Property Law (Law)

Which of the following is an example of real property?

• A book

• A tomato growing in a vegetable garden

• A tree naturally growing on a piece of land

• A computer

Which of the following loans is also known as a gap loan?

• Bridge loan

• FHA loan

• Fixed-rate loan

• Adjustable-rate loan

Which of the following types of loan is suitable for homeowners who plan to move and sell their home before their fixed-rate period is up?

• Bridge loan

• USDA loan

• Adjustable-rate loan

• VA loan

Which of the following is the most common type of loan?

• Bridge loan

• Adjustable-rate loan

• Fixed-rate loan

• FHA loan

Which of the following is NOT true of a VA loan?

• It is prepared for veterans who have served three years in the reserves

• It requires no down payment and no mortgage insurance fee

• It is prepared for veterans who have served 90 consecutive days during war time

• It requires the property must be the veteran’s primary residence

Which of the following is an example of chattel?

• A building

• A bank account

• A desk

• An intellectual property

Julie agrees to look after Michael’s car when he is on vacation. Which of the following statements is correct?

• It is a bailment in favor of Julie

• It is a bailment for the sole benefit of the bailor

• It is a mutual benefit bailment

• It is a bailment for the sole benefit of the bailee

Which of the following is NOT true about a personal property?

• It can be tangible and intangible

• It is all property which is not considered real property

• It can never become real property

• It is a movable property

Leslie agrees to lend his car to Carrie for no charge. Which of the following statements is correct?

• It is a bailment in favor of Leslie

• It is a mutual benefit bailment

• It is a bailment for the sole benefit of the bailor

• It is a bailment for the sole benefit of the bailee

Which of the following is NOT true about a personal property?

• It can never become real property

• It is a movable property

• It can be tangible and intangible

• It is all property which is not considered real property