265 Fall 2007

265 Fall 2007 -...

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http://www.cbe.uidaho.edu/wegman/blaw265/265%20Fall%202007-3%20web.htm Business Law 265 Fall 2007 Final Exam, December 12, 2007 This exam contains 50 questions. Select the best answer. Each question is 2 points. The exam and its answer key will be posted on www.cbe.uidaho.edu/wegman one hour after the end of the exam. Go to Test Bank of Old Exams on the B. Law 265 section of the website. If you would like to contribute feed-back, please email Professor Wegman at Wegman@uidaho.edu . You must include the word exam and the question number in the subject line of your email. Feed-back will be considered and may result in modification of the answer key, if received by 10:00 AM the following day. 1. In most cases where a real estate broker is involved in the purchase and sale of residential real estate, the broker represents the: a. Seller b. Buyer c. Both the seller and the buyer d. Neither the seller nor the buyer 2. A more descriptive name for the Earnest Money Agreement is: a. Contract for the purchase and sale of real property b. Contract for the purchase and sale of personal property c. Contract for the purchase and sale of goods d. Contract for the purchase and sale of earnest money 3. Why is a mortgage the best form of borrowing (from the perspective of the borrower) for the purchase of real property? a. Only the mortgage provides for a public auction of the property, in the event of default b. Only the mortgage provides for a return of surplus to the borrower, in the event of default c. Only the mortgage provides for a redemption right, in the event of default d. Only the mortgage provides for total elimination of the borrower s debt in the event of default 4. Rudi and Hillary live in Idaho. They were married in 1980. Before the marriage Rudi owned a boat, a 1979 Grand Banks 46 foot trawler yacht with twin Perkins engines, valued at $250,000. In 1994 one engine failed and had to be replaced, at a cost of $35,000. In 2001 the hull was damaged and repairs cost $45,000. The money for these repairs was taken from the couple s joint checking account. They each deposited their paychecks into this account. In 2007 Rudi and Hillary were divorced and must now divide their property. The boat will probably be considered to be: a. Community property, because it was acquired before the marriage. http://www.cbe.uidaho.edu/wegman/blaw265/265%20Fall%202007-3%20web.htm (1 of 12) [7/9/2009 12:30:13 AM]
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http://www.cbe.uidaho.edu/wegman/blaw265/265%20Fall%202007-3%20web.htm b. Community property, because it was within the household for all the years of the marriage. c. Community property, because of co-mingling of separate and community property. d.
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This note was uploaded on 07/29/2011 for the course ACCT 351B taught by Professor Inama during the Spring '11 term at Golden Gate.

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265 Fall 2007 -...

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