Business Law

Which of the following is an example of real property?

A tree naturally growing on a piece of land

Which of the following types of loan is suitable for homeowners who plan to move and sell their home before their fixed-rate period is up?

Adjustable-Rate Loan

____________________ this loan offers interest rates typically lower than a fixed rate loan for a period of time.

Adjustable-Rate Mortgage

Which of the following is a second probate process for real estate located in a state other than the decedent's state of residence?

Ancillary Probate

Which of the following is NOT a type of bailment?

Bailor-bailee bailment

______________ is a person who derives advantage from a will, trust or life insurance policy

Beneficiary

A ________________ is also known as a gap loan. Is an excellent option if the home owner is purchasing the home before selling his or her previous residence.

Bridge Loan

Which of the following loans is also known as a gap loan?

Bridge Loan

A will allows a drafter to do which of the following?

Choose the executor of his or her estate

________________ is a contract for renting spaces for business uses, such as industrial, office, retail and manufacturing

Commercial Lease

A ______________________ protects the expression of creative work, such as the work of an author, artist, or composer.

Copyright

A _____________ is a legal document which transfers ownership of real estate.

Deed

Which of the following is a document which transfers ownership of real estate?

Deed

________________ document which transfers ownership of real estate

Deed

Which of the following is an example of chattel?

Desk

Which of the following is NOT considered a real property?

Desk Lamp

___________________ is a collection of preparative tasks which serve to manage an individual's property base in the event of his or her incapacitation or death

Estate Planning

Which of the following types of loans is the best fit for a home buyer with little saving for a down payment?

FHA Loan

_______________________ is a loan which requires a low down payment. Is the best fit for home buyers with little savings for a down payment.

FHA Loan

________________ is a doctrine that lessens the consequences of infringement. It involves weighing four factors: the purpose and character of the use; the nature of the copyrighted work; the amount and substance of portion used compared to the whole; and the effects of the potential market or value of the copyrighted work.

Fair Use

______________________ this loan provides a single interest rate and monthly payments for the life of the loan, typically last 15 to 30 years.

Fixed-Rate Loan

Which of the following types of loans provides a single interest rate and monthly payment for the life of the loan?

Fixed-Rate-Loan

Which of the following is the most common type of loan?

Fixed-rate loan

_______________ is a person who creates the trust and has the legal capacity to transfer property held under the trust

Grantor

Which of the following is a person who has been named in a will or appointed by a judge to take care of minor children or a special need adult?

Guardian

____________________ is a person who has been named in a will or appointed by a judge to take care of minor children or a special need adult

Guardian

__________________ may be collected when unauthorized copying, sale, display, or performance of a copyright protected work.

Infringement

Which of the following is a gift of money or property from a deceased person after his or her death?

Inheritance

______________ gift of money or property from a deceased person after his or her death

Inheritance

_________________ all kinds of personal property which are not tangible

Intangibles

Which of the following is NOT true about a personal property?

It can never become real property

Leslie agrees to lend his car to Carrie for no charge. Which of the following statements is correct?

It is a bailment for the sole benefit of the bailee

Julie agrees to look after Michael's car when he is on vacation. Which of the following statements is correct?

It is a bailment for the sole benefit of the bailor

Which of the following is NOT true about estate planning?

It is advisable only for the wealthy

Which of the following is NOT true of a VA loan?

It is prepared for veterans who have served three years in the reserves

______________ is a person, who rents land, a building, or an apartment to a tenant.

Landlord

__________________ is part of the common law which details the rights and duties of landlords and tenants

Landlord-Tent Law

A ________ is a contract by which one party conveys land, property, services, etc., to another for a specified period of time. The two most common types are residential and commercial.

Lease

___________ is a contract by which one party conveys land, property, services, etc., to another for a specified period of time

Lease

Which of the following types of trust allows the grantor to retain the power to change or revoke the trust?

Living Trust

_____________ is usually created by the grantor during his or her lifetime through a transfer of property to a trustee

Living Trust

Joseph agrees to fix Jan's bicycle if he can use it for a field trip. Which of thefollowing describes such a bailment?

Mutual benefit bailment

A ____________________ is the grant of the exclusive right to make, use, import, sell, and offer novel or new, non-obvious, useful product or process.

Patent

________________________ is all property which is considered movable

Personal Property

___________________ is the process used to make an orderly distribution of property from a decedent to a group of beneficiaries

Probate

_____________________ is defined as the rights and interests in tangible and intangible things.

Property

An insurance policy is an example of which of the following types of property?

Real Property

______________ is land and things attached to the land

Real Property

______________ is a contract designed for individuals or groups to live or reside in the leased space

Residential Lease

A ________________ is a unique word, mark, or symbol that identifies a service as opposed to a product.

Service Mark

__________ is a person who occupies land or property rented from a landlord.

Tenant

_______________ is a trust created by a will after the grantor dies

Testamentary Trust

Which of the following is NOT a landlord right?

The right to inspect the property at any time

A __________ refers to the legal ownership and right to use a piece of property.

Title

A __________________ is commercially valuable information that the owner attempts to keep secret.

Trade Secrets

A ____________________ is a word, mark, symbol, or device by which the products o a particular manufacturer or the commodities of a particular merchant are distinguished as to their origin, are guaranteed for quality, or are marketed.

Trademark

Which of the following serves as a supplement to a will?

Trust

_____________ is an agreement describing how assets will be managed and held for the benefit of another person

Trust

_______________ is an any legal individual or corporation who can take tile of property on behalf of a beneficiary

Trustee

__________ is a loan designed for families in rural areas. No down payment, requires debt load can not exceed the home buyer's income by more than 41 percent.

USDA Loan

____________ is a loan which requires no down payment and no mortgage insurance fee for qualified veterans.

VA Loan

__________________ is a legal document that is the most common form of deed. Transfers ownership of the property to the buyer

Warranty Deed

Which of the following is a legal document in which the drafter outlines what to do with his or her property after death?

Will

__________ is a legal document in which the drafter outlines what to do with specific property after his or her death

Will