1. Most covenants impose a benefit on an estate. a. true b. false 2. Deeds: a. a
ID: 467341 • Letter: 1
Question
1. Most covenants impose a benefit on an estate.
a. true
b. false
2. Deeds:
a. are in writing
b. are written or oral
c. are legal only in certain states
d. can only be used when the property being transferred is worth more than $10,000
3. A lease should describe the premises and state how long it will be in effect.
a. true
b. false
4. ________________ is property that may be invisible and impossible to hold.
a. intangible property
b. good property
c. real property
d. temporary property
e. actual property
5. Trademarks, trade names, patents, and copyrights represent a category of property called:
a. intangible property
b. tangible property
c. real property
d. statutory property
e. personal property
Explanation / Answer
1. Most covenants impose a benefit on an estate.
a. true
b. false
Covenants are restrictions that are attached to the deed when the estate is sold. The new owner must not violate the mentioned restrictions in covenant related to the estate. Most common form of covenants are like no business may operate from a house and home must be painted as mentioned colors.
Thus, Most of covenants impose a benefit on an estate.
Correct Option: a. True
2. Deeds:
a. are in writing
b. are written or oral
c. are legal only in certain states
d. can only be used when the property being transferred is worth more than $10,000
Deed is the primary way to transfer ownership interests in property(Meiners, Ringleb, Edwards, 2009), thus, it should be always in written for future need.
Correct option: a. are in writing
3. A lease should describe the premises and state how long it will be in effect.
a. true
b. false
Lease is an written agreement related to the leasing of the estate. According to law the lease agreement should contain following:
· Parties involved in leasing
· Description of premises that being leased
· Duration of lease, stating how long it will be in effect
· Details of Rent to be paid for the leasing tenure
Correct option: a. true
4. ________________ is property that may be invisible and impossible to hold.
All the properties mentioned in options except Intellectual property are visible and can be hold. Intellectual property are intellectual efforts by a person or group of person. Thus, it is intangible property.
Correct option: a. intangible property
5. Trademarks, trade names, patents, and copyrights represent a category of property called:
These all are intellectual properties, thus, are intangible in nature.
Correct option: a. intangible property
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