Sources of American Law Quiz

What is the main source of American Common Law?

Chicago Building Code

Administrative law

Statutory law

English common law (correct)

Which property type is considered tangible?

Fixtures

Real property

Personal property (correct)

Property rights

Which concept in Property Law involves the government's right to take property with due process and just compensation?

Adverse possession

Profit rights

Eminent domain (correct)

Easement by prescription

In Real Estate Brokers, what is the term for the relationship where a broker has a duty to both parties in a transaction?

Dual agency Signup and view all the answers

Which rule, regarding Broker Commissions, states that a closing is necessary for commission payment?

Minority rule Signup and view all the answers

What legal requirement mandates that certain contracts must be in writing?

Statute of frauds Signup and view all the answers

Which of the following is NOT a characteristic of American common law?

Superior to statutory law Signup and view all the answers

What type of property is considered to have the largest bundle of rights?

Fee simple absolute Signup and view all the answers

Which of the following is an example of an administrative law concept?

Chicago Building Code Signup and view all the answers

What is the relationship called when a real estate broker has a duty to both parties in a transaction?

Dual agency Signup and view all the answers

Which of the following is a correct statement about the majority rule regarding real estate broker commissions?

No closing is necessary for commission payment Signup and view all the answers

Which of the following is a type of non-possessory property interest?

Easement Signup and view all the answers

Which of the following is a characteristic of personal property?

Tangible Signup and view all the answers

Which of the following legal requirements mandates that certain contracts must be in writing?

Statute of frauds Signup and view all the answers

Which of the following is a characteristic of the minority rule regarding real estate broker commissions?

Closing is necessary for commission payment Signup and view all the answers

Which of the following is a characteristic of administrative law?

Created by administrative agencies Signup and view all the answers