FINC 676 Quiz Review for Exam 1 Questions & Answers 100% Verified (Grade A+)

FINC 676 Quiz Review for Exam 1

Questions & Answers 100%

Verified (Grade A+)


Which of the following is NOT considered separate property?

A. Property owned by a spouse before marriage

B. The income generated by separate property

C. Property acquired after marriage by gift or inheritance

D. Recovery for personal injury - CORRECT ANSWER-B. The income generated

by separate property

Which of the following entities pass ordinances?

A. Congress

B. States

C. Cities and Counties

D. Judges - CORRECT ANSWER-C. Cities and Counties

, What is a Statute? - CORRECT ANSWER-A law created by a state legislature or

by Congress

The process by which a neutral third party assists parties in a conflict situation,

hopefully arriving at a mutually acceptable solution, is called_______?

A. Court of equity

B. Arbitration

C. Mediation

D. Summary Judgement - CORRECT ANSWER-C. Mediation

Under Texas law, which of the following is the dominant estate?

A. Subsurface Rights

B. Surface Rights

C. Whichever was purchased first

D. Neither is Dominant - CORRECT ANSWER-A. Subsurface Rights

Which of the following is NOT an aspect of tenancy in common?

A. Ownership by more than one

B. Tenancy in common cannot be presumed; it must be specifically created

C. Undivided interests




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