Property Rights And Transfers

Summary

A profit allows entry to anothers land to remove resources. ESG criteria include environmental, social, and governance factors. A life estate grants property use for a lifetime. A thief cannot transfer full ownership of stolen property. A quitclaim deed transfers interest without title warranties. A reversionary interest returns to the grantor after a life estate. Adverse possession requires open, notorious, and hostile occupation. Contracts are impossible to perform if the subject matter is destroyed. An easement allows limited property access. Leases over one year must be in writing. Contracts induced by intentional misrepresentation are fraudulent.

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ESG criteria include which of the following items? A. environmental criteria B. social criteria C. governance criteria D. All of the above
The correct answer is D. All of the above. ESG criteria include Environmental, Social, and Governance factors. These are the three central factors in measuring the sustainability and societal impact of an investment in a company or business.
Which of the following grants a person limited rights in property to use and enjoy during their lifetime or the life of another? A. Life Estate B. Fee Simple Absolute C. Possibility of Reverter D. Vested Remainder
The correct answer is A. Life Estate. A life estate grants a person the right to use and enjoy the property during their lifetime or the life of another, but their rights end upon their death or the death of the specified person.
A thief may not transfer full ownership of stolen property to another because _____. A. the thief lacks title to the stolen property B. persons may only transfer title to property they themselves acquire C. the true owner of stolen property retains title to it D. all of the above
The correct answer is D. All of the above. In general, a thief cannot transfer full ownership of stolen property because they lack title to it, only the true owner retains that title, and one can only transfer property they themselves have acquired.
Which of the following transfers the seller's interest in land without any representations or warranties as to the condition of title? A. General Warranty Deed B. Special Warranty Deed C. Quitclaim Deed D. Lease
The correct answer is C. Quitclaim Deed. A Quitclaim Deed transfers the seller's interest in the property without any representations or warranties about the condition of the title.
Which of the following characterizes a reversionary interest? A. An interest in land that returns to a grantor at the end of a life estate. B. A life estate. C. An interest in land that vest in a person other than the grantor or life tenant. D. An interest in land that is contingent upon the happening of an event or circumstance.
The correct answer is A. A reversionary interest is an interest in land that returns to the grantor once a life estate ends. This means after the death of the life tenant, the property reverts back to the original owner or the owner's heirs.
Which of the following is/are (an) element(s) of adverse possession? A. Occasional occupation of property B. Open and notorious occupation of property C. Occupation of property hostile to the true owner of that property D. B and C
The correct answer is D. Open and notorious occupation of property and occupation of property hostile to the true owner of that property are elements of adverse possession.
If the subject matter of an otherwise enforceable contract is destroyed through no fault of either party, the contract is objectively _____ to perform. A. impractical B. impossible C. impracticable D. enforceable
The correct answer is B. impossible. If the subject matter of an enforceable contract is destroyed through no fault of either party, the contract becomes objectively impossible to perform.
The right to access the real property of another for a limited purpose, such as ingress and of egress, is a(n) _____. A. covenant the runs with the land B. easement C. variance D. negative reciprocal servitude
The correct answer is B. Easement. An easement grants the right to access the real property of another for a specific purpose, such as ingress and egress. This right is limited and does not constitute ownership.
Which of the following is true for a lease of property for a term of more than one year? A. It can be oral B. It must be recorded C. It must be in writing D. It cannot be sold.
The correct answer is C. It must be in writing. According to the Ohio Statute of Frauds, any lease of real property for a term longer than one year must be in writing to be enforceable.
Contracts induced by intentional misrepresentation of a material fact are _____. A. binding B. enforceable C. misleading D. fraudulent
The correct answer is D. fraudulent. Contracts induced by intentional misrepresentation of a material fact are considered fraudulent under Ohio law. This is because the person entering into the contract is deceived about a significant aspect of the agreement.