1. Which of the following is TRUE about real property?

a. In a joint tenancy with a right of survivorship, when one joint tenant dies his or her interest in the property passes automatically to the surviving joint tenant, who is typically the surviving spouse.

b. The real estate contract is the legal instrument that transfers title to real property.

c. "Quitclaim deeds" are illegal since no warranties of title are made by the grantor.

d. Real property cannot be owned concurrently in the U.S. since the government will not know exactly who is going to pay the taxes on the property.

2. Which corporate law doctrines are designed to give the shareholders some indirect control of the corporation?

a. Voting for the board of directors

b. Cumulative voting

c. Voting trusts and pooling agreements

d. All of the above

3. Which of the following is true about modern business corporations?

A) The current societal expectation is that a corporation should just make money legally and not worry about the local community or society or ethics.

B) Since the corporation is not a real person it can never be judged from an ethical point of view.

C) The corporate vice-president of ethics has the power to veto what he or she considers as immoral corporate actions, but the veto according to the SEC can be overridden by a two-thirds vote of the board of directors.

D) None of the above