Legal Environment of Business - Chapter 8, Property Law

furntiture

Which of the following is an example of personal property:

is immovable while personal property is movable

Real property differs from personal property in that real property:

is movable

Unlike real property, personal property:

real property

Land, since it is immovable, is an example of:

personal property

Furniture, since it is movable, is an example of:

land

Real property includes which of the following:

automobile

Which of the following is not real property:

to deny others the use of "things" in which there is a legal interest

Property interests are people's right:

the legally protected expectation of being able to use a thing for one's advantage

Property is:

none of these

The most common way in which to transfer ownership interests in property is through a legal document known as:

the primary way to transfer ownership interests (title) in property

A deed is:

describe the land, identify the new owner, state that ownership is being transferred and identify the original owner

Deeds do which of the following:

a deed of conveyance that passes whatever interests the grantor had in the property

A quitclaim deed is:

a deed that promises that a good, clear title to the property is being conveyed by the grantor

A warranty deed is:

a deed that warrants that the buyer has received title and that the property was not encumbered during the ownership by the grantor

A special warranty deed is:

warranty deed

A deed in which the seller or grantor warrants that the property is free of any liens or encumbrances unless they are revealed in the title is a(n):

the title

The formal right of ownership of property is:

able to be transferred

The title to land is:

the holder of title to the property

The right of possession of the property and the right to exclude others from the use of the property are two examples of rights normally possessed by:

no other person can claim valid ownership of the property

A clear title means that:

a public record of who owns what and of limitations or claims on titles

Title recordings provide:

binds the title company to insure that the title is as declared in the conveyance from the grantor to the grantee

Title insurance:

none of these

If there are "defects" found in a title during a title search the title is said to be:

fee simple

The most common form of real property ownership is:

the most common form of real property ownership

Fee simple is:

the landowner

Unlike in most countries, subsurface mineral rights in the United States often belong to:

Tentant

One who possesses lands by any right or title is referred to as a:

tenancy in common, joint tenancy and tenancy by the entirety

Which of the following is an example of a form of tenancy:

two or more persons have equal interests in the property with rights of joint survivorship

A joint tenancy is one in which:

two or more persons have equal interests in the property with no right of survivorship

A tenancy in common is one in which:

can sell their interest to a third-party with a caveat that the third party buyer of this life estate interest would only own the property until the death of the original life tenant

A life estate grants a person:

life estate

Which of the following is not a servitude:

a right to enter land owned by another and make certain use of it

An easement is:

easement

A burden on another person's estate is a(n):

not the right to sell or buy an estate

A profit is:

it is hostile use of another person's land, the adverse user has no legal right to occupy the land, the use of land is exclusive and the possession of the land is continuous

Which of the following is not a characteristic of adverse possession?

open, actual, exclusive and hostile

Which of the following is not a condition needed to establish adverse possession:

an agreement attached to a piece of land that "runs" with the land

A covenant is:

none of these

If you rent an apartment, the apartment is known as:

the duty to make essential repairs

Among the rights and duties of a landlord are:

the government may force the sale of private property

Eminent domain means:

eminent domain

The power to take private property for public use without consent of the owner is:

none of these

Which of the following is an intentional tort against property:

a tort against property

When a wrongdoer harms a person's interest in land or personal possessions, this is referred to as:

intruder is not excused even if mistaken about the right to enter on the land

In a tort action for trespass to land the:

protecting the property from damage

A person may use which of the following as a defense to the tort of trespass on land:

the two kinds of nuisances recognized by the law of torts

Private and public nuisances are: