OREGON ASTHETIC LAW ACTUAL EXAM
CURRENTLY TESTING COMPLETE ACCURATE
EXAM QUESTIONS WITH DETAILED VERIFIED
ANSWERS (100% CORRECT ANSWERS) /ALREADY
GRADED A+
An owner of a parcel of land sold the mineral right to the land to another person. The
mineral rights________. - ANSWER were real property and are now personal property
Joint ventures in the United State began with the railroads in the late ________. -
ANSWER 1700's
There are two types of partnerships: - ANSWER General Partnership and Limited
Partnership
Syndicates may be organized as a: - ANSWER Trust, Joint Venture or Corporation. (a
group of individuals or organizations combined to promote some common interest.)
In a transaction where real and personal property are bing sold together, a bill of sale
should be delivered to the buyer at the time of ________. - ANSWER closing
Natural attachments and man-made attachments are considered to be ________. -
ANSWER real property
Crops could be used as ________ on a loan. - ANSWER security
HOA is an acronym for ________. - ANSWER Homeowner's Association
When each joint tenant has an equal interest in the property, this is known as
________. - ANSWER the unity of interests
________ in a condominium complex are common areas that reserved for the use of
one unit or more. - ANSWER Limited common elements
The actual act of taking of private property for public use is done through ________
proceedings. - ANSWER Condemnation
There are five test used to determine whether an item is a fixure. These tests can be
easily remembered with the acronym ________. - ANSWER MARIA
- Method of Attachment
- Adaptation
- Relationship between the parties
, - Intent of the annexor (person who installed it)
- Agreement of the parties
Bill borrowed $90,000 from his local bank so that he could plant more orange orchard
trees and buy fertilizer and pesticides for this existing orange orchard. The bank put a
lien on his next crop of oranges. If Bill were to default on the loan, the bank could have
the right of ownership of the crop and may be able to harvest the crop and sell the crop.
This is because the crop was used for ________ on the loan. - ANSWER collateral
An advantage of forming a S Corporation is ________. - ANSWER avoiding double
taxation
(However, it cannot have more than 75 shareholders and all of the shareholders must
agree on the S Corporation formation)
________ may hold title to property in a trust. - ANSWER Groups and Individuals
California and Washington are ________ law states. - ANSWER community property
MOG rights for real property refer to ________. - ANSWER mineral, oil and gas rights.
The owner of land which is being taken through condemnation must be paid a
________ for the property. - ANSWER fair and just compensation
If the grantor of an estate specifies that the grantor will get the estate back after the life
tenant, then this is referred to as an ________. - ANSWER estate in reversion
The Uniform Commercial Code is also known as the ________. - ANSWER the code or
UCC
What is not considered to be a sufficient legal description on a dee? - ANSWER Street
name and house number
1 square mile = ________ - ANSWER 640 acres (5,280 ft x 5,280 ft = 27,878,400 ft^2
divided by 43,560= 640)
Section #36 is located in the ________ corner of a township. - ANSWER southeast
In regards to a triangle, the base x height divided by 2 = ________. - ANSWER area
Cubic conversions entail multiplying ________ numbers - ANSWER three
(Length x width x depth)
The ________ is the distance around a parcel of land. - ANSWER perimeter
A Section is ________ acres. - ANSWER 640
CURRENTLY TESTING COMPLETE ACCURATE
EXAM QUESTIONS WITH DETAILED VERIFIED
ANSWERS (100% CORRECT ANSWERS) /ALREADY
GRADED A+
An owner of a parcel of land sold the mineral right to the land to another person. The
mineral rights________. - ANSWER were real property and are now personal property
Joint ventures in the United State began with the railroads in the late ________. -
ANSWER 1700's
There are two types of partnerships: - ANSWER General Partnership and Limited
Partnership
Syndicates may be organized as a: - ANSWER Trust, Joint Venture or Corporation. (a
group of individuals or organizations combined to promote some common interest.)
In a transaction where real and personal property are bing sold together, a bill of sale
should be delivered to the buyer at the time of ________. - ANSWER closing
Natural attachments and man-made attachments are considered to be ________. -
ANSWER real property
Crops could be used as ________ on a loan. - ANSWER security
HOA is an acronym for ________. - ANSWER Homeowner's Association
When each joint tenant has an equal interest in the property, this is known as
________. - ANSWER the unity of interests
________ in a condominium complex are common areas that reserved for the use of
one unit or more. - ANSWER Limited common elements
The actual act of taking of private property for public use is done through ________
proceedings. - ANSWER Condemnation
There are five test used to determine whether an item is a fixure. These tests can be
easily remembered with the acronym ________. - ANSWER MARIA
- Method of Attachment
- Adaptation
- Relationship between the parties
, - Intent of the annexor (person who installed it)
- Agreement of the parties
Bill borrowed $90,000 from his local bank so that he could plant more orange orchard
trees and buy fertilizer and pesticides for this existing orange orchard. The bank put a
lien on his next crop of oranges. If Bill were to default on the loan, the bank could have
the right of ownership of the crop and may be able to harvest the crop and sell the crop.
This is because the crop was used for ________ on the loan. - ANSWER collateral
An advantage of forming a S Corporation is ________. - ANSWER avoiding double
taxation
(However, it cannot have more than 75 shareholders and all of the shareholders must
agree on the S Corporation formation)
________ may hold title to property in a trust. - ANSWER Groups and Individuals
California and Washington are ________ law states. - ANSWER community property
MOG rights for real property refer to ________. - ANSWER mineral, oil and gas rights.
The owner of land which is being taken through condemnation must be paid a
________ for the property. - ANSWER fair and just compensation
If the grantor of an estate specifies that the grantor will get the estate back after the life
tenant, then this is referred to as an ________. - ANSWER estate in reversion
The Uniform Commercial Code is also known as the ________. - ANSWER the code or
UCC
What is not considered to be a sufficient legal description on a dee? - ANSWER Street
name and house number
1 square mile = ________ - ANSWER 640 acres (5,280 ft x 5,280 ft = 27,878,400 ft^2
divided by 43,560= 640)
Section #36 is located in the ________ corner of a township. - ANSWER southeast
In regards to a triangle, the base x height divided by 2 = ________. - ANSWER area
Cubic conversions entail multiplying ________ numbers - ANSWER three
(Length x width x depth)
The ________ is the distance around a parcel of land. - ANSWER perimeter
A Section is ________ acres. - ANSWER 640
