Deck 6: Legally Managing Property

Question 1

U.S. hotel companies seeking to register trademarks and service marks in foreign countries must go through the task of registering the marks in each and every jurisdiction it intends to use the marks because there are no short-cuts when it comes to registrations.

Answer 1

False

Question 2

Which of the following terms is used when dealing with both real property and personal property?

A) Deed
B) Lease
C) FOB (Free On Board)
D) UCC

Answer 2

B

Question 3

A grant issued by a governmental entity ensuring an inventor the right to exclusive production and sale of their invention is a?

A) Copyright
B) Patent
C) Trademark
D) Public domain

Answer 3

B

Question 4

The Lanham Act is the major federal law that deals with leasing real property.

Question 5

Personal property could be considered all property that is not real property.

Question 6

Some common instances where title insurance has protected a buyer include the following except?

A) Forgery
B) B. Improper court proceedings
C) C. Survey mistakes
D) D. Liens of record.

Question 7

Which of the following legal documents would not be used by a lender to secure collateral for a loan to buy a restaurant?

A) Mortgage
B) Deed of Trust
C) Quitclaim Deed
D) UCC-1 Financing Statement
E) Deed to Secure Debt

Question 8

The most common type of rental or lease payments in hospitality is the triple-net lease where the lessee pays for all associated costs of leasing.

Question 9

A Quitclaim Deed _____.

A) Has no legal consequence.
B) Is use to transfer title to real property with no warranties of title.
C) Is used to transfer title to real property with full warranties of title.
D) Is obsolete and no longer used in modern real estate transactions.

Question 10

An example of trade dress would be the unique turquoise colored boxes used by Tiffany's stores.

Question 11

Which of the following is the formal legal document used to transfer ownership of personal property?

A) Warranty Deed
B) Mortgage
C) Bill of Sale
D) UCC-2 Financing Statement

Question 12

Using a copyrighted work for teaching or research is normally not an infringement of a copyright.

Question 13

Which one of the following is the formal document used to transfer ownership of personal property?

A) Deed
B) Title
C) Bill of sale
D) Lien

Question 14

Regarding personal property, ownership is generally assumed by its possession and it is not customary for the seller to prove their ownership rights.

Question 15

Chattel is considered real property.

Question 16

The procedure, which a lessor uses to remove a lessee from physical possession of leased real property, usually for violation of a significant lease provision, is called?

A) Termination
B) Delinquency
C) Default
D) Eviction

Question 17

Money, stocks, and interests in securities are examples of intangible property.

Question 18

A Deed of Trust is real property that is pledged to secure the repayment of a debt.

Question 19

Title insurance on real property is designed to protect _____.

A) The buyer
B) The seller
C) Missing heirs
D) Future owners

Question 20

Which of the following is a review of land records to determine the ownership and description of a piece of real property?

A) Title Search
B) Deed
C) Grant
D) Public Domain