Question 1

A tenant's right to occupy property in a co-ownership varies with the type of tenancy.

Accepted Answer

The answer of A tenant's right to occupy property in...

Question 2

Property rights are static.

Accepted Answer

Property rights are not static, they can change over time through legal and regulatory systems, as well as through social and cultural norms. For example, changes in laws around intellectual property, environmental regulations, and cultural attitudes towards land use can all impact property rights.

Question 3

Which of the following statements is true of voluntary transfers of personal property?
A)All transfers of ownership require formal registration with a government agency.
B)A promise to make a gift is enforceable in court.
C)Once made, a gift is an irrevocable transfer.
D)For a valid gift to occur, the donor must accept the gift.

Accepted Answer

For a gift to be valid, it must be voluntarily transferred from the donor to the donee, and once the transfer is complete, it is generally considered irrevocable. This means the donor cannot take back the gift without the donee's consent.

Question 4

Eminent domain is the right of the government to transfer private property from one business to another.

Accepted Answer

Eminent domain is the right of the government to take private property for public use, but not transfer it to another private business. It is also known as compulsory purchase or expropriation.

Question 5

Recording is essential for the transfer of ownership.

Accepted Answer

Recording is not essential for the transfer of ownership itself, but it is crucial for providing public notice of the transfer and protecting the interests of the new owner against claims by third parties.

Question 6

Acquiring ownership of realty by openly treating it as one's own, with neither protest nor permission from the real owner, for a statutorily established period of time is called condemnation.

Accepted Answer

The correct term for acquiring ownership of realty by openly treating it as one's own, with neither protest nor permission from the real owner, for a statutorily established period of time is adverse possession, not condemnation.

Question 7

Which of the following statements is true of purchasing property abroad?
A)Foreigners who purchase property in Dubai are not allowed to do business.
B)In Mexico, non-U.S. citizens are allowed to own property within 30 miles from the coastline or 60 miles from any U.S. border.
C)U.S. mortgage companies generally finance purchases of foreign real estate.
D)It is advantageous to purchase property in the European Union, as the political system is likely to remain stable.

Accepted Answer

The answer of Which of the following statements is true...

Question 8

The owner acquires all the buildings in a condominium ownership interest.

Accepted Answer

Each unit owner in a condominium has an ownership interest in their individual unit, as well as a shared ownership interest in the common areas of the building. The owner of the entire building would need to have purchased all of the individual ownership interests from each unit owner, which would be unlikely.

Question 9

Which of the following statements is true of bailments?
A)The person who transfers possession of personal property to another is the bailee.
B)If the bailment is for the mutual benefit of both parties, the bailee is liable for damage to the property caused by the bailee's gross negligence.
C)If the bailment is for the mutual benefit of both parties, then both the bailor and the bailee share responsibility for the damages due to negligence.
D)The parties to a contract cannot limit the liability of the bailee.

Accepted Answer

In a bailment for the mutual benefit of both parties, the bailee is held to a standard of care that includes liability for damage to the property caused by the bailee's gross negligence. This reflects the expectation that the bailee will take reasonable care of the property while it is in their possession.

Question 10

A piece of property whose owner intentionally placed it somewhere but forgot its location is referred to as ________.
A)abandoned property
B)lost property
C)mislaid property
D)jus relictae

Accepted Answer

Mislaid property refers to a situation where the owner intentionally places the property somewhere but forgets its location. Abandoned property is property that the owner has given up possession of with no intention of reclaiming it. Lost property is property that the owner has unintentionally parted with through negligence or accident. Jus Relictae refers to the right of the heirs to the property of a deceased person.

Question 11

In which of the following countries does the purchase of property by a foreigner entitle the foreigner to receive a visa to do business in that country?
A)China
B)Egypt
C)Dubai
D)India

Accepted Answer

In Dubai, the purchase of property by a foreigner entitles the foreigner to receive a residency visa, which allows them to do business in the country. This is part of the UAE's "golden visa" program, which aims to attract foreign investment and talent to the country. The other countries listed do not have such a program.

Question 12

In all states, adverse possession is permitted only if the person thinks that he or she was the lawful possessor of the land.

Accepted Answer

In some states, adverse possession can occur even if the person did not believe they were the lawful possessor of the land. For example, in California, the person only needs to occupy the land under a claim of right, without necessarily believing that they are the rightful owner.

Question 13

A piece of property that has been discarded by its original owner is categorized as ________.
A)abandoned property
B)lost property
C)mislaid property
D)unclaimed property

Accepted Answer

Abandoned property refers to property that has been intentionally left by its owner and has no intention of returning for it, so it is available for others to claim.

Question 14

The county office in which recordings of property transfer are to be filed varies by state.

Accepted Answer

Each state has its own system for recording property transfers. In some states, the county recorder's office is responsible for this task, while in others it may be the county clerk's office or another designated agency.

Question 15

In most states, if a bailor refuses to pay the bailee the agreed-on compensation, ________.
A)the title to the bailed item passes to the bailee
B)the bailed item will be sold after a hearing, and the proceeds left after compensating the bailee and covering the costs of the sale will be given to the bailor
C)the bailee must return the bailed property and then sue the bailor for damages
D)the bailed item will be sold after a hearing and the proceeds will be divided between the bailee and the court, with no portion of the proceeds going to the bailor

Accepted Answer

The answer of In most states, if a bailor refuses...

Question 16

A conveyance of ownership is presumed to be the conveyance of a fee simple absolute unless something to the contrary is stated.

Accepted Answer

This is a well-established legal principle in many jurisdictions, including the United States. A fee simple absolute is the highest form of ownership interest that can be conveyed, and it generally implies full ownership of a property without any limitations or restrictions. Unless a conveyance explicitly states otherwise, it is presumed to be a fee simple absolute conveyance.

Question 17

Which of the following is an unlawful and unenforceable restrictive covenant?
A)a promise to never construct an apartment building on the property
B)a promise to never sell the land to any person born in China
C)a promise to always use the land for growing cotton
D)a promise to never construct a swimming pool on the property

Accepted Answer

A promise to never sell the land to any person born in China is discrimination based on national origin and is therefore unlawful and unenforceable under fair housing laws. The other options are lawful and enforceable restrictive covenants.

Question 18

In a leasehold estate, a tenant may move out of the property and sublease it to another party unless prohibited by the lease.

Accepted Answer

This is true. In a leasehold estate, the tenant has the right to sublease the property to another party as long as it is not prohibited by the lease agreement.

Question 19

A piece of property whose true owner has accidentally or unknowingly dropped it or left it somewhere is categorized as ________.
A)abandoned property
B)lost property
C)mislaid property
D)jus relictae

Accepted Answer

Lost property refers to an item that the true owner has unintentionally or unknowingly left behind or dropped somewhere. Abandoned property, on the other hand, refers to an item intentionally discarded by the owner, while mislaid property refers to an item that the owner intentionally placed somewhere but then forgot its location. Jus relictae is a Latin term used to describe property left behind by a deceased person without a will, which is not relevant to this scenario.

Question 20

A(n) ________ is a promise by an owner, usually contained in the deed, to use or not use a piece of land in a particular way.
A)easement by prescription
B)quitclaim deed
C)restrictive covenant
D)equitable interest

Accepted Answer

A restrictive covenant is a promise by the owner of the land to use or not use the property in a particular way, which is usually contained in the deed. It limits the way the property can be used or developed and is binding on all future owners of the property. Examples of restrictive covenants include agreements not to build certain types of structures on the property, not to use the property for commercial purposes, or to maintain the property in a certain condition.

Quiz 13: Law of Property: Real and Personal

A tenant's right to occupy property in a co-ownership varies with the type of tenancy.

Property rights are static.

Which of the following statements is true of voluntary transfers of personal property?

Eminent domain is the right of the government to transfer private property from one business to another.

Recording is essential for the transfer of ownership.

Acquiring ownership of realty by openly treating it as one's own, with neither protest nor permission from the real owner, for a statutorily established period of time is called condemnation.

Which of the following statements is true of purchasing property abroad?

The owner acquires all the buildings in a condominium ownership interest.

Which of the following statements is true of bailments?

A piece of property whose owner intentionally placed it somewhere but forgot its location is referred to as ________.

In which of the following countries does the purchase of property by a foreigner entitle the foreigner to receive a visa to do business in that country?

In all states, adverse possession is permitted only if the person thinks that he or she was the lawful possessor of the land.

A piece of property that has been discarded by its original owner is categorized as ________.

The county office in which recordings of property transfer are to be filed varies by state.

In most states, if a bailor refuses to pay the bailee the agreed-on compensation, ________.

A conveyance of ownership is presumed to be the conveyance of a fee simple absolute unless something to the contrary is stated.

Which of the following is an unlawful and unenforceable restrictive covenant?

In a leasehold estate, a tenant may move out of the property and sublease it to another party unless prohibited by the lease.

A piece of property whose true owner has accidentally or unknowingly dropped it or left it somewhere is categorized as ________.

A(n) ________ is a promise by an owner, usually contained in the deed, to use or not use a piece of land in a particular way.