Property Law & Intellectual Property Rights

Question 1

This can be considered either a personal property or a real property: GROWING CROPS or HARVESTED CROPS

Answer 1

GROWING CROPS

Question 2

A mortgage must be in the form of a negotiable promissory note. TRUE or FALSE?

Answer 2

FALSE

Question 3

Mortgage may be given in exchange for: PAST or PRESENT CONSIDERATION?

Answer 3

Either

Question 4

This defect is a claim against that property that the buyer is not aware of.

Answer 4

A defect in the marketable title of property

Question 5

When joint owner transfers his or her interest, the recipient obtains the interest in the form of a: tenancy in common OR joint tenancy (with right of survivorship)?

Answer 5

Tenancy in common

Question 6

This kind of tenancy is created if a tenant stays in possession of the leased premises without the landlord’s consent after the expiration of the specified lease term

Answer 6

Tenancy in sufferance

Question 7

A deed to sell real estate must be signed by: grantor/seller OR grantee/buyer?

Answer 7

Grantor/seller

Question 8

This is a security interest in real property that remains in effect until the underlying obligation is satisfied or the property is obtained by the mortgage holder through repossession.

Answer 8

Mortgage

Question 9

A mortgage need not include an accurate description of the property so that the property to which it applies can be identified. TRUE or FALSE?

Answer 9

FALSE. Requirement for an enforceable mortgage.

Question 10

Recording a mortgage establishes priority over these claims: EARLIER CLAIMS (BEFORE RECORDING) or SUBSEQUENT CLAIMS (AFTER RECORDING)

Answer 10

SUBSEQUENT CLAIMS (AFTER RECORDING)

Question 11

Which of the following will change if an asset is treated as a personal property instead of a real property: CREDITOR’S RIGHTS or REQUIREMENTS FOR TRANSFER

Answer 11

BOTH

Question 12

Which of the following is considered intangible personal property: CONTRACT RIGHT or EASEMENT

Answer 12

CONTRACT RIGHT

Question 13

This represents an interest in property that provides a limited right to user another’s property: EASEMENT, LEASEHOLD, or LICENSE

Answer 13

ALL

Question 14

This refers to the absolute ownership of property enabling the holder to sell or otherwise use or dispose of the property: FEE SIMPLE or EASEMENT

Answer 14

FEE SIMPLE OWNERSHIP

Question 15

Consent of mortgagor is needed for the mortgagee to assign the mortgage to a third party: TRUE or FALSE?

Answer 15

FALSE

Question 16

What are the elements required to establish a joint tenancy? TTIP

Answer 16

Time
Title
Interest
Possession

Question 17

A buyer becomes personally liable for the mortgage if the buyer: ASSUMES THE MORTGAGE or PURCHASES PROPERTY KNOWING THAT IT IS SUBJECT TO AN EXISTING MORTGAGE

Answer 17

ASSUMES THE MORTGAGE

Question 18

In states that allow MORTGAGE FORECLOSURE DEFICIENCY JUDGMENTS, who is liable to pay:
A. Original mortgagor
B. Buyer who assumed mortgage, OR
C. Buyer aware that property is subject to an existing mortgage at time of purchase?

Answer 18

A and B only.

Question 19

Under a sublease, who is responsible for the payment of the rent to the owner of the property: LESSEE or SUBLESSEE or EITHER?

Answer 19

LESSEE only

Question 20

Once a sale of foreclosed property has taken place, the debtor’s right to redeem the property by paying all amounts owed is severed, unless a specific law has been enacted in the jurisdiction extending that right: TRUE or FALSE?

Answer 20

TRUE.