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Questions
Q:
A tenancy for years terminates automatically, without notice, upon the expiration of the stated term.
Q:
Any lease for a stated period, irrespective of its duration, is called a periodic tenancy.
Q:
A rental agreement between a landlord and a tenant is called a lease.
Q:
The price of a hamburger is $1, the price of a movie is $5, and the consumer has $13. A consumer has purchased 3 hamburgers and two movies, receiving 10 units of utility for the last hamburger and 10 units of utility for the last movie. The set of goodsA) is an optimum since the entire income is spent and the marginal utility is the same for the last unit of each good.B) is an optimum because the consumer has maximized her utility given the limited income she had.C) is not an optimum because the marginal utility per dollar spent is greater for the hamburger than for the movie.D) is not an optimum because the marginal utility for the second hamburger was less than the marginal utility for the first hamburger.
Q:
In a landlord-tenant relationship, the tenant receives a nonfreehold estate in the real property.
Q:
Which of the following legislation makes it unlawful for a party to refuse to sell, rent, finance or advertise housing to any person because of his or her race, color, national origin, sex, religion, disability, or family status?
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:
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 title.
C) It has a specific time period before expiration.
D) It requires a notice period that equals the length of the payment period.
Q:
For most goods and services the income elasticity of demand isA) negative. B) positive. C) invisible. D) inverse.
Q:
Which of the following forms of tenancy involves the possession of property without right?
A) tenancy at sufferance
B) tenancy for life
C) tenancy for years
D) tenancy at will
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 action brought against the landlord for breach of the implied warranty of habitability
C) a lawsuit brought by the tenant against the landlord for wrongful eviction
D) a legal process that a landlord must complete to evict a holdover tenant
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) tenancy for life
B) tenancy at will
C) tenancy at sufferance
D) tenancy for years
Q:
An inelastic demand indicates thatA) quantity demanded does not vary with changes in the price.B) relatively small changes in price lead to relatively large changes in quantity demanded.C) relatively large changes in price are required to obtain a relatively small change in quantity demanded.D) relatively large changes in quantity demanded lead to relatively large changes in price.
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 the duration of the lease
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:
If a person lives in a house and pays rent on a monthly basis, which of the following types of tenancy would that represent?
A) tenancy at will
B) tenancy at sufferance
C) life tenancy
D) periodic tenancy
Q:
A tenancy created when a lease specifies intervals at which payments are due but does not specify the duration of the lease is known as a ________.
A) tenancy at sufferance
B) life tenancy
C) periodic tenancy
D) tenancy at will
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) tenancy for life
C) tenancy by the entirety
D) tenancy at sufferance
Q:
For voluntary action to correct an externality, A) transaction costs have to be high.B) transaction costs have to be low.C) transaction costs have to be split evenly between all of the parties involved.D) transaction costs are irrelevant.
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 ________.
A) title transfer
B) lease
C) novation
D) deed
Q:
A tenant's interest in real property is called a ________ estate.
A) fee tail
B) free simple absolute
C) gifted
D) leasehold
Q:
An estate in which the tenant has the right to possess the real property but does not own title to the property is called a ________.
A) fee simple absolute estate
B) gifted estate
C) non-freehold estate
D) fee tail estate
Q:
Once the national health care program goes into effect and more people will pay fewer of their health care expenses out of their own pockets than they did previously, we can expectA) the quantity of health care services demanded will increase. B) the quantity of health care services demanded will decrease. C) the quantity of health care services supplied will increase.D) the quantity of health care services supplied will decrease.
Q:
A landlord-tenant relationship is characterized by ________.
A) transfer of title to the tenant
B) the tenant's receipt of a non-freehold estate
C) the creation of a future interest for the tenant
D) the tenant's fee simple absolute ownership of the leased property
Q:
What is an easement and how is it created?
Q:
Explain the role of recording statutes in real property contracts.
Q:
Refer to the above figure. Perfect income equality is shown byA) the horizontal axis. B) the vertical axis.C) curve A. D) curve D.
Q:
What is a general warranty deed?
Q:
Under the doctrine of ________, the transfer of the property is involuntary and does not require the delivery of a deed.
Q:
________ deeds are most often used when property is transferred between relatives by gift or otherwise.
Q:
Under 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:
A plumbersʹ union is an example ofA) an industrial union. B) a craft union.C) skilled workers union. D) auxiliary union.
Q:
A(n) ________ deed contains the greatest number of warranties and provides the highest level of protection to a grantee.
Q:
An easement is an example of a nonpossessory interest in another's real property.
Q:
To obtain title under adverse possession, the adverse possessor must physically occupy the property.
Q:
In the above figure, if the wage rate fell below W b, in the short run the firm wouldA) hire more workers.B) fire several workers.C) reduce its level of output.D) keep all its input levels the same as they were before.
Q:
The doctrine of adverse possession requires the delivery of the deed for the transfer of property to be valid.
Q:
Properties owned by state and federal governments are subject to the doctrine of adverse possession.
Q:
Recording a deed gives constructive notice to the world of the owner's interest in the property.
Q:
Under a special warranty deed, the seller is liable for defects in title that existed before the seller obtained the property.
Q:
A general warranty deed contains the greatest number of warranties and provides the highest level of protection to a grantee.
Q:
The first antitrust law that the U.S. Congress enacted wasA) the Clayton Antitrust Act. B) the Sherman Antitrust Act.C) the Robinson-Patman Act. D) the Federal Trade Commission Act.
Q:
A deed can only be used to transfer a fee simple absolute interest in real property.
Q:
The Statute of Frauds requires real estate sales contracts to be in writing.
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:
Which of the following federal agencies is engaged in economic regulation?
A) Occupational Safety and Health Administration
B) Federal Motor Carrier Safety Administration
C) Food and Drug Administration
D) Consumer Product Safety Commission
Q:
If a person holds an interest in another person's property without actually owning any part of the property, this is known as a ________.
A) present possessory interest
B) future interest
C) reversion
D) nonpossessory interest
Q:
Which of the following statements about adverse possession is true?
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:
________ 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) Equitable servitude
C) A non-possessory interest
D) A future interest
Q:
What is a quiet title action?
A) a lawsuit to determine the rightful owner of disputed real property and his or her rights
B) a lawsuit to enforce the right of survivorship against the holder of title to real property
C) a lawsuit asking for the judicial conversion of a joint tenancy to a tenancy in common
D) a lawsuit to obtain reimbursement for losses caused by undiscovered defects in title
Q:
Between World War II and the 1970s, three firms - General Motors, Chrysler, and Ford - produced and sold nearly all the output of the U.S. auto industry. These three firms hadA) an oligopoly. B) monopolistic competition.C) colluded. D) a pure monopoly.
Q:
A deed in which the grantor of real property transfers whatever interest he or she has in the property to the grantee is known as a ________ deed.
A) quitclaim
B) general warranty
C) grand
D) special warranty
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 warranty deed
Q:
A(n) ________ is an instrument that describes a person's ownership interest in a piece of real property.
A) indenture
B) deed
C) license
D) easement
Q:
Which of the following is the implied default title conveyed in the sale of real estate?
A) life estate
B) servient estate
C) fee simple absolute
D) fee simple defeasible
Q:
Refer to the above figure. Economic profits for this firm areA) negative.B) zero.C) positive.D) undetermined without more information.
Q:
Give an account of concurrent ownerships in multiple-dwelling buildings.
Q:
The two forms of future interests in rights of possession are reversion and ________.
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:
According to the above figure, when the monopolist maximizes profits, its profits are equal to the area given byA) AKMC. B) AKOD. C) BLPE. D) EPRF.
Q:
In community property, property that is acquired through gift or inheritance either before or during marriage is considered ________.
Q:
________ is a form of co-ownership of real property that can be used only by married couples.
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 co-owners' ________.
Q:
A remainder is an example of a future interest.
Q:
A firm can be the sole supplier of a good and is still not a monopolist ifA) the firm is not large.B) the good produced is not important to the economy. C) the firm is not making excessive profits.D) there are very close substitutes for the good.
Q:
Reversion occurs when the rights of possession return to a third party upon the expiration of a limited estate.
Q:
Separate property is included in community property.
Q:
A surviving spouse in a tenancy by the entirety has the right of survivorship.
Q:
In the above figure, if d4 is the relevant demand curve for this firm, then which level of output will maximize this firmʹs profits or minimize its losses?A) A B) B C) C D) D
Q:
A tenant in common can sell his or her interest in the property without the consent of the other co-owners.
Q:
A joint tenant does not have the right to sell or transfer his or her interest in the property.
Q:
A deceased joint tenant's will is effective over the right to survivorship.
Q:
Which of the following defines a form of future interest in real property known as a remainder?
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 on 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:
What is the most important determinant of the firmʹs short -run cost curves?
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:
A 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:
Ben is a successful investment banker who earns $400,000 per year. Ben marries Elena, a nurse at a county hospital. At the time of their marriage, Ben owns real estate worth $1 million and securities worth $1.5 million, while Elena has no savings or property. After four years, Ben and Elena opt for a divorce. Over the four years of their marriage, Ben earns $400,000 in the first two years and $500,000 in the remaining two. Elena earns $25,000 in the first three years and $150,000 in the final year of their marriage. Their living expenses were $130,000 per year, and they have $1,450,000 of their earnings saved in a bank account. During the marriage, Ben's real estate increases in value to $1.5 million, and his securities increase in value to $3 million. If Ben and Elena file for divorce in a state that recognizes community property, what would be Ben's share of the real estate and securities holdings at the end of their marriage?
A) real estate worth $1 million and securities worth $1.5 million
B) real estate worth $500,000 and securities worth $2.5 million
C) real estate worth $1.5 million and securities worth $3 million
D) real estate worth $2.5 million and securities worth $2 million
Q:
When total product is rising,A) fixed cost must be rising. B) marginal product must be positive. C) variable cost must be declining. D) marginal product must be negative.
Q:
Jonas is a successful investment banker who earns $400,000 per year. He marries Penny, a nurse at a county hospital. At the time of their marriage, Jonas owns real estate worth $1 million and securities worth $1.5 million, while Penny has no savings or property. After four years, Jonas and Penny opt for a divorce. Over the four years of their marriage, Jonas earns $400,000 in the first two years and $500,000 in the remaining two. Penny earns $25,000 in the first three years and $150,000 in the final year of their marriage. Their living expenses were $130,000 per year, and they have $1,450,000 of their earnings saved in a bank account. During the marriage, Jonas's real estate increases in value to $1.5 million, and his securities increase in value to $3 million. If they file for divorce in a state that recognizes community property, what amount would each receive?
A) $1,300,000
B) $2,297,500
C) $725,000
D) $1,050,000
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) condominium
Q:
Which of the following is true of a tenancy by the entirety?
A) It can only be formed by and between corporations.
B) It does not include the right of survivorship.
C) It cannot be created by express words alone.
D) It cannot be transferred by one of the tenants without the consent of the other.
Q:
A ________ is a form of co-ownership of real property that can be used only by married couples.
A) cooperative
B) tenancy in common
C) joint tenancy
D) tenancy by the entirety