Question 1

Limitations of the extent of use under this doctrine depend on the circumstances.

Accepted Answer

The extent of use under the doctrine of fair use is determined on a case-by-case basis, taking into account factors such as the purpose and character of the use, the nature of the copyrighted work, the amount and substantiality of the portion used, and the effect on the potential market for or value of the work. Therefore, the limitations on the extent of use will depend on the specific circumstances of each case. The limitations of the extent of use under this doctrine will vary depending on the specific circumstances and facts of each case. Therefore, the extent of use may be limited in certain situations but not in others, and it is not a fixed or absolute rule.

Question 2

Seller and purchaser enter into a contract to purchase real estate at a purchase price of $310,000.Seller refuses to perform the contract, and at the time of the seller's default, the fair market value of the property is $350,000.The purchaser can recover from the seller the following money damages.

A)$350,000
B)0
C)$40,000
D)$310,000 Bottom of Form

C

Accepted Answer

The purchaser can recover the difference between the contract price and the fair market value at the time of the seller's default, which is $40,000 in this case. Option A is incorrect because the purchaser cannot recover more than the fair market value of the property. Option B is incorrect because the purchaser is entitled to money damages for the seller's breach of contract. Option D is incorrect because the contract price is lower than the fair market value at the time of the seller's default. The purchaser can recover the difference between the contract price and the fair market value of the property at the time of the seller's default, which is $40,000 in this case. Option A is incorrect because the purchaser cannot recover more than the fair market value of the property. Option B is incorrect because the purchaser is entitled to money damages for the seller's breach of contract. Option D is incorrect because the purchaser can recover the difference between the contract price and the fair market value of the property at the time of the seller's default, which is $40,000, not the full contract price.

Question 3

A joint tenancy is a conveyance to two or more persons possessing at common law the four unities and a right of survivorship.

Accepted Answer

A joint tenancy is indeed a conveyance to two or more persons who possess the four unities (unity of time, title, interest and possession) and have the right of survivorship, meaning that when one joint tenant dies, their share automatically passes to the surviving joint tenant(s) without the need for probate proceedings. A joint tenancy requires four unities: unity of interest, unity of title, unity of time, and unity of possession. It also includes the right of survivorship, which means that if one of the tenants dies, their share automatically passes to the surviving tenant(s).

Question 4

The land subject to an easement is known as&#10;A)an appurtenant easement&#10;B)an easement in gross&#10;C)the servient tenement&#10;D)the dominant tenement

Accepted Answer

The land subject to an easement is called the "servient tenement." This is the piece of land that is burdened by the easement, meaning that the owner of the servient tenement must allow the holder of the easement (known as the "dominant tenement") to use the property in some way.

Option A refers to an easement that benefits a specific property, while option B refers to an easement that benefits a specific person or entity. While these terms are related to easements, they do not describe the land subject to the easement specifically. Option D refers to the property that benefits from the easement, not the property burdened by it. The land subject to an easement is known as the servient tenement, as it is burdened by the easement in favor of the dominant tenement. The dominant tenement is the land that benefits from the easement. Appurtenant easements are attached to a particular parcel of land and benefit its owner, while easements in gross are not attached to any specific parcel of land and benefit an individual or entity.

Question 5

Mortgage insurance covers a lender in the event of a foreclosure if the value of the collateral is less than 80% of the amount of the outstanding debt.The borrower pays the premium on the mortgage insurance.

Accepted Answer

Mortgage insurance is designed to protect the lender in the event of default by the borrower. The borrower pays the premium for the mortgage insurance, but the insurance coverage is for the benefit of the lender, not the borrower. The coverage typically applies when the value of the collateral is less than 80% of the outstanding debt, which means that the borrower has less equity in the property and is considered to be at higher risk of default. Mortgage insurance is designed to protect the lender, not the borrower, in case of default. The borrower usually pays for this insurance as part of their monthly mortgage payments.

Question 6

A trademark is a formula, process, or compilation of data used by a business that gives it an advantage over its competitors.

Accepted Answer

A trademark is a distinctive sign or symbol used by a business to identify its goods or services from those of others, not a formula, process, or compilation of data. A trademark is not a formula, process, or compilation of data but rather a symbol, design, or word used to identify and distinguish the goods or services of one business from those of another.

Question 7

The cost of credit as a yearly rate, given charges in connection with the loan, required to be disclosed to consumers under the Truth-in-Lending Act is known as&#10;A)Assignment&#10;B)Amortization&#10;C)Points&#10;D)Annual percentage rate

Accepted Answer

The annual percentage rate (APR) is the cost of credit as a yearly rate, given charges in connection with the loan, required to be disclosed to consumers under the Truth-in-Lending Act. This allows consumers to compare the cost of credit from different lenders. The cost of credit as a yearly rate, which is required to be disclosed to consumers under the Truth-in-Lending Act, is known as the Annual percentage rate (APR). This includes charges such as interest rates, fees, and other costs associated with the loan.

Question 8

A purchase money mortgage is when the seller provides financing to the buyer for the purchase of the property.

Accepted Answer

A purchase money mortgage is a loan provided by the seller of the property to the buyer for the purpose of purchasing the property. The buyer makes mortgage payments to the seller rather than a traditional lender. A purchase money mortgage is a loan in which the seller of the property provides financing to the buyer, rather than the buyer obtaining a traditional mortgage from a bank or other lender.

Question 9

An easement may be terminated by a knowing relinquishment of rights is known as&#10;A)foreclosure&#10;B)abandonment&#10;C)release&#10;D)severance

Accepted Answer

An easement can be terminated by abandonment, which occurs when the owner of the easement knowingly relinquishes their rights to use the easement. This can happen, for example, if the owner stops using the easement consistently for an extended period of time or takes actions that demonstrate a clear intent to relinquish their rights. Abandonment occurs when the easement holder intentionally relinquishes their right to use the easement. This can be done through actions like physically blocking off the easement or verbally stating that they no longer want to use it. Once abandoned, the easement is terminated.

Question 10

A release provides record notice that the mortgagee has been paid in full and no longer claims a lien upon the property.

Accepted Answer

A release is filed by the mortgagee (lender) once the mortgage has been fully paid off by the mortgagor (borrower). The release serves as a legal notice that the mortgagee no longer has a claim (lien) on the property. A release is a legal document that releases a mortgage lien from a property. It indicates that the mortgage has been paid in full and the mortgagee no longer has a claim on the property.

Question 11

Works in the public domain are given copyright protection.

Accepted Answer

The answer of Works in the public domain are given...

Question 12

A gift causa mortis is made in contemplation of death and may be revoked if the donor survives.

Accepted Answer

The answer of A gift causa mortis is made in...

Question 13

An acknowledgement is a sworn statement, made under oath.

Accepted Answer

The answer of An acknowledgement is a sworn statement, made...

Question 14

A partition action is brought against one who enters the real property without authority.

Accepted Answer

The answer of A partition action is brought against one...

Question 15

The right of a borrower who is in default to pay all delinquent payments plus expenses and resume the monthly payments is known as&#10;A)Right to reinstate&#10;B)Right to an acceleration&#10;C)Status as a holder in due course&#10;D)Right of rescission

Accepted Answer

The answer of The right of a borrower who is...

Question 16

Judgment liens may be foreclosed in the same manner as a mortgage.

Accepted Answer

The answer of Judgment liens may be foreclosed in the...

Question 17

Patent protection lasts for 20 years after the patent application date, longer than the protection give by copyright law.

Accepted Answer

The answer of Patent protection lasts for 20 years after...

Question 18

The degree of care to be exercised by the bailee depends on who benefits by the bailment.

Accepted Answer

The answer of The degree of care to be exercised...

Question 19

The Real Estate Settlement Procedures Act provides disclosures about all costs made in connection with a real estate closing be disclosed to the parties.&#10;MULTIPLE CHOICE

Accepted Answer

The answer of The Real Estate Settlement Procedures Act provides...

Question 20

Because actual damages may be difficult to ascertain, the parties may stipulate in advance to a specific amount of damages due in the event of a default, which must not be punitive.

Accepted Answer

The answer of Because actual damages may be difficult to...

Deck 9: Property Law