BUSA 2106 Test 2 Multiple Choice Questions and Answers 100% Pass

BUSA 2106 Test 2 Multiple Choice Questions and Answers 100% Pass 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 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 Page 2/27 ©EmilyCharlene 2024. All Rights Reserved. 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 The right to cross over land is called? A) an easement B) a crossing Page 3/27 ©EmilyCharlene 2024. All Rights Reserved. C) passage D) bailment - A 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 Page 4/27 ©EmilyCharlene 2024. All Rights Reserved. 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? A) accession B) first possession C) new possession D) abandonment - B According to your Power Point Lecture, which one of the following is a deed that provides you with the least protection? A) quick claim B) warranty C) special warranty D) quit claim - D 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 Page 5/27 ©EmilyCharlene 2024. All Rights Reserved. You do not make you payments on your house for 6 months. The bank takes back the house. You win the lottery and now have enough money to pay off the mortgage as well as penalties and interest before the bank auctions your house off. The ability to get your house back is called? A) right of redemption B) right of second possession C) reverse mortgage D) deficiency - A Brenda purchases a new t.v. from Buy More and finances the transaction. In the agreement, Buy More states that if Brenda fails to make her payments, then Buy More will take back the new t.v. What is the new t.v. serving as in the transaction?