Business Law
Question 1 of 205.0 PointsA 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.Reset SelectionQuestion 2 of 205.0 PointsA 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.Reset SelectionQuestion 3 of 205.0 PointsThe 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.Reset SelectionQuestion 4 of 205.0 PointsWhen 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.Reset SelectionQuestion 5 of 205.0 PointsAn 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 bailment.Reset SelectionQuestion 6 of 205.0 PointsA guest whose stay is relatively uncertain is known as a:A. traveler.B. customer.C. transient.D. temporary.Reset SelectionQuestion 7 of 205.0 PointsAn 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. businessB. governmentC. publicD. commonReset SelectionQuestion 8 of 205.0 PointsThe law requires that a common carrier must accept all shipments that it is authorized to:A. purchase.B. handle.C. hypothecate.D. pledge.Reset SelectionQuestion 9 of 205.0 Points__________ 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 rightB. AccessionC. Legal rightD. AnticipationReset SelectionQuestion 10 of 205.0 PointsOwnership is held in __________ when all the rights of ownership in a particular piece of property are held by one person.A. severaltyB. solitaryC. defianceD. accessionReset SelectionQuestion 11 of 205.0 PointsWhen two or more persons own equal shares of a property then it is called:A. severalty.B. co-ownership.C. joint tenancy.D. multiparty.Reset SelectionQuestion 12 of 205.0 PointsThe owner of a freehold estate who holds the estate absolutely is said to hold it in:A. accession.B. easements.C. life estates.D. fee simple.Reset SelectionQuestion 13 of 205.0 PointsIn a property, a person who holds a freehold estate only for his or her lifetime is said to hold a(n) __________ in the property.A. accessionB. precessionC. life estateD. benefitReset SelectionQuestion 14 of 205.0 PointsA living trust is also known as a(n) __________ trust.A. testamentaryB. contemporaryC. inter vivosD. constructiveReset SelectionQuestion 15 of 205.0 PointsThe responsibility of the trustee is that of a(n):A. fiduciary.B. probationary.C. stationary.D. exemplary.Reset SelectionQuestion 16 of 205.0 PointsA person who makes a will is known as a(n):A. testator.B. administrator.C. executor.D. trustee.Reset SelectionQuestion 17 of 205.0 PointsIf the personal representative has been named in the will, he or she is known as the:A. executor.B. administrator.C. testator.D. legacy.Reset SelectionQuestion 18 of 205.0 PointsA formal printed will must be signed by the testator and:A. executed.B. scripted.C. witnessed.D. supplemented.Reset SelectionQuestion 19 of 205.0 PointsAn agreement reached between a bailor and a bailee is a:A. mortgage.B. bailout.C. bailment.D. codicil.Reset SelectionQuestion 20 of 205.0 PointsLegally, property other than land, including both tangible property and intangible property, is considered __________ property.A. realB. personalC. intangibleD. transient
