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problem 1: A fee simple interest in real property gives the title holder the right to:

a. Exclusive possession of a property subject to municipal by-laws and specified entries by government officials.
b. Exclusive possession of a property for his or her lifetime.
c. Exclusive possession of a property for a specified period of time.
d. Both a and b.
 
problem 2: This form of ownership involves two or more people having an equal undivided interest in the property with the right of survivorship:

a. Joint tenancy
b. Tenancy in common
c. Condominium
d. Cooperative
 
problem 3: When it comes to repairs, which of the following is a standard covenant in a commercial lease?

a. The tenant is responsible for all repairs except for structural defects.
b. The tenant will make minor repairs; the landlord will make major repairs.
c. Neither party will make repairs; the tenant must not cause excessive wear or commit waste; and the landlord will maintain hallways and elevators.
d. The tenant must not cause excessive wear or commit waste; in return the landlord will make all reasonable repairs required to maintain the property.
 
problem 4: The promise to refrain from certain conduct on, or use of, land is known as:

a. Easement
b. Adverse possession
c. Restrictive covenant
d. Expropriation
 
problem 5: You find a laptop in the guest parking lot of your employer’s property. If you cannot find the rightful owner of the laptop, the laptop will:

a. Belong to you as the finder because it was found on public property.
b. Belong to the employer because it was found on the public part of your employer’s property.
c. Belong to you as the finder because it was found on the private part of the employer’s property.
d. Belong to you no matter what because you found the laptop.

Business Law & Ethics, Finance

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