1. More than one person can own an interest in a particular parcel of real property. True or False.

2. A sidewalk is usually considered to be a fixture. True or False.

3. A bankruptcy discharges all of the debtor's debts. True or False.

4. It is possible to acquire an ownership interest in real property without the consent or agreement of the owner of the real property. True or False.

5. A secured creditor can have his security interestautomatically perfected upon attachment. True or False.

6. In a bankruptcy proceeding, some creditors are more likely to be paid than others. True or False.

7. When a debtor declares bankruptcy, all of his property will be sold to satisfy his debts. True or False.

8. A secured creditor is always repaid in full. True or False.

9. In a cavern, in a canyon, while excavating for a mine, Dusty Geezer meets Midarlyn Clementine. After a stormy yet passionate courtship, the couple marry in a state which recognizes tenancy by the entirety. The couple's relationship deteriorates after Midarlyn concludes she can no longer tolerate Dusty's peculiar (some might say uncivilized) behavior. Dusty and Midarlyn decide to remain married but to live separately. A few years later, Midarlyn drowns in a tragic mining mishap. During their marriage Dusty and Midarlyn acquired title to a parcel of land called Greenacre. In her will, Midarlyn conveys her interest in Greenacre to her cousin Netty. Dusty challenges the bequest claiming that he alone is entitled to Greenacre. At trial the court will:

a. award Greenacre to Netty and Dusty as tenants in common.

b. award Greenacre to Netty and Dusty as joint tenants.

c. award Greenacre solety to Dusty.

d. award Greenacre solety to Netty.

10. The secured creditor who perfects his or her security interest first is referred to as the:

a. Perfection Creditor

b. Senior Secured Creditor

c. Superior Creditor

d. Creditor Without Equal

11. Seller is selling his interest in Blackacre to Buyer. Seller wants to convey to Buyer only the interest Seller has in Blackacre and nothing else. To accomplish this, Seller should give Buyer a:

a. quit claim deed.

b. general warranty deed.

c. a security interest.

d. a perfected security interest.

12. Which of the following transfers will the bankruptcy trustee most likelybe able to rescind?

a. Jeff makes his regular $700 payment to his landlord the month before he files for bankruptcy.

b. 120 days before filing for bankruptcy, Sally makes a $3400 payment to her therapist for past counseling sessions.

c. Ginger pays Ed's Auto Repair $900 to rebuild the engine in her car 78 days before declaring bankruptcy.

d. Henry makes a $650 payment to Cam Credits on a bad debt they have purchased 60 days before filing bankruptcy.

13. The process that creates a security interest in the debtor's property is known as:

a. Perfection.

b. Securing.

c. Attachment.

d. Claiming.

14. The judge's order that prevents creditors from attempting to collect a debt after a bankruptcy is filed is called:

a. a deficiency judgment.

b. an equity hold.

c. an automatic stay.

d. a debtor's easement.

15. Which of the following is a false statement?

a. Taxes owed to the government can not be discharged in bankruptcy.

b. An interest in real property can sometimes transfer to another person upon the owner's death.

c. A debtor in default whose property has beenrepossessedby a secured creditor can redeem his property by fully paying the secured creditor along with the costs associated with the repossession.

d. To be repaid, a secured creditor must perfect his security interest by filing or possession.