Busa 2106 - Property Systems Updated Actual Questions And Correct Answers

BUSA 2106 - PROPERTY SYSTEMS UPDATED ACTUAL
QUESTIONS AND CORRECT ANSWERS

Question:
1. A bundle of private, exclusive rights in people to acquire,
posses, use and transfer scare resources

Answer:
property

Question:
2. The legal right to exclude others from resources that are
originally possessed or are acquired without force, theft
or fraus

Answer:
property

Question:
3. Anything that someone may need or want

Answer:
resources
(land, widgets, other physical things)

Question:
4. What is the basis for all property as per John Locke?

Answer:
self ownership

Question:
5. Property is ____________ but not infinite.

Answer:
absolute

Question:
6. Property is the ___________ of our entire legal system.

Answer:
hub

, Question:
7. Property is ________________ to the legal environment of
business.

Answer:
central

Question:
8. A transfer of an interest in property for the purpose of
creating a security for a debt. A type of security intererst
in land usually securing an extension of credit

Answer:
mortgage

Question:
9. Private property also promotes capital formation.

Answer:
true

Question:
10. Two basic legal divisons of property

Answer:
real property
Personal property

Question:
11. Property in land and interest in land

Answer:
real property

Question:
12. Land ownership is known as

Answer:
realty/real estate

Question:
13. Real property law applies to land and interests in land. All
other resources are protected by_____________________ law

Answer:
personal property