A deed transferring ownership of a 500-acre parcel of land, subject to the condition that you maintain the roads criss-crossing the land, is a __________.

• possessory interest
• reversionary interest
• fee simple absolute interest
• fee simple defeasible interest

Which of the following is true of property ownership in the United States?

• Property ownership is primarily defined at the state level.
• You may own property even if the legal system does not recognize your right to do so.
• Property must be tangible in order for the legal system to recognize ownership.
• Animals and humans both have the right to own property.

If a bailment is voluntary and benefits both the bailor and the bailee, what sort of responsibility does the bailee owe the bailor?

• Ordinary duty of care
• Minimum duty of care
• Extraordinary duty of care
• The bailee has no responsibility in this case.

Lisa is the CEO of a corporation. As such, she is authorized to make daily operating decisions for the company on behalf of shareholders.

Which type of agent relationship does this represent?

• Subagent
• General agent
• Independent contractor
• Special agent

Select the true statement regardinginherited or giftedreal property.

• Real property will escheat to the state if an owner dies intestate and a next of kin cannot be identified.
• If an owner dies intestate, his or her property will be divided up evenly by inheritors.
• Real property may be gifted only if the property is valued at less than $1 million.
• A gift of real property still requires consideration for title to transfer.

A new and useful idea __________.

• can be patented if it holds potential commercial value
• can be patented without any other qualifications
• cannot itself be patented
• can be patented if it is completely original

Jennifer includes a copyrighted photograph in her new book without obtaining permission from the copyright owner.

Select the correct classification for this example.

• Direct copyright infringement
• Contributory infringement
• Fair use
• Legal use of a copyright license

A pound of coffee beans is __________.

• intangible private property
• tangible fungible private property
• intangible public property
• fungible public property

Why was the power to confer intellectual property rights given to Congress?

• To deter monopolies
• To promote progress
• To support capitalism
• To defend equality