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61. Subsurface mineral rights:
a. must transfer in fee simple with deeds to land
b. must transfer in fee simple with title to land
c. are owned by the government
d. are owned by the people in common
e. none of the other choices
62. Unlike in most countries, subsurface mineral rights in the United States often belong to:
a. the government
b. the landowner
c. the county
d. private mining companies
e. government mining companies
63. Unlike in most countries, subsurface mineral rights in the United States often belong to:
a. the government
b. government mining companies
c. the county government
d. religious organizations
e. none of the other choices are correct
64. At law, the word tenancy generally refers to:
a. leases of real property from another for a fixed period of time
b. leases of real property from another for an indefinite period of time
c. possession of lands by any right or title
d. clear ownership of land, either individually or jointly
e. none of the other choices
65. At law, the word tenancy generally refers to:
a. leases of real property from another for a fixed period of time
b. leases of real property from another for an indefinite period of time
c. a grant of a life estate in some property
d. has clear ownership of land, either individually or jointly
e. all of the other choices are possible
66. One who possesses lands by any right or title is referred to as a:
a. holder
b. possessor
c. tenant
d. private property owner
e. none of the other choices are correct
67. One who possesses lands by any right or title is referred to as a:
a. holder
b. possessor
c. lord
d. private property owner
e. none of the other choices are correct
68. Which of the following is an example of a form of tenancy:
a. tenancy in common
b. joint tenancy
c. tenancy by the entirety
d. all of the other specific choices are correct
e. none of the other specific choices are correct
69. The ownership of property by two or more persons who have an undivided interest in the property but has no right
of survivorship is:
a. a life estate
b. a joint tenancy
c. a tenancy in common
d. a fee common
e. none of the other choices
70. The ownership of property by two or more persons who have equal interests in the property with rights of joint
survivorship is:
a. a life estate
b. a fee tenancy
c. a tenancy in common
d. a fee common
e. none of the other choices
71. A joint tenancy is one in which:
a. two or more persons have equal interests in the property with rights of joint survivorship
b. two or more persons have equal interests in the property with no right of survivorship
c. one person owns all the interests in the property, but two people will inherit equal shares when the current
tenant dies
d. one person owns all the interests in the property and has designated who will inherit it when the current
tenant dies
e. none of the other choices are correct
72. A tenancy in common is one in which:
a. two or more persons have equal interests in the property with rights of joint survivorship
b. two or more persons have equal interests in the property with no right of survivorship
c. one person owns all the interests in the property, but two people will inherit equal shares when the current
tenant dies
d. one person owns all the interests in the property and the government will inherit it when the current tenant
dies
e. none of the other choices are correct
73. If one has the right to occupy a piece of property until their death, at which point title to the property passes to heirs
who have been named by the owner of the property, there is a:
a. life estate
b. joint tenancy
c. tenancy in common
d. residual interest
e. none of the other choices
74. If one has the right to occupy a piece of property until their death, at which point title to the property passes to heirs
who have been named by the owner of the property, there is a:
a. fee simple absolute
b. joint tenancy
c. tenancy in common
d. residual interest
e. none of the other choices
75. A life estate grants a person:
a. the right to be a tenant for life
b. the right to be a tenant for up to 60 years
c. the right to be a tenant until retirement
d. exemption from property taxes
e. none of the other choices are correct
76. A life estate grants a person:
a. the right to live on a property even if it is sold to another party
b. the right to be a tenant for up to 60 years
c. the right to be a tenant until retirement
d. exemption from property taxes
e. none of the other choices are correct
77. Anna transfers, to her mother Mildred, the right to use Anna's second home so long as Mildred is alive. This is
known as:
a. a fee simple
b. a fee absolute
c. a life estate
d. a tenancy
e. a lease
78. A person who is given the right to use property during their lifetime is given in the property.
a. an easement
b. a life estate
c. a covenant
d. a non-coercive claim
e. none of these
79. A person who is given the right to use property during their lifetime is given in the property.
a. an easement
b. a warranty deed
c. a covenant
d. a quitclaim
e. none of these
80. A trust is a:
a. form of property ownership created by the common law that separates the legal and beneficial ownership of
property
b. form of property ownership created by the tort law that separates the legal and beneficial ownership of
property
c. form of property ownership created by the common law that combines the legal and beneficial ownership of
property
d. form of property ownership created by the common law that prevents people from stealing inheritance
money from their co-inheritors
e. none of the other choices are correct
81. A trust is a:
a. form of property ownership created by the government that combines the legal and beneficial ownership of
property
b. form of property ownership created by the tort law that separates the legal and beneficial ownership of
property
c. form of property ownership created by the common law that combines the legal and beneficial ownership of
property
d. form of property ownership created by the common law that prevents people from stealing inheritance
money from their co-inheritors
e. none of the other choices are correct
82. The person who holds the legal title to a property in a trust is known as the:
a. leader
b. executive
c. trustee
d. majordomo
e. magnate
83. The person who holds the legal title to a property in a trust is known as the:
a. leader
b. executive
c. magnate
d. majordomo
e. none of the other choices are correct
84. The person who can make all decisions with respect to a property in a trust is known as the:
a. leader
b. executive
c. trustee
d. majordomo
e. beneficiary
85. The person who can make all decisions with respect to a property in a trust is known as the:
a. leader
b. executive
c. magnate
d. beneficiary
e. none of the other choices are correct
86. The trustee of a property in a trust has a duty to manage the property for the:
a. beneficiary
b. owner
c. leader
d. heir
e. executive
87. The trustee of a property in a trust has a duty to manage the property for the benefit of the:
a. executive
b. owner
c. leader
d. executor
e. none of the other choices are correct
88. David puts his 5,000 acre ranch in a trust for his daughter Carol and names Andy as trustee. If Andy then sells the
ranch and uses the money to fund his gambling habit Carol can sue Andy for:
a. failure to maintain Carol's interests
b. Carol has no grounds to sue Andy
c. breach of duty as trustee
d. breach of duty as owner
e. none of the other choices are correct
89. are often used in place of a partnership or corporation.
a. private trusts
b. tax-avoidance trusts
c. business trusts
d. ultimate trusts
e. corporation trusts
90. are commonly used in place of a partnership or corporation.
a. unit trusts
b. tax-avoidance trusts
c. corporation trusts
d. ultimate trusts
e. none of the other choices are correct
91. Business trusts provide some security in case of bankruptcy by:
a. legally separating the trust from the business that is the beneficiary of its assets
b. legally combining the trust and the business that is the beneficiary of its assets
c. making it illegal to sue the business
d. making it illegal to sue the trust
e. none of the other choices are correct
92. Unlike in the United States, property ownership in many poor nations is:
a. informal and insecure
b. well-defined
c. carefully controlled by the government
d. based on the early English system of property rights
e. none of the other choices are correct
93. One of the hindrances to economic progress in poor countries may be:
a. the lack of secure property rights
b. the presence of secure property rights
c. the lack of tort law
d. the presence of an overly strict tort law
e. the inability to establish trusts
94. A study by Hernando de Soto, of Peru, found that in most poor nations, many people, including the majority in some
countries:
a. do not own the land they farm
b. do not own the land under their dwelling in cities
c. are subject to political control of property
d. lack formal property rights
e. all of the other choices
95. A condominium is:
a. property often held in a fee defeasible
b. property often held in a fee simple
c. property that is often held in common with a group of other owners
d. property that must be restricted by negative easements
e. none of the other choices
96. Limitations or requirements about the use of property are called:
a. life estates
b. deeds
c. servitudes
d. possessories
e. profits
97. Limitations or requirements about the use of property in general are called:
a. life estates
b. deeds
c. possessories
d. profits
e. none of the other choices
98. Servitudes are:
a. limitations or requirements about the use of property in general
b. taxes on services performed on a property
c. taxes on income gained from a property
d. limitations on how much untaxed income can be made from a property
e. none of the other choices are correct
99. The purchase of property by two or more persons who have the same interest in the undivided possession of the
property and has a right of survivorship is:
a. a life estate
b. a joint tenancy
c. a tenancy in common
d. a fee common
e. none of the other choices
100. Which of the following is a servitude:
a. an easement
b. an allotment
c. a life estate
d. all of the other specific choices are correct
e. none of the other specific choices are correct
101. Which of the following is a servitude:
a. a covenant
b. an allotment
c. a life estate
d. all of the other specific choices are correct
e. none of the other specific choices are correct
102. Which of the following is not a servitude:
a. an easement
b. a life estate
c. a covenant
d. a profit
e. all of the other choices are servitudes
103. An easement is:
a. a legal document that makes it easier to determine taxes for a property
b. a right to enter land owned by another and make certain use of it
c. the ownership or right of possession of an estate
d. a legal provision that allows a person to become a tenant for life
e. none of the other choices are correct
104. Cary allows Kail to ride his horse on trails located on Cary's 800-acre ranch, whenever he wants, for $1,000. This
arrangement is generally known as:
a. an easement
b. a covenant
c. a deed
d. a seisin
e. a remainder
105. Cary allows Kail to ride his horse on trails located on Cary's 200-acre ranch, whenever he wants, for $1,000. This
arrangement is commonly known as:
a. a remainder
b. a covenant
c. a deed
d. a seisin
e. none of the other choices
106. The right of utility companies to run power lines over land and put water lines under private property is based on:
a. an easement
b. a covenant
c. a deed
d. a seisin
e. a remainder
107. The right of utility companies to run power lines over land and put water lines under private property is based on:
a. a remainder
b. a covenant
c. a deed
d. a seisin
e. none of the other choices
108. An easement is generally described as:
a. a right to use intellectual property
b. a burden on another person's estate
c. a future interest in personal property
d. a negative interest in personal property
e. a conversionary right to personal property
109. An easement is generally described as:
a. a right to use intellectual property
b. a conversionary right to personal property
c. a future interest in personal property
d. a negative interest in personal property
e. none of the other choices
110. A burden on another person's estate is a(n):
a. easement
b. profit
c. possession
d. life estate
e. fee absolute
111. A burden on another person's estate is a:
a. fee absolute
b. profit
c. possession
d. life estate
e. none of the other choices are correct
112. Positive easements:
a. allow the easement holder to go on the estate for certain purposes
b. do not allow the easement holder to physically go on the estate
c. prevent the landowner from using the estate in the same way as the easement holder
d. are issued by the state supreme court
e. none of the other choices are correct
113. A negative easement is one under which the estate owner:
a. gives up a right he would normally have
b. does not give up any rights
c. gives all property rights to the easement holder
d. gives up all rights to natural resources on the estate
e. none of the other choices are correct
114. The right to remove valuable minerals or oil from the land of another is called:
a. a covenant
b. a fee absolute
c. a possession
d. a profit
e. none of the other choices
115. A profit is:
a. the right to remove valuable things from one's estate
b. the right to go on to an estate
c. the right to sell an estate
d. the right to buy an estate
e. the right of first refusal when an estate is sold
116. A profit is:
a. the right of first refusal when an estate is sold
b. the right to go on to an estate
c. the right to sell an estate
d. the right to buy an estate
e. none of the other choices are correct
117. Once an easement is granted:
a. it is only valid as long as the estate holder to granted it is in possession of the estate
b. it is only valid as long as the estate holder to granted it is alive
c. it is only valid as long as the original easement holder is alive
d. it may not be interfered with by the property owner unless the easement holder agrees
e. none of the other choices are correct
