business law 6

Question 1 of 20
5.0 Points

A 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.

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Question 2 of 20
5.0 Points

A 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.

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Question 3 of 20
5.0 Points

The 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.

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Question 4 of 20
5.0 Points

When 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.

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Question 5 of 20
5.0 Points

An 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.

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Question 6 of 20
5.0 Points

A guest whose stay is relatively uncertain is known as a:

  A. traveler.
  B. customer.
  C. transient.
  D. temporary.

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Question 7 of 20
5.0 Points

An 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. business
  B. government
  C. public
  D. common

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Question 8 of 20
5.0 Points

The law requires that a common carrier must accept all shipments that it is authorized to:

  A. purchase.
  B. handle.
  C. hypothecate.
  D. pledge.

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Question 9 of 20
5.0 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 right
  B. Accession
  C. Legal right
  D. Anticipation

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Question 10 of 20
5.0 Points

Ownership is held in __________ when all the rights of ownership in a particular piece of property are held by one person.

  A. severalty
  B. solitary
  C. defiance
  D. accession

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Question 11 of 20
5.0 Points

When two or more persons own equal shares of a property then it is called:

  A. severalty.
  B. co-ownership.
  C. joint tenancy.
  D. multiparty.

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Question 12 of 20
5.0 Points

The 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.

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Question 13 of 20
5.0 Points

In 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. accession
  B. precession
  C. life estate
  D. benefit

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Question 14 of 20
5.0 Points

A living trust is also known as a(n) __________ trust.

  A. testamentary
  B. contemporary
  C. inter vivos
  D. constructive

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Question 15 of 20
5.0 Points

The responsibility of the trustee is that of a(n):

  A. fiduciary.
  B. probationary.
  C. stationary.
  D. exemplary.

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Question 16 of 20
5.0 Points

A person who makes a will is known as a(n):

  A. testator.
  B. administrator.
  C. executor.
  D. trustee.

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Question 17 of 20
5.0 Points

If the personal representative has been named in the will, he or she is known as the:

  A. executor.
  B. administrator.
  C. testator.
  D. legacy.

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Question 18 of 20
5.0 Points

A formal printed will must be signed by the testator and:

  A. executed.
  B. scripted.
  C. witnessed.
  D. supplemented.

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Question 19 of 20
5.0 Points

An agreement reached between a bailor and a bailee is a:

  A. mortgage.
  B. bailout.
  C. bailment.
  D. codicil.

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Question 20 of 20
5.0 Points

Legally, property other than land, including both tangible property and intangible property, is considered __________ property.

  A. real
  B. personal
  C. intangible
  D. transient

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