In the landlord-tenant relationship, the owner of the property is known as the:
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Ryan had taken a commercial property for
rent for a period of five years. However, after completing two years and two
permanently left the place without informing the landlord and made no further payment of rent. Which of the following would best
describe this behavior?
Beck, the elder son of Ted, recently
claimed that he was the owner of the house where he lived with his parents (Ted
wife) and his younger sister Lily. However, Ted claimed that he was the true owner as the property was in his name and he had
not given the property to his son. Beck, however, stated that he had been living in the place for the past 28 years and has also
paid taxes out of his salary and other maintenance charges to take care of the property. The scenario best exemplifies a case
A(n) _____ is a temporary and revocable right to use another's property sans any transfer of property interests.
_____ occurs when a debtor turns over all assets to a trustee.
A tenant can transfer his or her interest in a leased property in two ways. They are subleases and:
_____ is a mutual agreement between a landlord and a tenant to terminate a lease.
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A life estate:
typically goes to another party, designated by the original grantor, on the occasion of the life holder's death.
typically passes to the heirs when the life holder dies.
possesses the same interest as the owner of a fee simple absolute, but the future holder cannot claim any damages from the life holder.
is granted only for a period of 30 years to an individual.
The quitclaim deed:
promises that the grantee will not be disturbed by anyone who has a better claim to title of the property.
is readily accepted by the grantees due to the security it provides.
carries no warranties.
is the most desirable deed from the grantee's perspective.
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Chapter 12 of Title 11 of the United States Code provides for:
recognition of insolvency proceedings pending in a foreign country.
adjustment of debts of family farmers or family fishermen.
adjustment of a municipality's debts.
relief for foreign debtors.
A _____ is an agreement in which the debtor agrees to pay the debt even though it could be discharged.
collective bargaining agreement
Which of the following schedules under Chapter 7 deals with unsecured priority claims?
When the preferred creditor is an insider, such as a relative or partner, the trustee has the power to recover payments made within:
three years before filing for bankruptcy.
five years before filing for bankruptcy.
two years before filing for bankruptcy.
four years of the bankruptcy filing.
Tulip is Ron's tenant. She has taken the ground
floor of the property to open a restaurant. Ron resides on the second floor of
property. Meg, a customer at Tulip's restaurant, slipped and fell on a wet floor inside the restaurant after entering a room that
said "Employees only." Who would be responsible for Meg's injury?
The employees at the restaurant
The most common use of restrictive covenants today is in urban developments, sometimes called:
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