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Property
Property MCQs
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Which of the following items is tangible personal property?
Share of stock
Trademark
Promissory note
Oil painting
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What is an example of property that can be considered either personal property or real property?
Air rights.
Mineral rights.
Harvested crops.
Growing crops.
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Which of the following factors help determine whether an item of personal property is a fixture? I. Degree of the item’s attachment to the pr...
I only.
II only.
Both I and II.
Neither I nor II.
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Getty owned some personal property which was later found by Morris. Both Getty and Morris are claiming title to this personal property. In which of ...
I only
II only.
I and II only
I, II, and III.
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Which of the following standards of liability best characterizes the obligation of a common carrier in a bailment relationship?
Reasonable care
Gross negligence.
Shared liability.
Strict liability
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Multicomp Company wishes to protect software it has developed. It is concerned about others copying this software and taking away some of its profit...
Computer software is generally copyrightable.
To receive protection, the software must have a conspicuous copyright notice.
Software in human readable source code is copyrightable but in machine language object code is not.
Software can be copyrighted for a period not to exceed twenty years.
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Which of the following is not correct concerning computer software purchased by Gultch Company from Softtouch Company? Softtouch originally created ...
Gultch can make backup copies in case of machine failure.
Softtouch can typically copyright its software for at least seventy-five years.
If the software consists of compiled computer databases it cannot be copyrighted.
Computer programs are generally copyrightable.
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Which of the following statements is correct?
Patent law is largely based on state law.
Accessing a digital work is protected by the fair use doctrine.
Financial and business models used over the Internet can be patented.
All of the above statements are incorrect.
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Professor Bell runs off fifteen copies to distribute to his accounting class using his computer from a database in some software he had purchased fo...
This is an infringement of a copyright since he bought the software for personal use.
This is not an infringement of a copyright since databases cannot be copyrighted.
This is not an infringement of a copyright because the copies were made using a computer.
This is not an infringement of a copyright because of the fair use doctrine.
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Intellectual property rights included in software may be protected under which of the following?
Patent law.
Copyright law.
Both of the above.
None of the above.
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Which of the following statements is not true of the law of trademarks in the United States?
Trademark law may protect distinctive shapes as well as distinctive packaging.
Trademark protection can be lost if the trademark becomes so popular that its use becomes commonplace.
Trademarks to receive protection need not be registered.
Trademarks are valid for twenty years after their formation.
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Diane Trucco recently wrote a novel which is an excellent work of art. She wishes to copyright and publish this novel. Which of the following is cor...
Her copyright is valid for her life plus seventy years.
She must register her copyright to receive protection under the law.
She is required to put on a copyright notice to obtain a copyright.
All of the above are correct.
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Long, Fall, and Pear own a building as joint tenants with the right of survivorship. Long gave Long’s interest in the building to Green by ex...
A 1/3 interest as a joint tenant.
A 1/3 interest as a tenant in common.
No interest because Fall and Pear did not consent to the transfer.
Total ownership due to the deaths of Fall and Pear.
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What interest in real property generally gives the holder of that interest the right to sell the property?
Easement
Leasehold.
License
Fee simple.
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Which of the following is not an interest that a person can have in real property?
Fee simple absolute
Tenancy by default.
Life interest.
Remainder
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On July 1, Quick, Onyx, and Nash were deeded a piece of land as tenants in common. The deed provided that Quick owned 1/2 the property and Onyx and ...
Quick 1/2, Onyx 1/2
Quick 5/8, Onyx 3/8.
Quick 1/3, Onyx 1/3, Nash’s heirs 1/3.
Quick 1/2, Onyx 1/4, Nash’s heirs 1/4.
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Brett conveys his real property by deed to his sister, Jan, for life with the remainder to go to his friend, Randy, for his life. Brett is still liv...
Brett.
Brett’s heirs
Jan’s heirs
Randy’s heirs
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Court, Fell, and Miles own a parcel of land as joint tenants with right of survivorship. Court’s interest was sold to Plank. As a result of t...
Fell, Miles, and Plank each own one-third of the land as joint tenants.
Fell and Miles each own one-third of the land as tenants in common.
Plank owns one third of the land as a tenant in common.
Plank owns one-third of the land as a joint tenant.
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The following contains three fact patterns involving land. In which of the following is an easement involved? I. O sells land to B in which O retain...
I only.
I and II only
II and III only.
I, II, and III.
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A method of transferring ownership of real property that most likely would be considered an arm’s-length transaction is transfer by
Inheritance
Eminent domain.
Adverse possession.
Sale
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Which of the following elements must be contained in a valid deed? Purchase price . . . Description of the land a. b. c. d.
Yes Yes
Yes No
No Yes
No No
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Which of the following warranties is (are) contained in a general warranty deed? I. The grantor has the right to convey the property. II. The grant...
I only.
II only
Both I and II.
Neither I nor II.
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For a deed to be effective between the purchaser and seller of real estate, one of the conditions is that the deed must
Contain the signatures of the seller and purchaser.
Contain the actual sales price.
Be delivered by the seller with an intent to transfer title.
Be recorded within the permissible statutory time limits.
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On February 1, Frost bought a building from Elgin, Inc. for $250,000. To complete the purchase, Frost borrowed $200,000 from Independent Bank and ga...
$0
$ 1,000
$12,500
$19,000
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On February 1, Frost bought a building from Elgin, Inc. for $250,000. To complete the purchase, Frost borrowed $200,000 from Independent Bank and ga...
Scott knew of the Elgin mortgage.
Scott’s mortgage was recorded before Elgin’s and before Scott knew of Elgin’s mortgage.
Elgin’s mortgage was first in time.
After Independent is fully paid, Elgin and Scott share the remaining proceeds equally
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A purchaser who obtains real estate title insurance will
Have coverage for the title exceptions listed in the policy.
Be insured against all defects of record other than those excepted in the policy.
Have coverage for title defects that result from events that happen after the effective date of the policy.
Be entitled to transfer the policy to subsequent owners.
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Which of the following is a defect in marketable title to real property?
Recorded zoning restrictions.
Recorded easements referred to in the contract of sale.
Unrecorded lawsuit for negligence against the seller.
Unrecorded easement.
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Which of the following is not a necessary element for an individual to obtain title of a piece of real estate by adverse possession?
Continuous possession
Possession that is to the exclusion of others
Possession permitted by the actual owner.
Open and notorious possession.
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Rake, twenty-five years ago, put a fence around a piece of land. At the time, Rake knew that fence not only surrounded his land but also a sizable p...
Rake does not have to move the fence but must pay Cross for the land in question.
Rake does not have to move the fence but must pay Howe for the land in question.
Rake must move the fence.
Rake must neither move the fence nor pay either party for the land in question.
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Gilmore borrowed $60,000 from Dix Bank. The loan was used to remodel a building owned by Gilmore as investment property and was secured by a second ...
Will not be entitled to any mortgage foreclosure sale proceeds, even if such proceeds are in excess of the amount owed to FCA.
Will be unable to successfully claim any security interest in the building.
Will be entitled to share in any foreclosure sale proceeds pro rata with FCA.
Will be able to successfully claim a security interest that is subordinate to FCA’s security interest.
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Wilk bought an apartment building from Dix Corp. There was a mortgage on the building securing Dix’s promissory note to Xeon Finance Co. Wilk...
Xeon must attempt to collect the deficiency from Wilk before suing Dix.
Dix will not be liable for any of the deficiency because Wilk assumed the note and mortgage.
Xeon may collect the deficiency from either Dix or Wilk.
Dix alone would be liable for the entire deficiency
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On April 6, Ford purchased a warehouse from Atwood for $150,000. Atwood had executed two mortgages on the property: a purchase money mortgage given ...
Ford will take title to the warehouse subject only to Lang’s mortgage.
Ford will take title to the warehouse free of Lang’s mortgage.
Lang’s mortgage is superior to Young’s mortgage because Lang’s mortgage is a purchase money mortgage.
Lang’s mortgage is superior to Young’s mortgage because Lang’s mortgage was given first in time.
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Which of the following conditions must be met to have an enforceable mortgage?
An accurate description of the property must be included in the mortgage
A negotiable promissory note must accompany the mortgage.
Present consideration must be given in exchange for the mortgage.
The amount of the debt and the interest rate must be stated in the mortgage.
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On February 1, Frost bought a building from Elgin, Inc. for $250,000. To complete the purchase, Frost borrowed $200,000 from Independent Bank and ga...
There is a statutory right of redemption.
It is probable that the sale price will result in a deficiency.
All mortgages are paid in full.
All mortgagees are paid a penalty fee.
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A mortgagor’s opportunity to redeem will be terminated by a judicial foreclosure sale unless
The proceeds from the sale are not sufficient to fully satisfy the mortgage debt.
The mortgage instrument does not provide for a default sale.
The mortgagee purchases the property for market value.
The jurisdiction has enacted a statutory right of redemption.
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Rich purchased property from Sklar for $200,000. Rich obtained a $150,000 loan from Marsh Bank to finance the purchase, executing a promissory note ...
Rights against Rich under the promissory note.
Rights against the claims of subsequent bona fide purchasers for value.
Priority against a previously filed real estate tax lien on the property.
Priority against all parties having earlier claims to the property.
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Which of the following rights is (are) generally given to a lessee of residual property? I. A covenant of quiet enjoyment. II. An implied warranty ...
I only.
II only.
Both I and II.
Neither I nor II.
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Which of the following methods of obtaining personal property will give the recipient ownership of the property? Lease . . . . Finding abandoned pro...
Yes Yes
Yes No
No Yes
No No
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Which of the following forms of tenancy will be created if a tenant stays in possession of the leased premises without the landlord’s consent...
Tenancy at will.
Tenancy for years.
Tenancy from period to period.
Tenancy at sufferance.
