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1) A landlord-tenant relationship is characterized by the ________.
A) transfer of title to the tenant
B) receipt of a nonfreehold estate by the tenant
C) creation of a future interest for the tenant
D) free simple absolute ownership of the tenant
2) An estate where the tenant has a right to possess the real property but does not own title to the property is called ________.
A) free simple absolute estate
B) gifted estate
C) nonfreehold estate
D) easement estate
3) A tenant's interest in real property is called a(n) ________.
A) easement estate
B) free simple absolute estate
C) gifted estate
D) leasehold estate
4) A transfer of the right to the possession and use of real property for a set term in return for certain consideration is known as a(n) ________.
A) title transfer
5) In a landlord-tenant relationship, the tenant receives a nonfreehold estate in real property. (T/F)
6) ________ is a requirement that a person who purchases insurance has a personal stake in the insured item or person.
A) Delivery of possession
C) Adverse possessory interest
D) Insurable interest
7) Which of the following statements is true of insurance?
A) It has to be paid after the risk has been encountered.
B) It can be obtained even if one has no insurable interest in the property being insured.
C) It is a means of transferring and distributing the risk of loss.
D) It cannot be modified once issued.
8) The ________ is a duty of the insurer to protect the insured against lawsuits or legal proceedings that involve a claim within the coverage of the insurance policy.
A) duty of strict liability
B) duty to pay
C) duty of reasonable care
D) duty to defend
9) Which of the following is an insurer's duty?
A) to pay back the insured's money on demand
B) to pay back the premiums paid by the insured upon an endorsement of insurance
C) to pay legitimate claims up to the insurance policy limits
D) to pay interest for the premiums paid by insured on a monthly or yearly basis
10) A(n) ________ is a clause in an insurance policy that provides that insurance proceeds are payable only after the insured has paid a specified amount toward the damage or loss.
A) incontestability clause
B) coinsurance clause
C) exclusions from coverage clause
D) deductible clause
11) Which of the following opinions would an auditor make for a company that, he or she feels, has materially misstated certain items on its financial statements?
A) an unqualified opinion
B) an adverse opinion
C) a qualified opinion
D) a disclaimer of opinion
12) If an auditor makes a disclaimer of opinion, this means that the auditor is ________.
A) favorable to the company's financial statement matching its performance but notes a few departures from Generally Accepted Accounting Principles (GAAPs)
B) unfavorable about the financial statement representing the company's position
C) unable to draw a conclusion about the accuracy of the company's financial records owing to lack of information
D) favorable of the company's financial statements representing its performance
13) Which of the following opinions is necessary for a company to avoid unfavorable repercussions on the company?
A) an adverse opinion
B) a qualified opinion
C) a disclaimer of opinion
D) an unqualified opinion
14) A formal entrance into a contract between a client and an accountant is known as an ________.
15) A(n) ________ is defined as intentional misrepresentation or omission of a material fact that is relied on by the client and causes the client damage.
A) unqualified opinion
B) actual fraud
C) disclaimer of opinion
D) constructive fraud
16) A will is a testamentary deposition of property. (T/F)
17) A Statute of Wills permits all oral wills to be legally binding in a state. (T/F)
18) Nicknames or titles cannot be used as a testator's signature in a will. (T/F)
19) Which of the following is a legal requirement of marriage?
A) Neither party can be currently married to someone else.
B) Neither party can be eligible to marry if they are emancipated from their parents.
C) Both parties have to be above 18 years to marry even if they are emancipated from their parents.
D) The marrying couple must be closely related by blood.
20) Which of the following is a legal requirement of a marriage in all states?
A) marriage license
B) marriage ceremony
C) prenuptial agreement
D) parental consent
21) ________ is a type of marriage some states recognize in which a marriage license has not been issued but certain requirements are met.
B) Common law marriage
C) Free union
D) Cohabitation marriage
22) ________ is a rule which states that judges of one country cannot question the validity of an act committed by another country within that other country's borders.
A) The doctrine of sovereign immunity
B) The act of state doctrine
C) The Colgate doctrine
D) The Noerr doctrine
23) Which of the following is a provision under the Foreign Sovereign Immunities Act?
A) It stipulates the rules for conflict resolution between the Dominican Republic-Central America Free Trade Agreement (DR-CAFTA) members.
B) It endows the president with powers to enter into treaties with foreign nations.
C) It exclusively governs suits against foreign nations in the United States.
D) It regulates commerce between the United States and foreign nations.
24) Which of the following is codified in the Foreign Sovereign Immunities Act?
A) the act of state doctrine
B) the principle of restricted immunity
C) the Supremacy Clause
D) the choice of forum clause
25) Which of the following is an exception to the Foreign Sovereign Immunities Act?
A) the sham exception
B) the managed trade exception
C) the diversity of citizenship exception
D) the commercial activity exception