Quiz legal aspects 5

Question 1

Membership in a limited liability company (LLC) is:

Answer 1

personal property.

Question 2

A money judgment against a member of a limited liability company (LLC) which does not also name the LLC as a judgment debtor can be satisfied by:

Answer 2

foreclosing on the member’s ownership interest in the LLC.

Question 3

A creditor uses a ______to place lien on a limited liability company (LLC) member’s ownership interest in the LLC to satisfy a judgment.

Answer 3

charging order.

Question 4

A _____ is recorded.

Answer 4

declared homestead

Question 5

Liens with priority over the homestead exemptions include:

Answer 5

trust deeds.
mechanic’s liens.
Internal Revenue Service (IRS) tax liens

Question 6

A _____, coupled with a quiet title action, allows a homeowner to remove judgment liens attached to their title.

Answer 6

declared homestead

Question 7

A recorded declaration of homestead lasts:

Answer 7

until the homeowner abandons their home or records a new declaration of homestead on another residence.

Question 8

To constitute slander of title, the oral or written statement must cause money losses and:

Answer 8

be published..
be untrue and disparaging to the owner’s property interest..
be made without privilege

Question 9

A statement made about a real estate interest as part of a(n) ______ does not subject the person making the statements to liability for slander of title.

Answer 9

privileged publication

Question 10

An owner can recover______ if they can show slanderous statements were made about their property with actual malice.

Answer 10

punitive damages

Question 11

A _______ is a lawsuit to sever or sell real estate which is co-owned.

Answer 11

partition action

Question 12

A(n) _______ is a real estate interest which is subject to a partition suit.

Answer 12

fee estate.
leasehold estate.
life estate

Question 13

When real estate cannot be divided equally in a partition action, _______ is the money paid to even the distribution.

Answer 13

owelty

Question 14

A notice of sale must be given to all parties named in a partition action at least _______ days before the sale date

Answer 14

20

Question 15

A judicial procedure employed to determine claims to nonpossessory rights in disputes over title to real estate is called:

Answer 15

a quiet title action

Question 16

_______ is an accounting between a buyer and seller which results in a refund to the buyer in exchange for the return of the property to the seller.

Answer 16

Restitution

Question 17

A(n) _______ is an action seeking a judicial declaration of the rights and obligations
of parties to a disputed transaction.

Answer 17

declaratory relief action

Question 18

A(n) _______ allows opposing parties in a declaratory relief action to preserve their respective claims so they may later pursue them.

Answer 18

reservation of rights agreement

Question 19

A(n) _______ occurs when a buyer or seller somehow acts to repudiate the purchase agreement before the time for closing arrives.

Answer 19

anticipatory breach

Question 20

A declaratory judgment will only be granted if:

Answer 20

an actual controversy exists..

future litigation is likely to result if the dispute is not resolved.

Question 21

An investor who rent skims from _______ parcels they took title to during any two-year period may be held liable formultiple acts of rent skimming.

Answer 21

five or more

Question 22

A tenant’s recovery from an investor who engages in rent skimming includes:

Answer 22

the security deposit..
moving expenses..
attorney fees

Question 23

An investor is subject to _______ for one charge of multiple rent skimming

Answer 23

one-year imprisonment

Question 24

A rent-skimming investor avoids both criminal and civil rent skimming when they:

Answer 24

use the money to pay medical expenses within 30 days of collecting the rent, and no other funds were available to pay the expenses.

Question 25

A(n) _______ is a provision in an agreement permitting the prevailing party in a dispute to receive attorney fees when litigation arises due to the agreement.

Answer 25

attorney fees provision

Question 26

The reciprocal fee statute applies to actions regarding:

Answer 26

contracts.

Question 27

When the court enters its final judgment in a case, the prevailing party is the individual who:

Answer 27

receives the greater money damages award..
receives the requested equitable relief.
successfully defends against the plaintiff’s claim and the plaintiff obtains no relief.

Question 28

The amount of attorney fees the non-prevailing party owes to the prevailing party is offset by:

Answer 28

any excess financial benefit received by the prevailing party from the non- prevailing party.

Question 29

Fee agreements for attorney services must be in writing when it is known the fees will exceed:

Answer 29

$1,000

Question 30

An attorney must provide an itemized billing within _______ days following a broker’s request for the billing statement.

Answer 30

ten