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| Question 1 of 20 | 5.0 Points |
A possession interest in which the lease continues for successive periods for the same length of time-weekly, monthly, or annually-and is automatically renewed at the end of the period is a:
| A. periodic tenancy. |
| B. tenancy for years. |
| C. tenancy at will. |
| D. tenancy at sufferance. |
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| Question 2 of 20 |
A landlord’s promise that the premises have no defects that would impair the health, safety, or wellbeing of the occupants is an implied warranty of:
| A. merchantability. |
| B. habitability. |
| C. safety. |
| D. title. |
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| Question 3 of 20 |
The landlord has the right to collect the agreed-upon rent as provided in the:
| A. sale deed. |
| B. quitclaim deed. |
| C. hire purchase deed. |
| D. lease agreement. |
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| Question 4 of 20 |
When tenants transfer their entire interest in property for the remaining term of a lease it is a(n):
| A. leasehold. |
| B. sublease. |
| C. eviction. |
| D. assignment. |
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| Question 5 of 20 |
An agreement in which a suitcase is left with a railroad station checkroom is a:
| A. bailment for the sole benefit of the bailee. |
| B. bailment for the sole benefit of the bailor. |
| C. mutual-benefit bailment. |
| D. constructive |
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| Question 6 of 20 |
A guest whose stay is relatively uncertain is known as a:
| A. traveler. |
| B. customer. |
| C. transient. |
| D. temporary. |
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| Question 7 of 20 |
An individual or firm in the business of transporting goods between certain points as allowed by the various state commissions that regulate the carriers is known as a __________ carrier.
| A. business |
| B. government |
| C. public |
| D. common |
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| Question 8 of 20 |
The law requires that a common carrier must accept all shipments that it is authorized to:
| A. purchase. |
| B. handle. |
| C. hypothecate. |
| D. pledge. |
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| Question 9 of 20 |
__________ is the right of an owner of property such as plants or animals to increase in the property. The owner of a cow, for example, owns the calves born to the cow.
| A. Statutory right |
| B. Accession |
| C. Legal right |
| D. Anticipation |
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| Question 10 of 20 |
Ownership is held in __________ when all the rights of ownership in a particular piece of property are held by one person.
| A. severalty |
| B. solitary |
| C. defiance |
| D. accession |
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| Question 11 of 20 |
When two or more persons own equal shares of a property then it is called:
| A. severalty. |
| B. co-ownership. |
| C. joint tenancy. |
| D. multiparty. |
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| Question 12 of 20 |
The owner of a freehold estate who holds the estate absolutely is said to hold it in:
| A. accession |
| B. easements. |
| C. life estate |
| D. fee simple. |
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| Question 13 of 20 |
In a property, a person who holds a freehold estate only for his or her lifetime is said to hold a(n) __________ in the property.
| B. precession |
| D. benefit |
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| Question 14 of 20 |
A living trust is also known as a(n) __________ trust.
| A. testamentary |
| B. contemporary |
| C. inter vivos |
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| Question 15 of 20 |
The responsibility of the trustee is that of a(n):
| A. fiduciary. |
| B. probationary. |
| C. stationary. |
| D. exemplary. |
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| Question 16 of 20 |
A person who makes a will is known as a(n):
| A. testator. | |
| B. administrator. | |
| C. executor. | |
| D. trustee. |
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| Question 17 of 20 |
If the personal representative has been named in the will, he or she is known as the:
| A. executor. |
| C. testator. |
| D. legacy. |
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| Question 18 of 20 |
A formal printed will must be signed by the testator and:
| A. executed. |
| B. scripted. |
| C. witnessed. |
| D. supplemented. |
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| Question 19 of 20 |
An agreement reached between a bailor and a bailee is a:
| A. mortgage. |
| B. bailout. |
| C. bailment. |
| D. codicil. |
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| Question 20 of 20 |
Legally, property other than land, including both tangible property and intangible property, is considered __________ property.
| A. real |
| B. personal |
| C. intangible |
| D. transient |
