Question 1: A fee simple interest in real property gives the title holder the right to:
a) Exclusive possession of a property subject to municipal by-laws and specified entries by government officials.
b) Exclusive possession of a property for his or her lifetime.
c) Exclusive possession of a property for a specified period of time.
d) Both a and b.
Question 2: This form of ownership comprises two or more people having an equavalent undivided interest in the property with the right of survivorship:
a) Joint tenancy
b) Tenancy in common
c) Condominium
d) Cooperative
Question 3: When it comes to repairs, which of the givenis a standard covenant in a commercial lease?
a) The tenant is responsible for all the repairs except for structural defects.
b) The tenant will make minor repairs; the landlord will make main repairs.
c) Neither party will make repairs; the tenant must not cause excessive wear or commit waste; and the landlord will maintain hallways and elevators.
d) The tenant should not cause excessive wear or commit waste; in return the landlord will make all reasonable repairs needed to maintain the property.
Question 4: The promise to refrain from certain conduct on, or use of, land is termed as:
a) Basement
b) Adverse possession
c) Restrictive covenant
d) Expropriation
Question 5: You find out a laptop in the guest parking lot of your employer’s property. If you can't determine the rightful owner of the laptop, the laptop will:
a) Belong to you as the finder as it was found on public property.
b) Belong to the employer as it was found on the public part of your employer’s property.
c) Belong to you as the finder as it was found on the private part of the employer’s property.
d) Belong to you no matter what as you found the laptop.