Topics of Business Law Exam

BLW-1005

(No Explanation Needed)

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True or False?

1 - Real property includes the buildings attached to or embedded in land. True or False?

2 - Intangible property includes items such as furniture and clothes. True or False?

3 - Trees or shrubs can be either personal or real property. True or False?

4 - If you intentionally put a television in a pile of trash outside your home it becomes mislaid property. True or False?

5 - The person who finds and takes control of abandoned property becomes the legal owner, except if it's found embedded in the soil of someone else's property (then it belongs to the owner of the property where the item was found embedded in the soil. True or False?

6 - If you find a wallet or a cell phone in class it immediately becomes your legal property. True or False?

7 - A promise to make a gift is usually enforceable. True or False?

8 - When an item of personal property becomes attached or used in conjunction with real property in such a way that it ceases to be personal property it becomes a fixture. True or False?

9 - A life estate gives the owner the right to the entire property for an unlimited period of time and the unconditional power to dispose of the estate. True or False?

10 - A leasehold gives tenants the right to occupy property and use it for a particular purpose. True or False?

11 - Fixtures belong to the party leasing the real property. True or False?

12 - The owner of real property is entitled to place restrictions on the use of the property, these restrictions may also extend to future owners. (for example, no liquor to be sold on the land) True or False?

13 - A property owners is prohibited from placing any easements on their property. True or False?

14 - A joint Tenancy gives the co-owners the right to survivorship. True or False?

15 - When the type of ownership of property is not specified, the ownership is presumed to be a tenancy in partnership. True or False?

16 - Cooperative ownership involves the purchase of shares and issuance of a long term lease. True or False?

17 - A landlord can legally require a security deposit and an advance payment of rents. True or False?

18 - All lease agreements must be in writing. True or False?

19 - The implied warranty of possession guarantees the tenant's right to posses the property for the term of the lease. True or False?

20 - A landlord never needs consent to enter the tenant's space during the tenancy. True or False?