52- Jerry wants to purchase a house in San Francisco, California. To do so, he borrows $2,000,000 from First Interest Bank (First Interest). He signs a note for $2,000,000 and gives the bank a $2,000,000 mortgage on the house as security for his repayment of loan. Within ten (10) years, Jerry fails to repay the entire loan. After the foreclosure of the property, which of the following rights does Jerry have against First Interest?

Multiple Choice

• Foreclosure
• Indemnification
• Subrogation
• Redemption

11- Which of the following is correct regarding lessees of residential or commercial real estate obtaining insurance policies to cover their items of personal property that are on the leased premises?

Multiple Choice

• Such policies are not highly advisable, because the apartment or office building owner's insurance policy on the real property usually furnishes coverage for the tenant's personal property.
• Such policies are highly advisable, because the apartment or office building owner's insurance policy on the real property is likely to furnish little or no coverage for the tenant's personal property.
• Since they do not have an insurable interest in the leased premises, they cannot obtain insurance policies to cover their items of personal property that are on the leased premises.
• They cannot obtain insurance policies to cover their items of personal property that are on the leased premises, since doing so would constitute illegal wagering.

39- What is the limit of the federal bankruptcy exemption for a motor vehicle?

Multiple Choice

• $4,000
• $14,000
• $24,000
• There is no federally recognized exemption for a motor vehicle; instead, the debtor must choose the exemption set forth by his state of residence

79- In a __________ contract, the goods are delivered to the buyer primarily for resale with the understanding that the buyer has the right to return them.

Multiple Choice

• sales
• buy and sell
• sale or return
• supply of goods

100- As demonstrated in the In re Bernard Madoff Investment Securities case, a trustee can __________.

Multiple Choice

• initiate a criminal action against a fraudulent debtor
• seek to avoid monies paid as part of a fraudulent transfer
• seek to prevent discharge of the debtor's unpaid liabilities
• require the debtor to provide a full accounting under oath after an allegation of fraud