Accounting
Anthropology
Archaeology
Art History
Banking
Biology & Life Science
Business
Business Communication
Business Development
Business Ethics
Business Law
Chemistry
Communication
Computer Science
Counseling
Criminal Law
Curriculum & Instruction
Design
Earth Science
Economic
Education
Engineering
Finance
History & Theory
Humanities
Human Resource
International Business
Investments & Securities
Journalism
Law
Management
Marketing
Medicine
Medicine & Health Science
Nursing
Philosophy
Physic
Psychology
Real Estate
Science
Social Science
Sociology
Special Education
Speech
Visual Arts
Law
Q:
According to the terms of Diego's will, specific gifts are made, and taxes and other estate expenses and debts are paid. The assets of Diego's estate that remain are most likely to be distributed
A.by codicil.
B.holographically.
C.per capita.
D.through a residuary clause.
Q:
Philomena dies without a will. A court appoints Quigley to handle the probate of Philomena's estate. The administrator of the estate is
A.Philomena's closest blood relative.
B.Philomena.
C.Quigley.
D.the court.
Q:
Skyler dies after having made a valid will. Skyler has died
A.in escheat.
B.in probate.
C.intestate.
D.testate.
Q:
Garth dies without a will. The distribution of Garth's property, including his eleven forested acres near Hope, Arkansas, is prescribed by
A.a court-appointed executor.
B.federal probate statutes.
C.state intestacy laws.
D.Garth's relatives.
Q:
Speedy Shipping Corporation applies to TransInsurance Company for a fire insurance policy on Speedy's warehouse. On the application, Speedy misrepresents the age of the property to obtain a lower premium. When a fire soon destroys the warehouse, TransInsurance can
A.deny payment, because a fire destroyed Speedy's warehouse.
B.deny payment, because of Speedy's fraud in the application.
C.not deny payment, because a fire destroyed Speedy's warehouse.
D.not deny payment, because the application is not part of the policy.
Q:
Kelsy obtains a business liability insurance policy from Luminous Insurance Company for Kelsy's Framing & Art Supplies store. When an event occurs that gives rise to a claim, Luminous has a duty to
A.investigate to determine the facts.
B.file a suit against Kelsy so that a court can settle the claim.
C.find a third party on whom to impose liability.
D.refund any unearned amount of the premium.
Q:
Edy obtains a homeowners' insurance policy with First Source Insurance Company. First Source can cancel the policy
A.if Edy appears as a witness in a case against First Source.
B.if Edy fails to pay the premiums.
C.if Edy makes changes that add to the home's value.
D.under no circumstances.
Q:
Kerin obtains a property insurance policy for her art collection from Lawton Insurance Company. Kerin can cancel the policy
A.at any time.
B.only at the end of a period for which a premium has been paid.
C.only if Kerin no longer has an insurable interest in the property.
D.only on advance written notice.
Q:
Myles obtains a business liability insurance policy from Nova Insurance Company for Myles's Hydraulics & Transmission Repair shop. Nova can cancel the policy
A.if Myles increases the risk assumed by the Nova.
B.if Myles files a claim under the policy.
C.if Myles appears as a witness in a case brought against Nova.
D.under no circumstances.
Q:
Haya obtains an insurance policy from Inviolable Insurance Corporation (IIC). IIC may cancel, or refuse to renew, the policy because of
A.Haya's appearance as a witness against IIC.
B.Haya's gender.
C.Haya's national origin.
D.none of the choices.
Q:
Isabel obtains a fire insurance policy on her home from Justice Insurance Company. The home is lost in a fire, but the parties dispute the amount of Justice's liability under an ambiguous clause in the policy. A court would most likely
A.interpret the clause against Isabel.
B.interpret the clause against Justice.
C.rewrite the clause and apply it as rewritten.
D.strike the clause from the policy.
Q:
Ginny obtains a health-insurance policy for her family from Hope Insurance Company. The policy includes an incontestability clause. Under such a clause, after a policy has been in force for a specified period or time, such as two or three years
A.Ginny cannot contest Hope's insurable interest.
B.Ginny cannot contest Hope's refusal to pay a claim under the policy.
C.Hope cannot contest Ginny's eligibility for continued coverage.
D.Hope cannot contest Ginny's statements in the application.
Q:
Root & Branch Lumber Company obtains a fire insurance policy from Statistical Insurers, Inc., on a $400,000 warehouse. The policy includes an 80-percent coinsurance clause. Root & Branch insures the property for $320,000. In a fire, the warehouse suffers $200,000 in damage. Root & Branch can recover
A.$400,000.
B.$320,000.
C.$200,000.
D.$80,000.
Q:
Rolling Transport & Storage Corporation wants to insure its warehouse to obtain the maximum possible recovery for the lowest possible premium. To obtain the maximum recovery under a coinsurance clause, the percentage of the value of the property that should be insured is
A.80 percent.
B.90 percent.
C.100 percent.
D.120 percent.
Q:
Donald applies for a life insurance policy with Equity Insurance Company through Fletch, an agent who works for Equity. Donald pays the initial premium. Fletch writes a binder, which
A.acknowledges the application and promises to consider it.
B.attests to the truth of each statement in the application
C.evidences receipt of the payment of the initial premium.
D.indicates that a policy is pending and states its essential terms.
Q:
Feta is a partner in the game design firm GR8 Games, Inc., which obtains key-person life insurance on Feta in the amount of $1 million from Halo Insurance Company. Feta quits GR8 Games to join Icy Applications, Inc. Feta dies. Under the principle of insurable interest, Halo must pay the $1 million to
A.Feta's spouse Jo.
B.GR8 Games.
C.Icy Applications.
D.no one.
Q:
Reno is the beneficiary of a life insurance policy on Sula's life obtained from Thayer Insurance Company. The underwriter of this policy is
A.Reno.
B.Sula.
C.Thayer.
D.the agent or broker through whom the policy was obtained.
Q:
Grace applies for a homeowners' insurance policy on her house with Heroic Insurance Company through Ian, a broker. In this transaction, Ian is
A.an agent for both parties.
B.Grace's agent, and not Heroic's agent.
C.Heroic's agent, and not Grace's agent.
D.not an agent.
Q:
Doctors Medical Associates obtains an insurance policy that protects its members against negligence claims by their patients. This is
A.casualty insurance.
B.fidelity or guaranty insurance.
C.malpractice insurance.
D.workers' compensation insurance.
Q:
Shingle & Tile Roofing Contractor, LLC, obtains an insurance policy against liability for injuries or losses sustained by employees during the course of their employment. The policy covers claims not covered by workers' compensation insurance. This is
A.casualty insurance.
B.fidelity or guaranty insurance.
C.key-person life insurance.
D.employer's liability insurance.
Q:
Bret obtains a fire insurance policy on his rental house with Continental Insurance Company. Like all insurance, this policy is an arrangement for
A.avoiding the assumption of responsibility.
B.predicting a potential loss based on unknown factors.
C.shifting the imposition of liability.
D.transferring and allocating risk.
Q:
A constructive trust is "constructed" by a property owner to fulfill certain unique functions outside the usual bounds of a trust.
Q:
A spendthrift trust provides for a beneficiary's transfer of his or her right to future payments of trust funds.
Q:
An express trust is created or declared in explicit terms.
Q:
The trustee is the person for whose benefit a trust is held.
Q:
Andy leases to Burgertown Franchise Corporation a 10,000 square-foot building under a written lease with a twenty-year term, rent payable annually. The lease includes a clause stating that Burgertown is responsible for making all necessary repairs, including rebuilding the structure after its destruction by any cause beyond Andy's control. The lease does not include a clause concerning its assignment. One day after the tenth rental payment, Burgertown, without Andy's knowledge or consent, assigns its interest in the lease to Chicken Hut Restaurants, Inc. Meanwhile, Andy dies and Dotty inherits Andy's interest in the building. Without the knowledge or consent of either Burgertown or Chicken Hut, Dotty sells the building to Earnest Investments, Inc. The next month, the building is destroyed in the flood of a nearby river. Burgertown rebuilds it and files a suit against Earnest for the expense. Earnest responds that the lease has terminated. Is Earnest correct? If so, when did the lease terminate? If not, is Earnest liable for the cost of rebuilding the structure? Why or why not?
Q:
Jai owns an orchard behind Key's house and property. The only access to the orchard is Key's driveway, which Jai uses to get to her orchard. Jai sells the orchard to Laurentz. Can Laurentz use the right-of-way across Key's property?
Q:
Bren leases an apartment from Cris for one year. After two months, she sublets the premises for the next six months to Dee, without obtaining Cris's consent. Dee pays the rent for only four months. For the last two months of Dee's six-month term, Bren is
A.liable for the rent, because Dee defaulted.
B.liable for the rent, because the sublease lacked Cris's consent.
C.not liable for the rent, because Bren does not own the apartment.
D.not liable for the rent, because Bren sublet the premises to Dee.
Q:
Oak Grove Residences, Inc., owns apartment buildings. Pedro leases one of Oak Grove's apartments. Pedro's transfer of his interest in the lease to Quito for a period shorter than the lease term is
A.an assignment.
B.an eviction.
C.a right of entry.
D.a sublease.
Q:
Hobby Farms, Inc., owns rural property that it leases to various tenants, including Ira. Ira's transfer of his entire interest in the leased property to a Jason is
A.an assignment.
B.an eviction.
C.a right of entry.
D.a sublease.
Q:
Xavier owns a duplex that he leases to Yvon and Zack. Xavier may sell
A.the duplex at any time.
B.the duplex, but only after the lease expires and the tenants move out.
C.the duplex, but only with the tenants' permission.
D.the lease, but not the duplex.
Q:
NOW Shopping Mall Corporation leases space to Only U Stores and Pik-Ur-Choice, Inc. Later, Pik-Ur-Choice begins to sell items that are similar to Only U's goods, and Only U abandons its space before the end of the lease term. Only U is liable to
A.not NOW or its other tenants.
B.NOW and its other tenants, except Pik-Ur-Choice, for any effect on their business.
C.NOW and its other tenants, including Pik-Ur-Choice, for any effect on their business.
D.NOW only for the unpaid rent.
Q:
Rita believes that Shady Grove Apartments, Inc., her landlord, has violated the law in a way that entitles her to withhold the rent. This remedy is generally associated with
A.breach of the covenant of quiet enjoyment.
B.breach of the implied warranty of habitability.
C.discrimination.
D.failure to provide security against crimes in common areas.
Q:
Property Management Corporation (PMC) owns several apartment buildings in two states. Regarding standards for maintenance of the buildings, PMC should consult
A.the applicable city ordinances and state statutes.
B.the previous owners.
C.the long-term tenants.
D.the Uniform Landlords' Maintenance Manual.
Q:
Dora leases a house from Evan for a two-year term. To ensure the validity of their lease, it should include
A.a description of the premises.
B.a due date for the payment of the property taxes.
C.a requirement that Dora perform structural repairs to the house.
D.a requirement that Evan carry liability insurance.
Q:
Kasper, the owner of Lakeview Farm, and Milt, the tenant of the farmhouse on the property, may create a tenancy for years by
A.deed.
B.express contract.
C.implication.
D.sufferance.
Q:
Sid rents an apartment from Town Properties, Inc. The lease, which ends on May 31, does not include an option for renewal, and Sid and Town do not discuss whether Sid can stay on at the end of the term. On June 1, Sid has
A.an implied option to renew the term.
B.a right to remain contingent on notice from Town.
C.a right to remain subject to notice to Town.
D.no right to remain.
Q:
LaDonna signs a one-year lease with Mae to occupy an apartment in Ames, Iowa, near the University of Iowa. LaDonna needs the apartment only for two semesters and may have to sublet it for the rest of the term. LaDonna's tenancy is
A.a periodic tenancy.
B.a tenancy at will.
C.a tenancy by the entirety.
D.a fixed-term tenancy.
Q:
Jamal signs a lease with Kelvin to occupy a house on Leech Lake in Minnesota for the summer. Jamal's tenancy is
A.a fixed-term tenancy.
B.a periodic tenancy.
C.a restrictive covenant.
D.a tenancy at will.
Q:
Rural Holding Company (RHC) possesses farmland. RHC has the right to use the property, including harvesting the crops, for ten years. RHC does not have the right to extract the coal under the land. This is
A.a fee simple absolute.
B.a leasehold estate.
C.a life estate.
D.an easement.
Q:
Consumer Shops, Inc., signs a lease for a storefront owned by Downtown Building Company. Unlike a purchaser of real property, Consumer Shops
A.acquires only temporary possession of the premises.
B.enjoys exclusive possession of the premises.
C.holds only temporary title to the premises.
D.retains temporary, exclusive possession and title to the premises.
Q:
To acquire the ownership of a mountain cabin by adverse possession, Cody must occupy the cabin exclusively, continuously, and peaceably for a specified period of time
A.in an, open, hostile, and adverse manner.
B.until the owner files a suit.
C.without the owner's knowledge.
D.with the state's permission.
Q:
Opal conveys three acres of wetlands to Pristine Places, Inc., with a deed that warrants only that Opal held good title during her ownership of the property. This deed is
A.a grant deed.
B.a quitclaim deed.
C.a special warranty deed.
D.a warranty deed.
Q:
Elsa, the owner of Fertile Farm, sells Gina a right to camp on Fertile land overnight. Gina's right is
A.a leasehold estate.
B.a license.
C.an easement.
D.a profit.
Q:
With respect to Egor's land, Fig has an easement, Gabe has a profit, and Huck has a license. A right to possess the land is owned by
A.Egor.
B.Fig.
C.Gabe.
D.Huck.
Q:
Moby leases from National Theater Corporation a theater in which to stage a series of concerts. Ollie buys a ticket to the series. What distinguishes Moby, a tenant, from Ollie, a licensee, is
A.the exclusivity of possession.
B.the quiet enjoyment of rights.
C.the temporary nature of possession.
D.the title to the property.
Q:
Tyro has the right to drive across Ula's land, which is next to Tyro's property, to reach an access road. Tyro's right is
A.an easement appurtenant.
B.an easement in gross.
C.a profit appurtenant.
D.a profit in gross.
Q:
Mineral Products Corporation, which owns no land, has a right to mine the copper from Natural Resource Company's land. Mineral's right is
A.a leasehold estate.
B.a license.
C.an easement.
D.a profit.
Q:
Utility Power Company has the right to run its power lines across Velma's land. This is
A.a license.
B.an easement.
C.a profit.
D.a tenancy at sufferance.
Q:
Mix-It Concrete Company has the right to enter Nim's land and remove the rock from Nim's quarry. This is
A.a fee simple absolute.
B.a license.
C.an easement.
D.a profit.
Q:
Region Construction Company has a right to drive its trucks across Staple Business, Inc.'s property, which is adjacent to Region's office. This right is
A.a leasehold estate.
B.a license.
C.an easement.
D.a profit.
Q:
Cow Country Corporation (CCC) sells half of its land to the Double R Ranch. On the land is a reservoir. In the deed, CCC retains the right to remove a limited amount of water per day from the reservoir. This right is
A.a leasehold estate.
B.a license.
C.an easement.
D.a profit.
Q:
Patsy possesses twenty-four acres of remote, rugged land. Patsy has the right to use the property, including extracting silver from an existing mine, for life. Patsy also has the right to lease the land for a period not to exceed her life. Patsy's ownership interest is
A.a fee simple absolute.
B.a leasehold estate.
C.a life estate.
D.the power of eminent domain.
Q:
Fact Pattern 28-1
Nika owns land in Ohio. Her ownership rights include the right to sell or give away the property without restriction, and the right to commit waste, if she chooses.
Refer to Fact Pattern 28-1. Nika conveys some of her land to Reggie with the right to possess and use the property for a certain period of time. Nika has given Reggie
A.a fee simple absolute.
B.a leasehold estate.
C.a life estate.
D.an easement.
Q:
Fact Pattern 28-1
Nika owns land in Ohio. Her ownership rights include the right to sell or give away the property without restriction, and the right to commit waste, if she chooses.
Refer to Fact Pattern 28-1. Nika deeds some of her land to Polly. The deed states, "To Polly, for life, then to Quay." Nika has given Polly
A.a fee simple absolute.
B.a leasehold estate.
C.a life estate.
D.an easement.
Q:
Fact Pattern 28-1
Nika owns land in Ohio. Her ownership rights include the right to sell or give away the property without restriction, and the right to commit waste, if she chooses.
Refer to Fact Pattern 28-1. Nika's ownership interest is
A.a fee simple absolute.
B.a leasehold estate.
C.a life estate.
D.an easement.
Q:
Orin owns Pilot's Landing Office Park. His ownership rights include the right to sell or give away the property without restriction, as well as the right to commit waste, if she chooses. Orin's ownership interest is
A.a fee simple absolute.
B.a leasehold estate.
C.a life estate.
D.the power of eminent domain.
Q:
Bakri owns a house. In the house, on a tile floor is a throw rug. Most likely to meet the definition of a fixture is
A.the house.
B.the throw rug.
C.the tile floor.
D.none of these choices.
Q:
Lucky owns Mud Flats Ranch, which is situated on certain Nevada acreage. The exterior boundaries of the land extend
A.100 feet into the earth and 100 feet into the atmosphere.
B.one mile into the earth and one mile into the atmosphere.
C.to infinity and beyond.
D.to the center of the earth and up to the farthest reaches of the atmosphere.
Q:
Luke owns a farm near Marshalltown, Iowa, with stands of trees serving as windbreaks. Luke grows corn on the property. When Luke sells the farm to Nina, if the contract does not specify otherwise, the sale includes
A.neither the crops nor the trees.
B.the crops and the trees.
C.the crops only.
D.the trees only.
Q:
Chita owns the land on which Downwind Farm is situated, plus the farmhouse, barn, and other structures permanently attached to the land. Chita's brother Elvin owns everything else on the farm-implements, seed, and so on. The real property is owned by
A.Chita and Elvin.
B.Chita only.
C.Downwind Farm.
D.Elvin only.
Q:
Kailin owns a farm near Manhattan, Kansas, with a farmhouse, barn, and other structures permanently attached. Kailin grows soybeans on the property. A pond lies within the boundaries. Land includes
A.the pond, the soil, and the structures.
B.the pond and the soil only.
C.the soil only.
D.the structures and the soil only.
Q:
Even after a tenant sublets leased premises, the tenant may be obligated to pay rent.
Q:
Even after a tenant assigns a lease, the tenant may be obligated to pay rent.
Q:
When a landlord sells leased premises to a third party, any existing leases terminate automatically.
Q:
A tenant cannot withhold rent for any reason.
Q:
Generally, a tenant must pay agreed-to rent even if the tenant moves out as long as the move is unjustifiable and the lease is in force.
Q:
The implied warranty of habitability does not apply to substantial physical defects that a landlord has had a reasonable time to repair.
Q:
A tenant is not responsible for any damage to leased premises.
Q:
A tenant has a duty to maintain in a reasonably safe condition those areas under his or her control.
Q:
A tenant is not responsible for the ordinary wear and tear of leased premises.
Q:
Constructive eviction occurs when a tenant moves off the premises in retaliation against the landlord.
Q:
A lease is enforceable even if the premises are intended to be used for an illegal purpose.
Q:
Under the covenant of quiet enjoyment, a landlord promises that a tenant will not be disturbed in the possession of the premises.
Q:
Generally, contract doctrines apply to a landlord-tenant relationship.
Q:
The possession of land without right is a tenancy at will.
Q:
A landlord is usually required to give some period of notice to terminate a periodic tenancy.
Q:
A fixed-term tenancy is created when a lease does not specify its duration.
Q:
Some states limit the government's ability to take private property and give it to private developers.
Q:
A recording statute allows deeds to be recorded to give notice to the public.