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Oregon Law Exam (Chp 1-11): Questions & Answers (A+)
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Oregon Law Exam (Chp 1-11): Questions & Answers (A+)
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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
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