1.) Which of the following is the fundamental definition of property ownership?

• a.)The right to exclude others from property
• b.)The right to control property
• c.)The right to acquire property
• d.)The possession of property

2.) A roll of $100 bills lying on the street in front of you is __________.

• a.)tangible public property
• b.)intangible private property
• c.)tangible fungible private property
• d.)tangible fungible public property

3.) If a bailment is involuntary, what sort of responsibility does the bailee owe the bailor?

• a.)It differs, but at a minimum, the bailee must not destroy the property.
• b.)The bailee has no duty in an involuntary bailment.
• c.)A reasonable duty of care is always owed in this case.
• d.)An extraordinary duty of care is always owed in this case.

4.) Select the true statement regarding inherited or gifted real property.

• a.)A gift of real property must include the deliverance of a deed in order for title to be conveyed.
• b.)Ownership of real estate may not be transferred by gift.
• c.)If an owner of real property dies without a will, the property automatically escheats to the state.
• d.)Real property may only be willed to a next of kin.

5.) A deed transferring complete ownership of a two-acre plot of land to you with no limitations or restrictions would be __________.

• a.)a joint tenancy interest
• b.)a fee simple defeasible interest
• c.)a life estate interest
• d.)a fee simple absolute interest

6.) The purpose of intellectual property law is __________.

• a.)to recognize and protect intellectual rights for a period of time sufficient to encourage innovation
• b.)to enrich corporations and concentrate financial power in society
• c.)to grant an inventor the exclusive right to his or her invention forever
• d.)to ensure that new inventions enter the public domain right away

7.) Which of the following is a patentable item?

• a.)A television ad protesting animal testing
• b.)An existing species of rat
• c.)A genetically modified lab rat
• d.)A discovery about rat behavior