1. Question : Kevin and Emily own a house as joint tenants. If Kevin dies, Emily will own
- an undivided 50% interest in the house jointly with Kevin's heirs.
- a divided 50% interest in the house jointly with Kevin's heirs.
- the house, but only if she applies for partition and can pay Kevin's heirs their share.
- the house.
2. Question : The power of the government to regulate what use real property may be used for is known as
- adverse possession.
- eminent domain.
- zoning.
- community impact restriction.
3. Question : Which of the following is a partnership?
- Jennifer and Brad each put in $20,000 to buy a high interest Certificate of Deposit, intending to cash it at maturity and split the money equally.
- Allen, Bianca, and Caroline jointly run an organization offering free advice to LGBT teenagers.
- Peyton and Eli, who invest $50,000 and $75,000 respectively, buy a bookstore and run it together.
- All of these are partnerships.
4. Question : If you find a diamond bracelet on the public sidewalk, you are most likely to be able to keep the bracelet if it is
- lost property.
- mislaid property.
- abandoned property.
- Any of these: finders keepers.
5. Question : Isabel invents a new type of exercise shoe, which she calls the "Super Soul." To protect the name of her product, Isabel should get a
- patent.
- copyright.
- trademark.
- logo.
6. Question : A trademark is an example of
- personal property.
- tangible property.
- intellectual property.
- real property.
7. Question : Which of the following does NOT have the advantage of single taxation?
- Sole proprietorships
- Partnerships
- Corporations
- LLCs
8. Question : Which of the following has NOT been a criticism of the Supreme Court's decision in Citizens United v. Federal Election Commission?
- It allowed corporations to play too major a role in political campaigns.
- It allowed too much anonymity in money spent to influence campaigns.
- It overly restricted freedom of speech.
- All persons' rights are not identical.
9. Question : Cary, Dean, and Madeline are partners in a furniture store. Madeline wants to buy some antiques from an upcoming estate sale. Dean thinks it's a good idea, but Cary says it is too pricey. Madeline goes ahead and buys the antiques. Which of the following best describes the situation?
- All three partners must agree on the furniture purchase.
- The estate can hold the partnership liable, but Madeline has breached her duty to the partnership.
- Cary will not be liable to the estate on the antiques contract.
- The partnership and all three partners will be liable on the contract for the antiques.
10. Question : Aaron and Jerard form a partnership, with Aaron as general partner and Jerard as a limited partner. Which of the following is true?
- Aaron will be fully personally liable for business debts.
- Jerard will not be personally liable for business debts.
- If Jerard dies, the partnership will dissolve.
- Two of these