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LEB 323 Test with Questions Solved 100% Correct | Verified
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LEB 323 Test with Questions Solved 100%Correct | Verified
What is a tenancy in common? - ✔✔-Co-owners are called tenants in common or cotenants
What is the most important distinction between joint tenancy and tenancy in common? -
✔✔-Disposition of co-owner's interest when he or she dies
-Interest of tenant in common passes to that person's heir according to their will
-Joint tenancy interest passes to surviving joint tenant
Which concurrent ownership is more difficult to create? - ✔✔-Joint tenancy
What is a partition? - ✔✔-In either a tenancy in common or a joint tenancy, none of the co-
owners owns any segregated portion of the land. Instead, each owns an undivided fractional
interest in the entire tract of land
What is a cooperative corporation? - ✔✔-A cooperative corporation is formed under special
state statutory provisions and the corporations owns the building. -Each occupier of a living unit
owns shares of stock in the corporation and leases the unit from the corporation
In regards to marital property, what is tenancy of the entireties? - ✔✔-Same as a joint
tenancy with right of survivorship, the surviving spouse taking complete ownership of the death
of the other
-Unlike a joint tenancy, a tenancy by the entireties cannot be severed by one party
-Cannot be transferred by one spouse without the consent of the other and the creditors of one
spouse cannot reach the property without consent of the other
What are other marital property rights? - ✔✔-Wife = dower, consisting of a life estate in 1/3
of her husband's real property after his death
,-Husband = curtesy, consisting of a life estate in all of his wife's real property after her death
What is the first step in selling property? - ✔✔-Contact and employ a real estate broker or
agent
What is the difference between broker and agent? - ✔✔-In the book, both agents and
brokers are referred to as realtors but brokers usually have to have more licenses and own their
own real estate agency with agents working for them
When making an offer to buy or entering the contract, the buyer often _____________ -
✔✔-makes a deposit referred to as earnest money
What is one of the main reasons for making a sale contract rather than immediatley
transferring ownershiop? - ✔✔-Give the buyer an opportunity to investigate seller's title
(title examination)
What is title insurance? - ✔✔-Title insurance is purchased from a company engaged in the
business of selling such insurance, simply provides that the issuing company will compensate
the buyer for any loss if the title ultimately proves defective
When does the actually transfer of ownership take place? - ✔✔-Takes place at the closing -
meeting attended by the seller and buyer as well as interested parties
What are the types of deeds? - ✔✔-General warranty
-Special warranty
-Quitclaim
-Deed of Bargain and Sale
What is a general warranty deed? - ✔✔-Most desirable kind to obtain because it carries
certain warranties that the title is good
,-These warranties are implied even if not expressed
What are special warranty deeds? - ✔✔-There is a warranty only that the title has not been
diminished in any way by a personal act of the grantor
What is a quitclaim deed? - ✔✔-Grantor does not really purport to convey any title to all of
the grantee
What is a deed of bargain and sale? - ✔✔-Purports to convey title but does not contain any
warranties
What are requirements of a valid deed? - ✔✔-A deed does not require consideration
-Deed must name Grantor and Grantee
-Must contain words of conveyance - words indicating a present intent to transfer ownership to
grantee
-Description of land being conveyed
-Signed by grantor
-Delivered to the grantee
What is adverse possession? - ✔✔-A party can acquire ownership of land by taking
possession of it and staying in possession for a certain number of years
What are requirements for Title by Adverse Possession? - ✔✔-Actual Possession: possessor
must have exercised some type of physical control over the land that indicates a claim of
ownerhsip
-Reasonably Continuous
-Must be nonconsenual
, What is eminent domain? - ✔✔-Power of the government to take private property for public
purposes is referred to as the power of eminent domain
-Government must pay fair value for property
What are restrictive covenants? - ✔✔-deed may contain significant restrictions on the use of
the property
What is implied warranty of habitability? - ✔✔-Courts in most states have recognized an
implied warranty of habitability in the sale of the new residential housing
-Does not apply to minor defects but only to major defects that substantially interfere with the
buyer's use of the property as a residence
-Generally has applied only to sales by a builder or other seller who is in the housing business
What is zoning? - ✔✔-essentially a law specifiying the permissible uses of land in designated
areas
-zoning ordinances usually permit the continuance of a preexisting use even though it does not
conform to the zoning restrictions for that area
CHAPTER 36 - ✔✔BUSINESS ETHICS AND LAW
Why is business ethics important? - ✔✔-There has never been a better time to act ethically -
most valued traits of potential employees
-There has never been a worst time to act unethically - technology, Sarbanes-Oxley
What is ethics? - ✔✔-Ethics refers to the study of morality by systematically exploring moral
values, moral standard and obligations, moral reasoning and moral judgments
-Morality and morals refer to appropriate treatment of our fellow human beings
Is business ethics any different than ethics? - ✔✔-Basic questions, arguments and problem
solving methods remain the same for all these domains
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