10 Questions
Which of the following is NOT a characteristic of American common law?
Derived solely from statutory law
If a personal property item becomes permanently attached to real property, what is it considered?
Fixture
Which of the following is NOT part of the 'bundle of rights' associated with property ownership?
The right to use the property without limitations
What is the term used to describe the government's right to take private property for public use, with due process and just compensation?
Eminent domain
In the context of real estate transactions, what is the term used to describe the situation where a broker represents both the buyer and the seller?
Dual agency
According to the majority rule regarding broker commissions, what is required for a broker to earn their commission?
No closing is necessary; the broker earns the commission upon producing a buyer
Which of the following is NOT a required element for a contract to be enforceable?
Notarization
What is the term used to describe the legal principle that certain types of contracts must be in writing to be enforceable?
Statute of frauds
Which of the following is an example of administrative law?
The Chicago Building Code
What is the term used to describe a non-possessory right to use or cross another's land?
Easement
Test your knowledge on the sources of American common law which is derived from English common law, based on precedent and stare decisis, where statutory law is considered superior to judicial decisions. Explore examples like the Chicago Building Code and understand the concept of Administrative Law.
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