What is a profit-à-prendre?
A) a document that grants a person the right to remove something from another's real property
B) a form of insurance obtained for losses caused by undiscovered defects in real property title
C) a judicial proceeding where a certificate of title is awarded to the real owner to property
D) a type of easement that grants a person the right to use another's land but disallows the usage of any personal property
A
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Liability accounts normally have debit balances
Indicate whether the statement is true or false
Which of the following statements is TRUE with respect to companies that supplies
products to consumers? A) They can only be held partly responsible for damages caused to consumers arising from the use of their products. B) Their standard of care is that of a reasonable manufacturer C) They can never escape liability for damage caused to a consumer from using their products D) In the event of injury to a consumer arising from use of the product, the courts will impose a high standard of care on them E) They will not be liable to a consumer for damage arising from use of their products if there is a warning label on the product
When seeking a Bridge Loan, the borrower
A) owns one piece of property and wishes to purchase another. B) borrows only the down payment on a second piece of property. C) borrows the down payment and closing costs on a second piece of property. D) A and B above. E) A and C above.
In constructing the railroads in the United States, thousands of landowners granted the federal government easements for the placement of railroad tracks. As rail travel declined, many of the routes were no longer used. Many of the railroad tracks were dismantled formally by cities and towns and many were dismantled informally by those seeking to utilize the iron from the tracks and the wooden
ties. In some cases, the tracks were turned into bicycle paths that have served recreational and commuter needs. ?Assume the easements were granted solely for railroad tracks. Which of the following is correct? A) The decline of train travel and abandonment of use results in termination of the easements. B) The easement is a land right granted in perpetuity. C) The landowners could only have the government rights terminated through court action. D) The railroads had only a license and it terminated at the will of the landowners.