Bus Exam

Eminent domain: 1.allows the government to acquire the property for any need. 2.requires just compensation for the land. 3.can only occur after inverse condemnation hearings. 4.allows the government to set the price for the land.

2.requires just compensation for the land.

A piece of real property is owned by a husband and wife as a joint tenancy with rights of survivorship. This means that if the husband dies: 1.his share transfers to his heirs. 2.the wife becomes the sole owner of the entire property, automatically. 3.the wife will only inherit his share of the property if she has been named as his beneficiary. 4.the court will subdivide the property.

2.the wife becomes the sole owner of the entire property, automatically.

Clyde and Bonnie were involved in a car accident and both were injured. Clyde was at fault in the accident but did not have car insurance. Bonnie has a robust liability auto insurance policy. What does this mean? 1.Bonnie's damages will not be paid. 2.Bonnie's insurance will cover both Clyde's and her own damages. 3.Bonnie's insurance will cover her damages only.

3.Bonnie's insurance will cover her damages only.

You own a piece of farm land near an interstate. A large corporation asks if they can pay you to put a large billboard on your land advertising their company. They are seeking: 1.an easement in gross. 2.a profit in gross. 3.an easement appurtenant. 4.a profit appurtenant.

3.an easement appurtenant.

In which of the following relationships does an insurable interest NOT exist? 1.Between spouses 2.Between parents and children 3.Between business partners 4.Between friends

4.Between friends

Quick, Onyx, and Nash were deeded a piece of land as tenants in common. The deed provided that Quick owned one-half the property and Onyx and Nash owned one-quarter each. If Nash dies, the property will be owned as follows: Quick 1/2, Onyx 1/2 Quick 5/8, Onyx 3/8 Quick 1/3, Onyx 1/3, Nash's heirs 1/3 Quick 1/2, Onyx 1/4, Nash's heirs 1/4

Quick 1/2, Onyx 1/4, Nash's heirs 1/4

Which of the following forms of tenancy will be created if a tenant stays in possession of leased premises without the landlord's consent, after the tenant's one-year written lease expires? Tenancy at will Tenancy for years Periodic tendency Tenancy at sufferance

Tenancy at sufferance

Gina has season tickets to Cardinals games. One Monday, she promises to give her tickets to Friday's game to Ed, a friend who works across town. On Tuesday, Gina hands the tickets to Al, an administrative assistant. An hour later, when Al still has the tickets and has not given them to Ed, Gina returns. "Sorry," she says, "but my cousins are coming to town this weekend. I'll need those tickets back." Gina is entitled to get the tickets back if Al works for _______________. a. Gina b. Ed c. Both Gina and Ed d. None of these

a. Gina

Craig finds a rare 1955 doubled-die penny, worth $1,500, on a city sidewalk outside a coin collectors' convention. The next day, Oliver posts signs that say "Lost 1955 double-die penny. Reward offered. Call Oliver" all over the convention venue. Which of the following is true about Craig's claim to the penny? Answer a. The penny was lost, but Craig can keep it. b. The penny was lost, but Oliver can get it back. c. The penny was lost, but the city has superior rights over Oliver and Craig. d. The penny was mislaid, so Craig can keep it. e. The penny was treasure trove, so Craig can keep it.

a. The penny was lost, but Craig can keep it.

A tenant renting an apartment under a three-year written lease that does not contain any specific restrictions may be evicted for . a. counterfeiting money in the apartment b. keeping a dog in the apartment c. failing to maintain a liability insurance policy on the apartment d. making structural repairs to the apartment

a. counterfeiting money in the apartment

A tenant renting an apartment under a three-year written lease that does not contain any specific restrictions may be evicted for _________. a.Counterfeiting money in the apartment b.Keeping a dog in the apartment c.Failing to maintain a liability insurance policy on the apartment d.Making structural repairs to the apartment

a.Counterfeiting money in the apartment

Gina has season tickets to Cardinals games. One Monday, she promises to give her tickets to Friday's game to Ed, a friend who works across town. On Tuesday, Gina hands the tickets to Al, an administrative assistant. An hour later, when Al still has the tickets and has not given them to Ed, Gina returns. "Sorry," she says, "but my cousins are coming to town this weekend. I'll need those tickets back." Gina is entitled to get the tickets back if Al works for _______. a.Gina b.Ed c.Both Gina and Ed None of these

a.Gina

Craig finds a rare 1955 doubled-die penny, worth $1,500, on a city sidewalk outside a coin collectors' convention. The next day, Oliver posts signs that say "Lost 1955 double-die penny. Reward offered. Call Oliver all over the convention venue. Which of the following is true about Craig's claim to the penny? a.The penny was lost, but Craig can keep it b.The penny was lost, but Oliver can get it back c.The penny was lost, but the city has superior rights over Oliver and Craig d.The penny was mislaid, so Craig can keep it e.The penny was treasure trove, so Craig can keep it

a.The penny was lost, but Craig can keep it

Blake tells his client that there are five good reasons to set up a trust. Which of the following is not a good reason? Answer a. To pay his grandchildren's college tuition if they go to the same college he attended b. To save money, since setting up a trust is cheaper than a will c. To make sure the money is properly invested d. To avoid probate e. To safeguard his privacy

b. To save money, since setting up a trust is cheaper than a will

Blake tells his client that there are five good reasons to set up a trust. Which of the following is not a good reason? a.To pay his grandchildren's college tuition if they go to the same college he attended b.To save money, since setting up a trust is cheaper than a will c.To make sure the money is properly invested d.To avoid probate e.To safeguard his privacy

b.To save money, since setting up a trust is cheaper than a will

Which of the following requirements must be met to create a bailment? Delivery of personal property to the intended bailee Possession by the intended bailee Answer a. I only b. II only c. Both of these d. None of these

c. Both of these

Consider the following: A house (value: $250,000) The giant high-definition smart television in the house (value: $2,999) The land that the house sits on (value: $30,000) An old car in the house's garage (value: $5,001) How many of these items are personal property? a. All four of them b. Three of them c. Two of them d. One of them e. None of them

c. Two of them

To be enforceable, a long-term residential real estate lease must . Answer a. require the tenant to obtain liability insurance b. define the tenant's duty to mitigate c. be in writing d. specify a due date for rent e. All of these

c. be in writing

A tenant's personal property will become a fixture and belong to the landlord if its removal would . Answer a. increase the value of the personal property b. cause a material change to the personal property c. result in substantial harm to the landlord's property d. change the use of the landlord's property back to its prior use

c. result in substantial harm to the landlord's property

To be enforceable, a long-term residential real estate lease must __________. a.Require the tenant to obtain liability insurance b.Define the tenant's duty to mitigate c.Be in writing d.Specify a due date for rent e.All of these

c.Be in writing

Which of the following requirements must be met to create a bailment? I.Delivery of personal property to the intended bailee II.Possession by the intended bailee a.I only b.II only c.Both of these None of these

c.Both of these

A tenant's personal property will become a fixture and belong to the landlord if its removal would ___________. a.Increase the value of the personal property b.Cause a material change to the personal property c.Result in substantial harm to the landlord's property d.Change the use of the landlord's property back to its prior use

c.Result in substantial harm to the landlord's property

Consider the following: I.A house (value $250,000) II.A giant smart television in the house (value $2,999) III.The land that the house sits upon (value: $30,000) IV.An old car in the house's garage (value: $5,001) a.All four of them b.Three of them c.Two of them d.One of them None of them

c.Two of them

A decedent's will provided that the estate was to be divided among the decedent's issue per capita and not per stirpes. If there are two surviving children and three grandchildren who are children of a predeceased child at the time the will is probated, how will the estate be divided? Answer a. 1/2 to each surviving child b. 1/3 to each surviving child and 1/9 to each grandchild c. 1/4 to each surviving child and 1/6 to each grandchild d. 1/5 to each surviving child and grandchild

d. 1/5 to each surviving child and grandchild

Holding out an envelope, Angel says, "Ben, I'm giving you these opera tickets." Without taking the envelope, Ben replies, "Why would I want opera tickets? Loser." Angel leaves, crestfallen. Later that day, a girl whom Ben has liked for some time says, "I sure wish I were going to the opera tonight." Ben scrambles, calls Angel, and says, "Angel, old buddy, I accept your gift of the opera tickets. I'm on my way over to pick them up." Does Ben have a legal right to the tickets? Answer a. Yes because Angel intended to transfer ownership. b. Yes because offers to give gifts cannot be revoked. c. No because no consideration was given. d. No because Ben did not accept the gift when offered.

d. No because Ben did not accept the gift when offered.

If Chip buys an insurance policy covering his daughter Sarah's apartment, which of the following statements is true? Answer a. Sarah is the insured, the beneficiary, and the owner b. Chip is the insured, the beneficiary, and the owner c. Sarah is the beneficiary; Chip is the insured and the owner d. Sarah is the insured and the beneficiary; Chip is the owner

d. Sarah is the insured and the beneficiary; Chip is the owner

Bess, William, and Quinn were deeded a piece of land as tenants in common. The deed provided that Bess owned one-half the property and William and William owned one-quarter each. If Quinn dies, the property will be owned as follows: a.Bess ½, William ½ b.Bess ⅝, William ⅝ c.Bess ⅓, William ⅓, Quinn's heirs ⅓ d.Bess ½, William ¼, Quinn's heirs ¼

d.Bess ½, William ¼, Quinn's heirs ¼

Holding out an envelope, Alex says, "Ben, I'm giving you these opera tickets." Without taking the envelope, Ben replies, "Why would I want opera tickets? Loser." Alex leaves, crestfallen. Later that day, a girl whom Ben has liked for some time says, "I wish I were going to the opera tonight." Ben scrambles, calls Alex, and says, "Alex, my friend, I accept your gift of the opera tickets. I'm on my way over to pick them up." Does Ben have a legal right to the tickets? a.Yes because Alex intended to transfer ownership b.Yes because offers to give gifts cannot be revoked c.No because no consideration was given d.No because Ben did not accept the gift when offered

d.No because Ben did not accept the gift when offered

If Chip buys an insurance policy covering his daughter Sarah's apartment, which of the following statements is true? a.Sarah is the insured, the beneficiary, and the owner b.Chip is the insured, the beneficiary, and the owner c.Sarah is the beneficiary; Chip is the insured and the owner d.Sarah is the insured and the beneficiary; Chip is the owner

d.Sarah is the insured and the beneficiary; Chip is the owner

Which of the following forms of tenancy will be created if a tenant stays in possession of leased premises without the landlord's consent, after the tenant's one-year written lease expires? a.Tenancy at will b.Tenancy for years c.Periodic tenancy d.Tenancy at sufferance

d.Tenancy at sufferance

A decedent's will provided that the estate was to be divided among the decedent's issue per capita and not per stripes. If there are two surviving children and three grandchildren who are children of a predeceased child at the time the will is probated, how will the estate be divided? a.½ to each surviving child b.⅓ to each surviving child and 1/9 to each grandchild c.¼ to each surviving child and ⅙ to each grandchild d.⅕ to each surviving child and grandchild

d.⅕ to each surviving child and grandchild

Hallie is telling her cousin Anne about the will she has just executed. "Because of my broken arm, I couldn't sign my name, so I just told Bertrand, the lawyer, to sign it for me. Bertrand was also the witness to the will." Anne said, "You made a big mistake: You should have made at least some sort of mark on the paper. The lawyer is not permitted to witness the will. You did not have enough witnesses. Which of Anne's statements is true? a. I, II, and III b. Neither I, II, nor III c. Just I d. Just II e. Just III

e. Just III

An electronic will is valid a. only if it is printed out and signed by the testator. b. if there is an audio or video recording of the testator signing the will. c. only if the witnesses were in the same room as the testator when he signed the will. d. if the will is in any way legible, including in computer code. e. if the will is signed with any tangible symbol as long as the symbol was created with the intent to validate the will.

e. if the will is signed with any tangible symbol as long as the symbol was created with the intent to validate the will.

An electronic will is valid: a.Only if it is printed out and signed by the testator b.If there is an audio or video recording of the testator signing the will c.Only if the witnesses were in the same room as the testator when he signed the will d.If the will is any way legible, including in computer code e.If the will is assigned with any tangible symbol as long as the symbol was created with the intent to validate the will

e.If the will is assigned with any tangible symbol as long as the symbol was created with the intent to validate the will

Hallie is telling her cousin Anne about the will she has just executed. "Because of my broken arm, I couldn't sign my name, so I just told Bertrand, the lawyer, to sign it for me. Bertrand was also the witness to the will." Anne said, "you made a big mistake: I."You should have made at least some sort of mark on the paper." II."The lawyer is not permitted to witness the will." III."You did not have enough witnesses." Which of Anne's statements is true? a.I, II, and III b.Neither I, II, nor III c.Just I d.Just II e.Just III

e.Just III