Question 1

Foreclosure means that the court will order the land sold to satisfy the debt owed,usually by auction to the highest bidder,with any excess after payment of what is owed to the secured creditor going to the debtor.

Accepted Answer

Foreclosure means that the court will order the land sold to satisfy the debt owed, usually by auction to the highest bidder, with any excess after payment of what is owed to the secured creditor going to the debtor.

Question 2

The women in the house next to you party and keep you up most nights.In this scenario,they are creating a public nuisance.

Accepted Answer

In this scenario, your neighbor is creating a private nuisance. Any unreasonable use of one's property so as to cause substantial interference with the enjoyment or use of another's land establishes a common law private nuisance. The unreasonableness of the interference is measured by a balancing process in which the character, extent, and duration of harm to the plaintiff is weighed against the social utility of the defendant's activity and its appropriateness to its location.

Question 3

In the context of attachment in secured transactions,collateral may include not only things currently owned by the debtor but collateral known as after-acquired property that the debtor acquires in the future.

Accepted Answer

In the context of attachment in secured transactions, collateral may include not only things currently owned by the debtor but collateral known as after-acquired property that the debtor acquires in the future.

Question 4

Zoning ordinances apply to types and locations of physical structures but not to aesthetic characteristics such as color and exterior design.

Accepted Answer

Zoning may additionally impose aesthetic requirements concerning color and exterior design. Zoning ordinances are generally laws that divide counties or municipalities into use districts designated residential, commercial, or industrial. Zoning limits the use to which land can be put to that specified.

Question 5

Indirect taxes,like the progressive income tax,are authorized by the Bill of Rights.

Accepted Answer

Federal taxation is a specified power of Congress, contained in Article 1, Section 8 of the Constitution: "The Congress shall have the Power to lay and collect Taxes . . . to . . . provide for the common Defense and general Welfare of the United States. . . ." Because the Supreme Court ruled that Article 1, Section 8, did not authorize indirect taxes, like the progressive income tax, the Constitution was amended in 1913 by the Sixteenth Amendment, which permits such taxes.

Question 6

Mike gives Maria a life estate in one of the homes he owns.Maria lives there for a while and then accepts a job in another state,so she gives the property to her sister Jackie as it is permissible.Jackie owns the property until

Accepted Answer

In this scenario, Jackie owns her sister Maria's property until Maria dies. A life estate grants an ownership in land for the lifetime of a specified person.

Question 7

According to the Congressional Budget Office,poorer taxpayers pay a higher percentage of their incomes in state and local sales taxes than do wealthier taxpayers.

Accepted Answer

According to the Congressional Budget Office, the top 1% of federal income taxpayers pay more dollars of tax than the bottom 60% of taxpayers do. On the other hand, poorer taxpayers pay a higher percentage of their incomes in state and local sales taxes than do wealthier taxpayers.

Question 8

Exclusive right is primarily an ethical or moral end in itself.

Accepted Answer

The wealth produced by the property system must actually reach people in order to produce the greatest happiness for the greatest number. Exclusive right is not an ethical or moral end in itself.
Multiple Choice Questions

Question 9

The right of redemption allows a mortgagor,before foreclosure,to get back land upon payment of the full amount of the debt.

Accepted Answer

The right of redemption allows a mortgagor, before foreclosure, to get back land upon payment of the full amount of the debt.

Question 10

In the determination of private nuisance,a court will declare a nuisance based solely upon the plaintiff's showing that the defendant's use of his or her land produces an offensive result for the community.

Accepted Answer

In the determination of private nuisance, the unreasonableness of the interference is measured by a balancing process in which the character, extent, and duration of harm to the plaintiff is weighed against the social utility of the defendant's activity and its appropriateness to its location.

Question 11

In the context of legal framework,which of the following statements is true about the property system?

Accepted Answer

In the property system, the state does not plan what people should have nor does it acquire and redistribute resources to them. Rather, the people themselves determine how resources are distributed through voluntary exchange, usually for money that they use to acquire other resources they need or want. The role of the state is to recognize legally when people have exclusive property rights in scarce resources and to allow them to enforce their rights through legal institutions like courts.

Question 12

Which of the following statements is true about the property boundaries in the physical world?

Accepted Answer

The physical dimensions of tangible personal property are generally easy to define. We understand what it means to own a car or a smartphone and understand immediately when someone interferes with it. Real property is more complex. Because land is not fully contained when owned or transported when sold, law rather than intuition must provide the physical boundaries.

Question 13

If the federal government claims part of your field for military equipment storage,it has exercised its eminent domain powers and owes just compensation.

Accepted Answer

If the federal government claims part of your field for military equipment storage, it has exercised its eminent domain powers and owes just compensation.

Question 14

Generally,mortgages and deeds of trust must be registered in a recording office in the county where the land is located.

Accepted Answer

Generally, mortgages and deeds of trust must be registered in a recording office in the county where the land is located. Recording gives notice of the security interest to potential buyers of the land and to potential lenders who will then consider that fact in determining whether or not to buy the land or to loan money.

Question 15

A purchase money security interest is perfected by attachment alone.

Accepted Answer

Some types of security interests are perfected by attachment alone, for example, a purchase money security interest (PMSI) in consumer goods, meaning a security interest that secures the purchase price of goods bought for personal or household use.

Question 16

A buyer in an ordinary course of business has priority over a perfected security interest.

Accepted Answer

A buyer in the ordinary course of business will have priority over a perfected security interest, meaning that if the seller of a printing machinery is a manufacturer of that machinery and is selling it in the ordinary course of business, a buyer would take the machinery free and clear of a bank's previously perfected security interest.

Question 17

Public nuisance claims may be brought only by a public official,not private individuals,unless the latter have suffered some special damage to their property as a result of the public nuisance.

Accepted Answer

Public nuisance claims may be brought only by a public official, not private individuals, unless the latter have suffered some special damage to their property as a result of the public nuisance.

Question 18

In many states,if foreclosure and auction does not produce enough money to satisfy the debt owed by the mortgagor,the creditor-mortgagee can still sue the debtor for the balance owed,called a remainder.

Accepted Answer

In many states, if foreclosure and auction does not produce enough money to satisfy the debt owed by the mortgagor, the creditor-mortgagee can still sue the debtor for the balance owed, called a deficiency. Some states, however, have passed statutes, called antideficiency judgment statutes, that prevent mortgagees from obtaining anything else from mortgagors once the land has been foreclosed and auctioned.

Question 19

Zoning limits the use to which land can be put.

Accepted Answer

Zoning limits the use to which land can be put. Zoning ordinances are generally laws that divide counties or municipalities into use districts designated residential, commercial, or industrial.

Question 20

Which of the following statements is true about property?

Accepted Answer

Rather than regarding property as a bundle of rights, we regard it as a single right-the right to exclude. If you can legally exclude others from some resource, whether it is a physical resource or various uses of something physical, you have a private property in that resource. The legal system will protect you and allow you to exclude others from interfering with that resource.

Quiz 7: The Property System