LEB 323 Exam 1 Questions with Revised Answers
What are the two basic types of future interest? - Answer-1. Reversion - exists when owner of a fee simple transfers a lesser interest and retains the residence
2. Remainder - exists when owner a fee simple transfers a lesser interest and provides ...
LEB 323 Exam 1 Questions
with Revised Answers
What are the two basic types of future interest? - Answer-1. Reversion - exists when
owner of a fee simple transfers a lesser interest and retains the residence
2. Remainder - exists when owner a fee simple transfers a lesser interest and provides
that the ownership will pass to third person upon expiration
What is a tenancy in common? - Answer--Co-owners are called tenants in common or
cotenants
What is the most important distinction between joint tenancy and tenancy in common? -
Answer--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? - Answer--Joint tenancy
What is a partition? - Answer--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? - Answer--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? - Answer--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? - Answer--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? - Answer--Contact and employ a real estate
broker or agent
What is the difference between broker and agent? - Answer--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 _____________ -
Answer--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? - Answer--Give the buyer an opportunity to investigate seller's
title (title examination)
What is title insurance? - Answer--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? - Answer--Takes place at the
closing - meeting attended by the seller and buyer as well as interested parties
What are the types of deeds? - Answer--General warranty
-Special warranty
-Quitclaim
-Deed of Bargain and Sale
What is a general warranty deed? - Answer--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? - Answer--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? - Answer--Grantor does not really purport to convey any title
to all of the grantee
What is a deed of bargain and sale? - Answer--Purports to convey title but does not
contain any warranties
What are requirements of a valid deed? - Answer--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? - Answer--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? - Answer--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? - Answer--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? - Answer--deed may contain significant restrictions on
the use of the property
What is implied warranty of habitability? - Answer--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? - Answer--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 - Answer-BUSINESS ETHICS AND LAW
Why is business ethics important? - Answer--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? - Answer--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? - Answer--Basic questions, arguments and
problem solving methods remain the same for all these domains
-In studying business ethics, we focus on business relationships and use examples of
business problems that raise ethical questions
, What the relationship between law and business ethics? - Answer--Complementary
subjects
What is the difference between legal and moral standards? - Answer--Legal standards
have a different source than moral ones
-Takes government power to adopt and enforce laws
-Consequences of violating legal and moral standards are different
-Legal and ethical standards influence each other but are not the same
What is the overlap between law and ethics? - Answer--Same general purpose
-Law not only reflects society's ethical values but can shape them as well
What are the four broad subjects that allow humans to live together in social groups? -
Answer-1. Negative appraisals of certain acts of harming others
2. Values pertaining to reciprocity and fairness
3. Requirements concerning behaving in a manner befitting one's status in social
hierarchy
4. Regulations clustering around bodily matters generally dominated by concepts of
purity and pollution
What are the philosophical approaches to ethical reasoning? - Answer--Utilitarianism
-Deontological view
-Virtue ethics
What is utilitarianism? - Answer--ethical theory that is committed solely to the purpose
of promoting the greatest good for the greatest number
-objective of maximizing social utility
What is deontological view? - Answer--The deontological view is a rule-based or Ten
Commandments sort of analysis, often identified with Immanuel Kant, who wrote that
every person's actions should be judged morally by asking the question "Can this action
be justified by reasons that are uniformly applicable to all other persons"
-Cannot make exceptions for themselves
What is virtue ethics? - Answer--Concentrates more on the actor attempting to become
a virtuous person in all aspects, rather than on the resolution of specific ethical issues
What is the moral minimum? - Answer--Set of general standards that constitute the
ethical minimum necessary for the functioning of civilization
What are the set of general standards that constitute the ethical minimum? - Answer--
Honesty
-Loyalty
-Keeping commitments
-Doing no harm
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