Business & Finance Chapter 8 A person may use which of the following as a defense to the tort

subject Type Homework Help
subject Pages 14
subject Words 3113
subject Authors Al H. Ringleb, Frances L. Edwards, Roger E. Meiners

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page-pf1
True / False
1. Moveable property, or personal property, may be called chattel.
a. True
b. False
2. Real property was traditionally referred to as chattel.
a. True
b. False
3. Trees are a form of real property.
a. True
b. False
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4. Real property is land and things attached to land.
a. True
b. False
5. Furniture is a form of real property.
a. True
b. False
6. Houses and other buildings are considered real property.
a. True
b. False
7. A person's home is part of their personal property.
a. True
b. False
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8. Copyrights and patents are forms of real property.
a. True
b. False
9. The American law of real property derives from the English common law.
a. True
b. False
10. Statutes may not modify the law of real property.
a. True
b. False
11. The law of real property changes over time.
a. True
b. False
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12. A deed is the most common way to transfer an ownership interest in real property.
a. True
b. False
13. A warranty deed promises good title to land being passed to another.
a. True
b. False
14. A warranty deed promises no defects in a house or building being sold to another.
a. True
b. False
15. A quitclaim deed usually applies to mines and mineral rights, by which one passes the claim to the minerals.
a. True
b. False
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16. A quitclaim deed passes title to real property to another but does not guarantee that the title is good.
a. True
b. False
17. A title is a document that allows you to use someone else's land after paying a fee.
a. True
b. False
18. A title is a document that provides formal right of ownership.
a. True
b. False
19. Titles and deeds are usually put in the public record.
a. True
b. False
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20. When titles and deeds are recorded, the county or state office checks for accuracy.
a. True
b. False
21. Once a title is recorded in a government office, the state will defend the ownership interest of the holder.
a. True
b. False
22. If you own a piece of land free and clear (in fee simple), you have absolute and unlimited rights to use that land.
a. True
b. False
23. One's interest in real property is often called an estate.
a. True
b. False
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24. The owner of real property may refuse to pass ownership on after death, thereby controlling property "from the
grave."
a. True
b. False
25. A fee simple is the most common form of real property ownership.
a. True
b. False
26. Property that is owned in fee simple may not be given away.
a. True
b. False
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27. Most property in the United States is sold as fee defeasible property.
a. True
b. False
28. Rights to minerals under the land must be kept "attached" to the land.
a. True
b. False
29. Ownership of subsurface mineral rights may be legally separate from ownership of surface land.
a. True
b. False
30. A tenancy refers to possession of land.
a. True
b. False
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31. A tenancy in common is an undivided interest in property that passes to the heirs of each owner on death.
a. True
b. False
32. A tenancy in common is an undivided interest in property that passes to the other owner on death.
a. True
b. False
33. A tenancy in common is the most usual form of ownership of property in a marriage.
a. True
b. False
34. A joint tenancy is the most usual form of ownership of property in a marriage.
a. True
b. False
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35. A joint tenancy is a form of ownership in which the ownership rights pass on death to the other owner.
a. True
b. False
36. A life estate may be granted to whomever the owner of real property designates.
a. True
b. False
37. If you have a life estate in a piece of property, you have a detrimental interest in that property.
a. True
b. False
38. If you have a life estate in a piece of property, you are considered a "tenant for life."
a. True
b. False
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39. If you have a life estate in a piece of property, you may rent the property to another person for your own income;
you do not have to live on the property.
a. True
b. False
40. A trust is a form of property ownership that separated the legal and beneficial ownership of property.
a. True
b. False
41. A trust is a form of property ownership that separated the legal and trustee ownership of property.
a. True
b. False
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42. The beneficiary of a trust holds an equitable title to the property in the trust.
a. True
b. False
43. A trust cannot be used for business but not for personal real property.
a. True
b. False
44. A business trust may be used by a business entity for holding real property.
a. True
b. False
45. If you own a condominium, you own a life estate in an apartment unit.
a. True
b. False
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46. Because condominiums were a novel form of property, they had to be approved by statute because the common
law could not recognize a new form of ownership.
a. True
b. False
47. Servitudes include a large category of positive and negative requirements imposed by an owner upon property.
a. True
b. False
48. Servitudes "attach" to property.
a. True
b. False
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49. In many poor nations there are insecure property rights; most farmers do not own the land they farm and live on.
a. True
b. False
50. In many nations there are insecure property rights; many people do not formally own a house they may have built.
a. True
b. False
51. An easement is a burden on someone else's property.
a. True
b. False
52. An easement is a servitude that limits the right of an owner to exclusive use and possession of real property.
a. True
b. False
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53. Utility companies must obtain easements to lay power lines and water lines to houses.
a. True
b. False
54. If you gave an easement to the Nature Conservancy promising not to build on your property, but to protect it, that
would be called a positive easement.
a. True
b. False
55. If you gave an easement to the Nature Conservancy promising not to build on your property, but to protect it, that
would be called a negative easement.
a. True
b. False
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56. A profit is the right to remove valuable things from property, such as oil or trees.
a. True
b. False
57. If one needs passage across the property of another party to get to their piece of property, there is a common law
right to obtain an easement of necessity to cross that property.
a. True
b. False
58. In order to have adverse possession, the adverse user must engage in a hostile use of someone else's property.
a. True
b. False
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59. The primary requirement for establishing ownership by adverse possession is the hostile use of the property for five
years.
a. True
b. False
60. To have adverse possession of property, the user must have continuous occupation of the property.
a. True
b. False
61. To have adverse possession of property, the user must have permission from the owner to occupy the land without
payment.
a. True
b. False
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62. Adverse possession and easement by prescription are much the same.
a. True
b. False
63. In Moran v. Sims, where Sims built a house on land surrounded by Moran's land, the court held that Moran must
give Sims an easement for access, which is the general rule.
a. True
b. False
64. In Moran v. Sims, where Sims built a house on land surrounded by Moran's land, the court held that Sims had an
easement for access by prescription.
a. True
b. False
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65. In Moran v. Sims, where Sims built a house on land surrounded by Moran's land, the court held that Moran must
sell Sims an easement for access.
a. True
b. False
66. In Moran v. Sims, where Sims built a house on land surrounded by Moran's land, the court held that Sims had used
Moran's land for access for many years without objection so had a right to continue access.
a. True
b. False
67. In Thayer v. Hollinger, the Montana high court held that the seller of property, who retained ownership of
adjoining property and shared a common road, must allow buyers of property to have an easement to use trails
on the seller's property so long as they connected to the road.
a. True
b. False
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68. In Thayer v. Hollinger, the Montana high court held that the seller of property, who retained ownership of
adjoining property and shared a common road, had not granted buyers an easement to use trails on the seller's
property.
a. True
b. False
69. In Thayer v. Hollinger, the Montana high court held that the seller of property, who retained ownership of
adjoining property and shared a common road, had granted an easement by adverse possession to buyers of
property so they could use trails on the seller's property so long as they connected to the road.
a. True
b. False
70. In Thayer v. Hollinger, the Montana high court held that the seller of property, who retained ownership of
adjoining property and shared a common road, must allow buyers of property an easement to use trails on the
seller's property because there was an expectation in the recreational area that such rights attached to the
purchase of land.
a. True
b. False

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