Sources of American Law Quiz
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Questions and Answers

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?

    <p>Dual agency</p> Signup and view all the answers

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

    <p>Minority rule</p> Signup and view all the answers

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

    <p>Statute of frauds</p> Signup and view all the answers

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

    <p>Superior to statutory law</p> Signup and view all the answers

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

    <p>Fee simple absolute</p> Signup and view all the answers

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

    <p>Chicago Building Code</p> 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?

    <p>Dual agency</p> Signup and view all the answers

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

    <p>No closing is necessary for commission payment</p> Signup and view all the answers

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

    <p>Easement</p> Signup and view all the answers

    Which of the following is a characteristic of personal property?

    <p>Tangible</p> Signup and view all the answers

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

    <p>Statute of frauds</p> Signup and view all the answers

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

    <p>Closing is necessary for commission payment</p> Signup and view all the answers

    Which of the following is a characteristic of administrative law?

    <p>Created by administrative agencies</p> Signup and view all the answers

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