Legal Final Part 3

b) the right of survivorship.

A joint tenancy describes an ownership interest in which the surviving owner has: Question options: a) separate and distinct shares of the same property. b) the right of survivorship. c) the right to deal with the interest in the property during their lifetime, like any other property interest. d) the right to sell the property during their lifetime, like any other property interest. e) unequal interest in the property.

b) reverse mortgage

A(n) _____ is a type of mortgage that enables the seller of real property to realize the equity in the property while retaining possession until death, in exchange for ownership interest. Question options: a) home equity loan b) reverse mortgage c) conventional mortgage d) forward mortgage e) home equity credit line

e) fixture

A(n) _____ is something that used to be personal property but has become attached to the land so that it is legally a part of the land. Question options: a) chattel b) deed c) covenant d) fungible e) fixture

d) bona fide purchaser

A(n) _____ takes title in good faith, with no knowledge of competing claims to title. Question options: a) licensee b) beneficial owner c) tortfeasor d) bona fide purchaser e) ombudsman

a) generally gives people the right to use another's land for a particular purpose.

An easement: Question options: a) generally gives people the right to use another's land for a particular purpose. b) is a voluntary restriction on the use of land. c) is a possessory interest in real property. d) prohibits parties from transferring the rights conveyed by a contract to another party. e) needs to be expressly stated in writing.

b) fee simple absolute.

Generally, if someone wants to buy real property, he/she is looking to buy property in: Question options: a) a concurrent estate. b) fee simple absolute. c) fee simple defeasible. d) a life estate. e) fee tail.

b) Bailment

Grace is a photographer who sometimes sells her photos to friends. She has recently returned from an overseas vacation and immediately goes to the local camera store to get a couple rolls of film developed. What is the legal relationship between Grace and the camera store? Question options: a) A contract of sale b) Bailment c) Conversion d) Gift e) Trust

d) It is land and certain things that are attached to it.

Identify the best definition of real property. Question options: a) It is intangible property and land in realized form. b) It includes moveable personal property. c) It is all tangible property including land. d) It is land and certain things that are attached to it. e) It is property that cannot be owned by the government.

b) It is a category of personal property in which the owner has intentionally relinquished the property.

Identify the correct statement about abandoned property. Question options: a) It occurs when the owner involuntarily parts with it through neglect and does not know where it is. b) It is a category of personal property in which the owner has intentionally relinquished the property. c) It is intentional, substantial interference with the chattel of another. d) It occurs when the owner unintentionally parts with it through inadvertence and does not know where it is. e) It occurs when the owner voluntarily puts it in a particular place, intending to retain ownership, but then fails to reclaim it.

a) only the duty of ordinary care is imposed on the bailee.

If Adam asks to use Chad's car to get to work, and Chad agrees on condition that Adam has the oil changed in the car, then: Question options: a) only the duty of ordinary care is imposed on the bailee. b) the bailor has a very low duty of care. c) only minimum care is required. d) the bailee must take extraordinary care. e) the bailor must take extraordinary care.

c) title.

Ownership rights are transferred by: Question options: a) novation. b) covenant. c) title. d) Possession. e) deed of trust.

c) fungible property.

Property that is not uniquely identifiable and is subject to easy mutual substitution is called: Question options: a) personal property. b) public property. c) fungible property. d) real property. e) private property.

b) Prior appropriation is basically a "use it or lose it" doctrine.

Which of the following about scope of interests in real property is true? Question options: a) A covenant is an involuntary restriction on the use of land. b) Prior appropriation is basically a "use it or lose it" doctrine. c) All covenants and easements run with the land. d) Prior appropriation doctrine grants the rights to water to the adjacent landowner. e) Generally speaking, most western states follow a riparian water rights doctrine.

a) The Comprehensive Environmental Response, Compensation, and Liability Act (Thinking CERCLA, might help you remember)

Which of the following is commonly known as Superfund? Question options: a) The Comprehensive Environmental Response, Compensation, and Liability Act b) The Clean Air Act c) The Surface Mining Control and Reclamation Act d) The Toxic Substances Control Act e) The Resource Conservation and Recovery Act

a) Fixtures are treated like real property.

Which of the following is true about fixtures? Question options: a) Fixtures are treated like real property. b) Moveable, tangible personal property is a fixture. c) Fixtures are property that can easily be substituted with identical property. d) A fixture is something that used to be real property. e) When personal property is transferred, fixtures are transferred as a part of the personal property.

d) It is a writing that conveys title to real property.

Which of the following statements is true about a deed? Question options: a) It transfers rights conveyed by a contract to another party. b) It is a document that amends a previously executed will. c) It prohibits parties from transferring the rights conveyed by a contract to another party. d) It is a writing that conveys title to real property. e) It is a sworn statement in writing made under oath.

d) Quiet title

_____ is a civil action used to determine title to real property. Question options: a) Strata title b) Estoppel by deed c) Quitclaim deed d) Quiet title e) Acquisition through a deed of sale

c) Restriction on assignment

_____ is a clause that prohibits parties from transferring the rights conveyed by a contract to another party. Question options: a) Voluntary restriction b) Mandatory arbitration clause c) Restriction on assignment d) Exculpatory clause e) Noncompete clause

a) Due diligence

_____ is a duty of care imposed on prospective buyers of real property to exercise reasonable judgment or prudence to inspect property for defects. Question options: a) Due diligence b) Substantive due process c) Procedural due process d) Prior appropriation e) CERCLA

a) Nuisance

_____ is a tort in which the tortfeasor unreasonably interferes with the use and quiet enjoyment of the plaintiff's real property. Question options: a) Nuisance b) Tortious interference c) Invasion of privacy d) Misappropriation e) Abuse of process