Question: Which of the following best describes the difference between a warranty deed and a special warranty deed?

Answer Options:

A warranty deed provides the buyer/grantee more protection.
A special warranty deed provides the buyer/grantee more protection.
For a warranty deed to be enforceable, the buyer/grantee must purchase title insurance.
There is no difference between the two deeds.

Answer: A warranty deed provides the buyer/grantee more protection.

 

Question: Krista has a life estate in a residence. She decides to sell her life estate to Sujoy. Which of the following is true?

Answer Options:

Sujoy’s interest in the life estate ends upon Krista’s death.
Since Krista only has a life estate, she and Sujoy become tenants in common.
Krista could have sold the entire property outright to Sujoy.
Once she purchases the life estate, Sujoy is entitled to live in the residence for the rest of her life.

Answer: Sujoy’s interest in the life estate ends upon Krista’s death.

 

Question: Enjoying gelato at the Duomo, Teah and Krista see a sign that says “341 Meeting This Tuesday.” What can Teah and Krista expect should they decide to attend?

Answer Options:

A trustee asking a debtor questions.
A bankruptcy judge deciding whether the debtor’s bankruptcy should be a Chapter 7 or Chapter 13.
A trustee deciding that a debtor’s debt has been discharged.
An auction of a debtor’s non-exempt property.

Answer: A trustee asking a debtor questions.

 

Question: The difference or similarity of a Chapter 13 and a Chapter 11 bankruptcy is which of the following?

Answer Options:

A Chapter 13 bankruptcy is a total liquidation of the debtor’s non-exempt property and a Chapter 11 bankruptcy involves the partial payment of debt.
A Chapter 11 bankruptcy is a total liquidation of the debtor’s non-exempt property and a Chapter 13 bankruptcy involves the partial payment of debt.
In a Chapter 13 bankruptcy, there is a trustee, whereas in a Chapter 11 bankruptcy there is not.
Both types of bankruptcy are exactly the same except that a Chapter 13 bankruptcy involves more paper, and a Chapter 11 bankruptcy involves more in-person business.

Answer: In a Chapter 13 bankruptcy, there is a trustee, whereas in a Chapter 11 bankruptcy there is not.

 

Question: Priscilla sells Sujoy a tract of land for $35,000. Priscilla executes a quitclaim deed to Sujoy. After purchasing the lot, Sujoy begins building a house on the land. Then, Teah produces a deed showing that she owns the property in fee simple absolute. Which of the following is true?

Answer Options:

Teah cannot take the land from Sujoy due to promissory estoppel.
Sujoy can sue Priscilla because she warranted her ownership of the tract of land she sold to Sujoy.
Teah cannot not take the land from Sujoy because Priscilla sold it to Sujoy.
The tract of land belongs to Teah.

Answer: The tract of land belongs to Teah.

 

Question: At a meeting, the regional manager informs the store managers that none of the merchandise will be discounted. One manager, believing that discounts are good for business, decides to discount candies by 10%. When the regional manager discovers this, he instructs the store manager to insist that all customers who purchased the candies pay the additional 10% or return the candies. Which of the following is true?

Answer: The customers can keep the candies because the manager had the apparent authority to grant the discount.

 

Question: Which of the following is not necessary in a principal agency relationship?

Answer Options:

Consent
Consideration
Authority
Two parties

Answer: Consideration

 

Question: Marketable title is which of the following?

Answer Options:

Title to real estate that can be transferred without encumbrances
Property that is sold for its true value
Property that has passed inspection
Title to property in fee simple

Answer: Title to real estate that can be transferred without encumbrances

 

Question: Asher is selling his house to Mollie Cule. There is an issue as to whether a microwave is a fixture, and thus, is part of the house. Which of the following will be determinative?

Answer Options:

The price of the microwave
Whether the microwave is built into a space such that its removal would cause damage
Whether smart microwaves are used contemporarily, thereby classifying it as a trade fixture
None of the alternatives are correct

Answer: Whether the microwave is built into a space such that its removal would cause damage

 

Question: At a fancy smancy party, one of the party goers tells Mackensie that the party goer’s sister is filing bankruptcy and that 2 days after files the bank plans to start a foreclosure action. Mackenzie’s response is?

Answer Options:

Because there is a foreclosure action, the bankruptcy will have no effect on the outcome.
The automatic stay will prevent the foreclosure action from moving forward.
The trustee will decide whether or not the foreclosure action will go forward.

Answer: The automatic stay will prevent the foreclosure action from moving forward.

 

Question: Kathleen and Mackensie are staring at a pallet of firewood and in unison they say which of the following?

Answer Options:

That firewood is real property because it came from a planted tree.
That firewood is real property if it is brought into a home and burned in a fireplace.
That firewood is personal property.
That firewood is real property until it starts to burn.

Answer: That firewood is personal property.

 

Question: On a hot day, Fernando wanders around Florence asking everybody he sees whether they know of a good Italian restaurant. Finally, he happens upon a museum dedicated to Italian cuisine and enters it to take one of the “water bottles” in the middle of the main floor of the museum. At the table, it says “take one.” Without buying a ticket, Fernando takes the water bottle and leaves the museum. Which of the following is true?

Answer Options:

Fernando is entitled to enter because the museum is open to the general public.
Fernando does not have a license to enter the museum.
Fernando can take the water bottle as long as he leaves immediately after taking a promotional item.
Fernando has an easement to enter the museum.

Answer: Fernando is entitled to enter because the museum is open to the general public.

 

Question: Myra asks Dottie to sign for an Amazon package for her. When Dottie signs for the package she opens it to discover that it is the latest and greatest iPhone. Dottie decides to activate it and discovers its amazing features. Which of the following is true?

Answer Options:

Dottie has exceeded her express authority which was limited to signing for the package.
Since Dottie was authorized to sign for the package, her implied authority included opening the package.
Dottie did Myra a favor because she could verify that the iPhone was not defective.
Dottie had the apparent authority to open the package and verify its functionality.

Answer: Dottie has exceeded her express authority which was limited to signing for the package.

 

Question: Teah and Krysella are joint tenants with right of survivorship with respect to an apartment building. Teah sells her interest to Fernando. Which of the following is true?

Answer: Krysella and Fernando are now joint tenants with right of survivorship.

 

Question: What is the best argument to be made for concluding that a book is intangible personal property?

Answer Options:

It is not real property.
There is no viable argument since you can hold a book in your hand.
Although a book is tangible, the ideas and general appeal of a book could also be considered to have the attribute to exist in the same ilk. Hence, ideas and appeal, despite being intangible if it is worth more than the cost of the paper and the cover.
It is not attached to land.

Answer: Although a book is tangible, the ideas and general appeal of a book could also be considered to have the attribute to exist in the same ilk. Hence, ideas and appeal, despite being intangible if it is worth more than the cost of the paper and the cover.

 

Question: If a utility company runs power lines through private property, which of the following is true?

Answer Options:

The utility company has an easement in gross or a profit in gross with respect to the property.
The property must be acquired through a quit claim deed.
The utility company has a license.

Answer: The utility company has an easement in gross or a profit in gross with respect to the property.

 

Question: The goal of DevOps is to

Answer Options:

Configure IT infrastructure using definition files
Reduce the time needed to introduce changes in a running system
Isolate user space on a computer
Use interactive tools to configure IT infrastructure

Answer: Reduce the time needed to introduce changes in a running system