Wiley CPAexcel Exam Review 2014 Study Guide, Regulation

Module 34: Property

Overview

Property entails items capable of being owned (i.e., the rights related to the ownership of things that society will recognize and enforce). Property is classified as real or personal, and as tangible or intangible. Protection of property and settlement of disputes concerning property is a major function of the legal system.

A. Distinctions between Real and Personal Property

B. Personal Property Can Be Acquired By

C. Bailments

D. Intellectual Property and Computer Technology Rights

E. Interests in Real Property

F. Contracts for Sale of Land

G. Types of Deeds

H. Executing a Deed

I. Recording a Deed

J. Title Insurance

K. Adverse Possession

L. Easement by Prescription

M. Mortgages

N. Lessor-Lessee

Key Terms

Multiple-Choice Questions

Multiple-Choice Answers and Explanations

Simulation

Simulation Solution

The candidate should be able to distinguish between personal and real property and between tenancies in common, joint tenancies, and tenancies by the entirety. The candidate also should understand that an instrument given primarily as security for real property is a mortgage and be able to distinguish between the legal results arising from “assumption” of a mortgage and taking “subject to” a mortgage. Other questions concerning mortgages require basic knowledge of the concepts of novation, suretyship, subrogation, and redemption.

Questions on deeds may distinguish between the legal implication of warranty deeds, quitclaim deeds, and special warranty deeds. ...