Exam (elaborations)
Oregon Law Exam (Chp 1-11): Questions & Answers (A+)
- Course
- Institution
Oregon Law Exam (Chp 1-11): Questions & Answers (A+)
[Show more]
Content preview
Oregon Law Exam (Chp 1-11): Questions & Answers(A+)
When using the appropriative rights for water, a/an ________________ must be
granted Right Ans - Application
MOG rights for real property refer to ________________________________. Right
Ans - Mineral, oil, and gas rights
Riparian rights are _______________ recorded. Right Ans - Usually not
Which of the following would be considered a right of ownership under the
bundle of rights? Right Ans - Water rights
Mineral, oil and gas rights
Right to build on the property
Ownership of personal property is transferred using a____________. Right Ans
- Bill of sale
A deed is used when transferring Right Ans - Real property
A deed of trust or mortgage is used as Right Ans - Security for a loan
In a transaction where real and personal property are being sold together, a
bill of sale should be delivered to the buyer at the time
of___________________________. Right Ans - Closing
The document used to create a lien used for personal property is a
_________________. Right Ans - Security agreement
The Uniform Commercial Code is also known as the ______________. Right Ans
- The code, or UCC
Chapter _____in Oregon State Law addresses the General Provisions for
Uniform Commercial Code. Right Ans - 71
,An owner of a parcel of land sold the mineral right to the land to another
person. The mineral rights _____________________________. Right Ans - were real
property and are now personal property
The land owner must apply to the________ for a water rights certificate.
Right Ans - State
A landowner has the right of subjacent support which is the support from
the_______________. Right Ans - underlying earth under the landowner's
property
mineral and oil rights
A typical item of personal property that might be transferred with real
property in a transaction would be __________________. Right Ans -
Refrigerator
Washer
Dryer
There are five tests used to determine whether an item is a fixture. These tests
can be easily remembered with the acronym ________________________. Right
Ans - MARIA
MARIA stands for Right Ans - Method of attachment, Adaptation,
Relationship between the parties, Intent of the annexor (the person who
installed it) and Agreement of the parties.
Items that are installed by a tenant to enable them to carry on a trade or a
business are called _______________________. Right Ans - Trade fixtures
Real property is converted to personal property by a process called _________
or_____________. Right Ans - actual severance or constructive severance
Adaptation of the Item to the Environment is a test to determine: Right Ans
- If an item is a fixture
Natural attachments and man-made attachments are considered to
be_____________. Right Ans - Real property
, A tenant installed a light bulb in a floor lamp the she owned. The light bulb is
considered to be____________________________. Right Ans - personal property
property of the tenant
Annual crops are known as _____________________. Right Ans - Emblements
Fructus industrials
Crops could be used as Right Ans - Security on a loan
Annual crops are normally considered Right Ans - Personal property
Natural growth called fructus naturals are perennial plantings and are
normally considered Right Ans - Real property
When one person individually owns the property they are said to own the
property in/as ______________. This is also known as ____________ ownership.
Right Ans - severalty, sole
There are two types of partnerships: Right Ans - General
Limited
all partners share in the profits and management of the assets of the
partnership. Each partner has an equal share in the partnership, unless stated
otherwise. Right Ans - General partnerships
have no personal liability for the partnerships obligations and debts and
cannot make management decisions. Right Ans - Limited partners
Syndicates may be organized as a: Right Ans - Trust
Joint Venture
Corporation
Two advantages of REIT Right Ans - Real Estate Investment Trust
Two advantages of a REIT may be the lack of being taxed at the corporate level
and the ease of liquidity
A corporation is owned by individual shareholders who purchase ______ in the
company. Right Ans - Shares
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller Studycafe. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $14.99. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67163 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now