BUSA 2106 Test 2 Multiple Choice Questions and Answers New (2025/2026) Solved 100% Correct
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Course
BUSA 2106
Institution
BUSA 2106
You buy a house by paying $5,000 and obtaining a mortgage for the remainder owed
($200,000). You do not make any payments for 6 months and the bank takes back the
house from you. What is this process called (by your textbook)?
A) repossession
B) foreclosure
C) deficiency
D) redemption - ️�...
BUSA 2106 Test 2 Multiple Choice
You buy a house by paying $5,000 and obtaining a mortgage for the remainder owed
($200,000). You do not make any payments for 6 months and the bank takes back the
house from you. What is this process called (by your textbook)?
A) repossession
B) foreclosure
C) deficiency
D) redemption - ✔️✔️B
The right to cross over land is called?
A) an easement
B) a crossing
C) passage
D) bailment - ✔️✔️A
Which one of the following is accurate regarding air rights?
A) you can exclude jetliners flying over your house
B) you own the air above your house to the extent that you can occupy or use it in
connection with the land
C) you cannot sell your air rights for development
D) you do not own any of the air above your house - ✔️✔️B
Your textbook suggests that property promotes prosperity in three ways. Which way
occurs by allowing people to keep and benefit from what they produce, thereby
motivating effort?
A) incentive
B) divisibility of resources
C) profitability of business
D) establishes the conditions necessary for capital formation - ✔️✔️A
According to your Power Point Lecture, which of the following is considered a fixture?
A carpeting that is glued to the floor
B) car
C) clothes
D) loose carpeting (like a rug) - ✔️✔️A
Which one of the following is NOT accurate regarding subsurface rights?
, A) you cannot sell subsurface rights separately from the land (i.e. they are bundled
together)
B) the rule of capture may limit the amout of resources (oil, gas, or water) that flow
underneath your land
C) subsurface rights may be able to be separated from the land and sold
D) liquids, like oil and water, and gases, like natural gas, can flow from one parcel to
another - ✔️✔️A
Tommy and Gayle own an estate together. Tommy owns 35% and Gayle owns 65%,
what type of concurrent estate is this?
A) tenancy in common
B) joint tenancy
C) dual tenancy
D) multiple tenancy - ✔️✔️A
______ represents the maximum estate allowed under law, the owner having the fullest
legal rights and powers to possess, use, and transfer the land.
A) Simplified Controlled
B) Fee Simple
C) Maximum
D) Full - ✔️✔️B
You sell your house. While you are waiting to move into your next house, you store your
furniture and appliances with KW Storage. What type of special property application
situation is this?
A) the property with the right of redemption
B) a bailment
C) transportation estate
D) an easement - ✔️✔️B
The most common way to acquire property is?
A) confusion
B) exchange
C) gift
D) accession - ✔️✔️B
Which type of resource acquistion method requires intent and delivery?
A) new possession
B) exchange
C) gift
D) accession - ✔️✔️C
An asteroid falls to the earth and lands in your back yard. The asteroid contains gold
which has never been owned before. What resource aquisition method would allow you
to claim the gold/asteroid as your own?
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