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PS 317 > Fourth Test > Flashcards

Fourth Test Flashcards

1
Q

What is real property?

A

Land and anything that is permanently attached to or growing on the land

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2
Q

What are freehold estates?

A

When the owner of land grants to someone some or all of the rights of the land he owns

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3
Q

Various ownership interests in land are called what?

A

Estates in Land

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4
Q

The most common estate in land is what?

A

fee simple

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5
Q

What is a fee simple?

A

Complete ownership of land

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6
Q

The grant of a fee simple is made by a deed which states what?

A

“to A and his heirs”

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7
Q

A fee simple estate may be subject to no conditions, called what?

A

fee simple absolute

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8
Q

When a fee simple is subject to certain conditions, it is called what?

A

fee simple determinable

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9
Q

A fee simple subject to a condition statement is a promise to what?

A

never allow gambling

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10
Q

An estate in land which grants land for the duration of a lifetime is called what?

A

life estate

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11
Q

What are the words of creation for life estate?

A

“to A for life”

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12
Q

A life estate created in one person with reference to the life of another is called what?

A

Life Estate Pur Autre Vie

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13
Q

What do people normally refer to when they say someone owns a land?

A

freehold estates

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14
Q

What is the most important leasehold estate?

A

the term of years

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15
Q

A leasehold estate given for a period of time that automatically renews itself unless one party notifies the other of non-renewal is called what?

A

Periodic Tenancy

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16
Q

The notice to terminate a year to year tenancy is what?

A

6 months advance notice

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17
Q

A notice must terminate the tenancy at what point in the period?

A

The end

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18
Q

What is special about a tenancy at will?

A

It can be terminated without advance notice by either party

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19
Q

Most obligations of landlord and tenant are created through what?

A

lease contract

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20
Q

The landlord is obliged to provide possession of the premises with what?

A

Quiet Enjoyment

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21
Q

If a landlord’s interference with a tenant is equivalent to forcible conviction, what relieves the tenant of any obligations?

A

Constructive eviction

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22
Q

The tenant’s primary obligation is what?

A

Pay rent

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23
Q

What must the tenant keep the premises free from?

A

waste

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24
Q

What must the tenant do if they alter the premises without the landlord’s consent?

A

Restore it to how it was before the end of the tenancy

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25
Q

A transfer of all the tenant’s interest is called what?

A

assignment of the lease

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26
Q

A transfer of fewer than all rights is called a what?

A

sublease (tenant becomes junior landlord)

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27
Q

What is easement?

A

the right to make some specified use of the land of another

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28
Q

What is right of way easement?

A

when a landowner is granted the right to pass over the land of a neighbor to reach the landowner’s property

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29
Q

Give an example of restrictive covenants

A

when tenants are placed in a deed to limit the uses to which the land may be put, or the individuals to whom it may be conveyed

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30
Q

what is tenancy in common?

A

owners hold undivided interests in land (each owner has full possession)

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31
Q

What is joint tenancy?

A

same as tenancy in common, except each tenant has the right of survivorship

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32
Q

What is survivorship?

A

Upon the death of one joint tenant, his interest passes automatically to the other tenant

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33
Q

Tenancy by the entireties is between who?

A

Husband and wife

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34
Q

In states that follow the community property system, all property acquired with funds during the marriage is what?

A

community property that belongs equally to both husband and wife

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35
Q

What are forms of co-ownership created through mortgages called?

A

Liens

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36
Q

The lender that owns the mortgage is the what?

A

Mortgagee

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37
Q

They buyer of the property is the what?

A

Mortgagor

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38
Q

A conveyance of land is generally done by what?

A

A deed

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39
Q

In medieval England, the transfer of land was accomplished through a ceremony called what?

A

Livery of Seisin

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40
Q

In a typical real estate transaction, delivery of the deed occurs when?

A

At the closing where deeds, mortgages, and money are transferred

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41
Q

There are how many types of deeds?

A

3

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42
Q

A promise that the grantor holds good title to the land is called what?

A

General Warranty Deed

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43
Q

Promises only that the grantor is giving the grantee a title as good as the grantor originally received are called what?

A

Special Warranty Deed

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44
Q

What is a deed that contains no warranties and simply gives the grantee whatever interest in the property?

A

Quitclaim deed

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45
Q

Deeds are indexed under the names of who?

A

The grantor-grantee

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46
Q

The chain of grantor-grantee may be traced through a what?

A

title search

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47
Q

The researcher can prepare an abstract of what two things?

A

Title and title opinion

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48
Q

The purchaser may purchase title insurance to cover any losses if the title proves what?

A

Defective

49
Q

To make the recording system work, purchasers are protected from what?

A

the effects of deeds that are not properly recorded

50
Q

A person who is not aware of any ownership interests not reflected in the deeds record are called what?

A

A bonafide purchaser

51
Q

What is adverse possession?

A

A party who remains in continuous, hostile possession of land for at least 20 years acquires title to the land

52
Q

What are zoning ordinances?

A

Land regulations in which structures may be erected

53
Q

Government interferes with the free ownership of land through what?

A

Eminent domain

54
Q

What is the court proceeding of eminent domain called?

A

Condemnation

55
Q

Through eminent domain, the court will order the land to be transferred and determined a fair price because of what US amendment?

A

5th

56
Q

What are sole proprietorships?

A

A business owned and operated by one person

57
Q

What are the two requirements for starting a sole proprietorship?

A
  • obtaining a city business license

- a tax identity number

58
Q

A general partnership consists of what?

A

2 or more partners having equal rights in the management and control, and equal rights in profit sharing and losses

59
Q

Apparent authority exists when?

A

when the contract was not approved by other partners, but conduct or actions reasonably let third parties to believe such authority exists

60
Q

what are limited partnerships?

A

It has two or more people who are co-owners for profit

61
Q

A legal entity formed under the corporate laws of a state is called what?

A

A business corporation

62
Q

All corporations are formed by filing what?

A

Articles of Incorporation

63
Q

Corporations are governed by a set of rules or policies called what?

A

By laws

64
Q

who are the 3 groups that play an important role in all corporations?

A
  • Shareholders
  • Directors/board
  • Officers
65
Q

The president and treasurer of a corporation may be called what?

A

CEO & CFO

66
Q

Professional corporations are formed for the purpose of engaging in certain professions such as what?

A

Medicine and law

67
Q

In professional corporations, who is allowed to be shareholders?

A

Licensed professionals

68
Q

A small corporation whose shares and stock are not open to the public are called what?

A

Closed Corporations

69
Q

A corporations whose shares and stock can be purchased by anyone are called what?

A

Public Corporations

70
Q

Non-profit corporations have what but not what?

A

members, not shareholders

71
Q

Limited Liability Partnerships require what?

A

Malpractice insurance

72
Q

In an LLP, liability is available to who?

A

partners who participate in the business

73
Q

LLP’s are often used by who?

A

Professionals (lawyers)

74
Q

In an LLC, the corporation itself is liable for its own what?

A

Debts

75
Q

what is the big the difference between an LLC and a corporation?

A

LLC’s are not taxed as much

76
Q

The term security describes a what?

A

Investment in a business

77
Q

what is the most common type of security?

A

A share of stock in a business

78
Q

Loans are also called what?

A

Debt Securities

79
Q

What year did the SEC enact The Securities Act?

A

1933

80
Q

What year did the SEC establish The Security Exchange Act?

A

1934

81
Q

What year did the SEC establish The Sarbones-Oxley Act?

A

2002

82
Q

What act established the Public Company Accounting Oversight Board?

A

Sarbones-Oxley Act of 2002

83
Q

if a corporation fails to operate as an entity that is separate from its owners, a creditor may do what?

A

“pierce the corporate veil”

84
Q

Constitutional government in the United States operates according to what general principles?

A
  • Federalism
  • Separation of powers
  • Judicial review
85
Q

What doctrine made the Bill of rights included in the concept of dur process and the 14th amendment?

A

Incorporation Doctrine

86
Q

The first Amendment describes what freedoms?

A
  • Religion
  • Speech
  • Press
  • Assembly
  • Petition
87
Q

What two provisions are included in the first amendment about religion?

A
  • Establishment Clause

- Free Exercise Clause

88
Q

Freedom of speech does not protect what?

A

Defamatory Speech or Obscenity

89
Q

what 4 amendments in the Bill of Rights deal with rights of criminal defendants?

A
  • 4
  • 5
  • 6
  • 8
90
Q

Which amendment protects equal rights?

A

14

91
Q

Which amendment prohibits the US from abridging the right to vote?

A

15

92
Q

the 24th amendment prohibits what?

A

poll tax

93
Q

26th amendment does what?

A

18 year olds can vote

94
Q

Due process is a requirement of which amendments?

A

5th and 14th

95
Q

What does procedural due process state?

A

unless special circumstances exist, the government cannot deprive a person of their rights without notice and opportunity for a fair hearing

96
Q

What is substantive due process?

A

The government cannot pass laws that interfere with a person’s rights, unless it serves a legitimate purpose

97
Q

The rule that a law has a reasonable connection to a legitimate state purpose is called what?

A

Rational Basis Test

98
Q

Gross income includes what?

A

value of cash, property or services, awards, or windfalls

99
Q

Unless otherwise provided in the written agreements, alimony is what?

A

Taxable to the receiving spouse and a deduction to the paying spouse

100
Q

What are the four standards to establish an alimony deduction?

A
  • written divorce/separation agreement
  • cannot live together
  • liability to make payments must cease before or at death
  • payments in cash or its equivalent
101
Q

Under the Tax Cuts and Jobs Act, alimony payments are eliminated if executed after when?

A

December 31st, 2018

102
Q

Under the Tax Cuts and Jobs Act, child support is what?

A

Not taxable to the receiving spouse and deductible to paying spouse

103
Q

Gross income does not include what?

A

Life insurance, gifts, damages on injuries

104
Q

The standard deduction for a single filer is what?

A

$12,000

105
Q

The standard deduction for a married couple filing jointly is what?

A

$24,000

106
Q

Subject to phase out schedule, student loan interest is deductible up to what?

A

$2500

107
Q

Eligible school loan borrowers may use it in addition to what?

A

Itemizing other deductions

108
Q

Above the line deductions include what 2 things?

A
  • ordinary and necessary business expenses

- Itemized deductions

109
Q

If a business chooses standard deduction, the sum after subtracting the above the line deductions is adjusted to what?

A

Gross income

110
Q

Under the tax cuts and jobs act, the deduction for all state and local taxes cannot exceed what?

A

$10,000

111
Q

Mortgage interest is deductible under how many conditions?

A

2

112
Q

For mortgages taken out after December 14, 2017, only the interest on the first how much is deductible?

A

$75,000

113
Q

Interest on home equity loans is not deductible unless the loan was used to do what?

A

Improve the current home

114
Q

True or false: personal expense are deductible?

A

False

115
Q

Unreimbursed medical expense are deductible if they exceed what?

A

7.5% of gross income

116
Q

Based on limits and guidelines, a taxpayer may deduct the fair market value of property and the amount of cash contributed to what?

A

Qualified Charities

117
Q

What is cash method accounting?

A

When a taxpayer reports income when she receives payment and takes deduction for eligible expense when they make payments

118
Q

Accrual method of accounting needs permission from who?

A

the IRS

PS 317 (5 decks)

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