement

Q: Which of the following types of deeds only protects the buyer from defects in title caused by the seller? A) a general warranty deed B) a quitclaim deed C) a grand deed D) a special warrant deed

Q: A ________ is a right of possession that returns to the grantor after the expiration of a limited or contingent estate. A) reversion B) remainder C) quiet title action D) nonconforming use

Q: Which of the following defines a reminder as a form of future interest? A) It is a right of possession that returns to the grantor after the expiration of a limited or contingent estate. B) It is a right of possession that returns to a third party upon the expiration of a limited or contingent estate. C) It is a form of concurrent possession of a multiple-dwelling building in which a corporation owns the building and the residents own shares in the corporation. D) It is a form of concurrent possession that includes the right of survivorship.

Q: Which of the following is the implied default title conveyed in a sale of real estate? A) life estate B) servient estate C) fee simple absolute D) fee simple defeasible

Q: Which of the following forms of co-ownership of real property applies only to married couples? A) joint tenancy B) community property C) tenancy in common D) condominiums

Q: Future interest in real property refers to ________. A) an interest in real property that involves actual and current possession B) an interest in an estate that represents the highest form of ownership C) an interest in real property that has been sold or permanently transferred to a third party D) an interest in real property that a grantor retains for himself or herself or a third party

Q: Karen, Kelsey, Rita, and Lizzi own a large commercial building as concurrent owners. They are tenants with the right to survivorship. Lizzi transfers her one-quarter interest in the building to a private charity organization owned by Stella. Under which of the following forms of concurrent ownership would Karen, Kelsey, and Rita become the owners of the property following Lizzi's death without the inclusion of the private charity organization run by Stella? A) a tenancy by entirety B) a community property C) a joint tenancy D) a tenancy in common

Q: Which of the following is a form of co-ownership that disallows the right of survivorship and allows unilateral transfer of interest? A) tenancy in common B) joint tenancy C) cooperatives D) tenancy by the entirety

Q: Martin, who owned a piece of property along with two other tenants, executed a will by which he left all his property to his son. When Martin died, his son received his interest in the shared property and became a tenant with the other two owners. What kind of concurrent ownership would allow such a passage of title? A) a joint tenancy B) a tenancy in common C) a tenancy by entirety D) a community property

Q: ________ is a form of co-ownership of real property that can be used only by married couples. A) Cooperatives B) Tenancy in common C) Joint tenancy D) Tenancy by the entirety

Q: Which of the following is true of a tenancy by the entirety? A) It can only be formed between corporations. B) It does not contain the conditional right of survivorship upon the death of a tenant. C) It cannot be created by the usage of express words alone. D) It cannot be transferred by any one of the tenants without the consent of the other.

Q: After the death of Horace, the other two joint tenants of the luxury dining restaurant "Rendezvous" became the owners of Horace's interest in the property automatically. This feature of their concurrent ownership is called ________. A) quiet title action B) adverse possession C) nonconforming use D) right of survivorship

Q: When does a joint tenancy become a tenancy in common? A) when a joint tenant sells his or her property B) when a joint tenant dies C) when two joint tenants swap their share in the tenancy D) when two joint tenants are bound by a marital relationship

Q: Karen, Kelsey, Rita, and Lizzi own a large commercial building as concurrent owners. They are tenants with the right to survivorship. Lizzi sells her one-quarter interest in the building to Stella. What kind of concurrent ownership exists between Karen, Kelsey, Rita, and Stella? A) a tenancy in common B) a tenancy by entirety C) a joint tenancy D) a community property

Q: Which of the following provisions protects the interest of a joint tenancy upon the death of a joint tenant? A) the quiet title action B) the estate in land C) the right of survivorship D) the quitclaim deed

Q: Carmen, Westbrook, and Ashton are concurrent owners of a large commercial building. Ashton executes a will that leaves all his property to his son in the event of his death. But after Ashton passes away, his ownership interest in the building was acquired by the two remaining tenants of the building. Which of the following kinds of concurrent ownership would allow such a passage of title? A) a tenancy by entirety B) a community property C) a joint tenancy D) a tenancy in common

Q: A(n) ________ grants the owner all the incidents of a fee simple absolute except that ownership may be taken away if a specified condition occurs or does not occur. A) future interest B) servient estate C) fee simple defeasible D) easement estate

Q: ________ is an interest in real property that lasts for a specified person's lifetime. A) Life estate B) Fee simple absolute C) Servient estate D) Fee simple defeasible

Q: Which of the following is true of a life tenant? A) A life tenant has the right to sell the life estate at will. B) A person who gives a life estate to another is called a life tenant. C) A life tenant can possess the life estate to the point of rendering it worthless by permanent damage. D) A life tenant is treated as the owner of the property for the duration of the life estate.

Q: A life estate that is measured by the life of a third party is referred to as ________. A) estate pour autre vie B) servient estate C) community property D) future interest

Q: ________ is a form of co-ownership that includes the right of survivorship as well the right of tenants to unilaterally transfer their interest without the consent of co-tenants. A) Tenancy in common B) Joint tenancy C) Cooperatives D) Tenancy by the entirety

Q: The legal rights that the owner has to possess, use, and enjoy the property are known as ________. A) future interests B) estate in land C) easement rights D) estoppel by deed

Q: A(n) ________ is an estate in which the owner has a present possessory interest in the real property. A) estate pour autre vie B) freehold estate C) future interest D) easement

Q: ________ is a type of ownership of real property that grants the owner the fullest bundle of legal rights that a person can hold in real property. A) Fee simple absolute B) Life estate C) Servient estate D) Fee simple defeasible

Q: Which of the following is true of an ownership of real property that is fee simple absolute? A) It cannot be inherited. B) It terminates based on the occurrence or nonoccurrence of a specified event. C) It is infinite in duration. D) It cannot be transferred at will.

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