265 Spr 2008-3.docx

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http://www.cbe.uidaho.edu/wegman/265%20Exams/265%20Spr%202008%20-%203web.htm B. Law 265 Spring 2008 Exam #3, April 23, 2008 This exam contains 50 questions. Each question is 2 points. The exam and its answer key will be posted on www.cbe.uidaho.edu/wegman within one hour after the end of the exam. Go to Test Bank of Old Exams on the B. Law 265 section of the website. Refresh the page. If you disagree with the answer key, or you have a question or comment, please email Professor Wegman at Wegman@uidaho.edu . You must include 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 11:00 AM Thursday. 1. Tenant Tom was a bad tenant. He was always late paying the rent, and he caused trouble with the other tenants. Tom was a month-to-month tenant. Landlord Linda wants to evict Tom. What can she do? a. Since she is the landlord, she can move Tom out herself as long as she secures his property in a safe, protected area like a storage unit. b. Linda can move Tom out herself, as long as she has reasonable grounds to evict him. c. Both (a) and (b) are correct. d. Neither (a) nor (b) are correct. 2. Tenant Tom has a two year lease. He wants to sub-lease his apartment to Jack over the summer. Tom and Jack agree that Jack will sub-lease the apartment. Jack will pay the rent directly to Landlord Linda, and Jack promises he will take very good care of the apartment. However, Jack pays no rent and he causes $1,000 of damage to the apartment before he leaves. Jack then disappears; no-one knows where he went. What is Tom s liability to Linda? a. Tom owes all the unpaid rent and also $1,000 for the damage. b. Tom owes all the unpaid rent but not $1,000 for the damage, because he (Tom) did not cause it. c. Tom owes nothing, because Jack agreed to assume the obligations of the lease over the summer. d. Tom owes nothing, because he personally did nothing wrong. 3. What is the greatest danger to the real estate buyer who uses a land contract to finance the purchase of real estate? a. Upon default, the buyer loses everything if he can not cure the default. b. Upon default, the buyer loses only his down payment if he can not cure the default. c. Upon default, the property will be sold at a public auction. d. Upon default, the buyer must pay the seller if the price paid at the public auction is not sufficient to repay the loan balance on the loan used to purchase the property. http://www.cbe.uidaho.edu/wegman/265%20Exams/265%20Spr%202008%20-%203web.htm (1 of 12) [7/9/2009 12:29:05 AM]
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http://www.cbe.uidaho.edu/wegman/265%20Exams/265%20Spr%202008%20-%203web.htm 4. With regard to a mortgage and a deed of trust: a. The mortgage is generally better for the borrower. b.
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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 Spr 2008-3.docx -...

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