Question
Question 89 (1 point) When it comes to tax liability, limited liability companies (LLCs): Question 89 options: in all states are required to file annual
Question 89 (1 point)
When it comes to tax liability, limited liability companies (LLCs):
Question 89 options:
in all states are required to file annual reports with the secretary of state. | |
are taxed as partnerships. | |
do not require partners to report their share of the LLC's profits on personal tax returns. | |
are taxed as corporations. |
Question 90 (1 point)
A turnkey operation can be best described as a:
Question 90 options:
franchise in which the franchisor builds and equips the place of business and leases it to the franchisee. | |
limited liability partnership in which partners frequently rotate in and out. | |
franchise operated by a person as his or her own personal property. | |
franchise in which the franchisee carries out the advertisement campaigns. |
Question 91 (1 point)
A property interest that allows a person who owns real property to dispose of it either during his lifetime or on his death is a(n) _____ property interest.
Question 91 options:
fee simple | |
life estate | |
affirmative easement | |
leasehold |
Question 92 (1 point)
Which of the following statements is true of a life estate?
Question 92 options:
It gives a person the right to have someone who owns an adjoining piece of property refrain from making certain uses of his or her land. | |
It does not hold a person owning a life estate liable if he commits acts that will result in permanent injury to the property. | |
It gives a person the right to use property for an indefinite period. | |
It gives a person the right to use property only for his own lifetime or for a time that is measured by the lifetime of somebody else. |
Question 93 (1 point)
A person may have the right to use the land of another person but not to actually occupy it on a long-term basis. The property interest that grants a person this particular right is known as a(n) _____.
Question 93 options:
fee simple | |
license | |
lease | |
easement |
Question 94 (1 point)
Darius has the right to prevent his neighbor from erecting a building on his property that would block light and air from Darius's home. This is an example of a(n) _____.
Question 94 options:
necessity | |
negative easement | |
adverse possession | |
affirmative easement |
Question 95 (1 point)
In terms of interests in real property, a _____ is not an interest in land but a temporary right to use another person's land for a limited and specific purpose.
Question 95 options:
private restriction | |
fee simple | |
leasehold | |
license |
Question 96 (1 point)
Beatriz and James are married and own real property under a tenancy by the entirety. This means that _____.
Question 96 options:
upon the death of either, the property passes automatically to the surviving spouse | |
they are tenants in common with the added requirement of marriage | |
either spouse can transfer property by will if the other is still living | |
the tenancy cannot be severed even in case of a divorce |
Question 97 (1 point)
Which of the following is an example of community property?
Question 97 options:
Property acquired during the marriage through a spouse's industry or efforts | |
Property a spouse owned before the marriage | |
Property acquired by a spouse during the marriage as a gift or by inheritance | |
Property exchanged for separate property |
Question 98 (1 point)
Under condominium ownership, a purchaser takes title to his or her individual unit and becomes a _____ with other unit owners in shared facilities.
Question 98 options:
joint tenant | |
tenant in common | |
tenant by the entirety | |
tenant in partnership |
Question 99 (1 point)
A warranty deed:
Question 99 options:
conveys title and guarantees to make good any defects in the title. | |
warrants against only those encumbrances that arise after a grantee acquires the property. | |
is used to cure technical defect in the chain of title to property. | |
disallows a grantee the right to sue the grantor. |
Question 100 (1 point)
An implied warranty of habitability:
Question 100 options:
guarantees that a house is free of hidden defects that would render it unsafe for human habitation. | |
applies to any ordinary seller of a house, and not just builders, builder-vendors, and developers. | |
when breached, subjects the defendant to liability measured only by the cost of repairs. | |
is limited to the first buyer and does not extend to subsequent purchasers of a property. |
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