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1. Question:
Legally, property other than land, including both tangible property and intangible property, is considered __________ property.
Your Answer:
real
personal
intangible
transient
Comments:
2. Question:
__________ is the right of an owner of property such as plants or animals to increase in the property. The owner of a cow, for example, owns the calves born to the cow.
Your Answer:
Statutory right
Accession
Legal right
Anticipation
Comments:
3. Question:
Ownership is held in __________ when all the rights of ownership in a particular piece of property are held by one person.
Your Answer:
severalty
solitary
defiance
accession
Comments:
4. Question:
When two or more persons own equal shares of a property then it is called:
Your Answer:
severalty.
co-ownership.
joint tenancy.
multiparty.
Comments:
5. Question:
The owner of a freehold estate who holds the estate absolutely is said to hold it in:
Your Answer:
accession.
easements.
life estates.
fee simple.
Comments:
6. Question:
In a property, a person who holds a freehold estate only for his or her lifetime is said to hold a(n) __________ in the property.
Your Answer:
accession
precession
life estate
benefit
Comments:
7. Question:
An agreement reached between a bailor and a bailee is a:
Your Answer:
mortgage.
bailout.
bailment.
codicil.
Comments:
8. Question:
An agreement in which a suitcase is left with a railroad station checkroom is a:
Your Answer:
bailment for the sole benefit of the bailee.
bailment for the sole benefit of the bailor.
mutual-benefit bailment.
constructive bailment.
Comments:
9. Question:
A guest whose stay is relatively uncertain is known as a:
Your Answer:
traveler.
customer.
transient.
temporary.
Comments:
10. Question:
An individual or firm in the business of transporting goods between certain points as allowed by the various state commissions that regulate the carriers is known as a __________ carrier.
Your Answer:
business
government
public
common
Comments:
11. Question:
The law requires that a common carrier must accept all shipments that it is authorized to:
Your Answer:
purchase.
handle.
hypothecate.
pledge.
Comments:
12. Question:
A possession interest in which the lease continues for successive periods for the same length of time—weekly, monthly, or annually—and is automatically renewed at the end of the period is a:
Your Answer:
periodic tenancy.
tenancy for years.
tenancy at will.
tenancy at sufferance.
Comments:
13. Question:
A landlord’s promise that the premises have no defects that would impair the health, safety, or wellbeing of the occupants is an implied warranty of:
Your Answer:
merchantability.
habitability.
safety.
title.
Comments:
14. Question:
The landlord has the right to collect the agreed-upon rent as provided in the:
Your Answer:
sale deed.
quitclaim deed.
hire purchase deed.
lease agreement.
Comments:
15. Question:
When tenants transfer their entire interest in property for the remaining term of a lease it is a(n):
Your Answer:
leasehold.
sublease.
eviction.
assignment.
Comments:
16. Question:
A person who makes a will is known as a(n):
Your Answer:
testator.
administrator.
executor.
trustee.
Comments:
17. Question:
If the personal representative has been named in the will, he or she is known as the:
Your Answer:
executor.
administrator.
testator.
legacy.
Comments:
18. Question:
A formal printed will must be signed by the testator and:
Your Answer:
executed.
scripted.
witnessed.
supplemented.
Comments:
19. Question:
A living trust is also known as a(n) __________ trust.
Your Answer:
testamentary
contemporary
inter vivos
constructive
Comments:
20. Question:
The responsibility of the trustee is that of a(n):
Your Answer:
fiduciary.
probationary.
stationary.
exemplary.
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