Question 1 of 40
The Consumer Product Safety Commission is a(n):
A. communion of two state-funded regulatory bodies working together to ensure consumer safety.
B. federal body created to ensure the safety of a few consumer products like motor vehicles, boats, aircraft, and firearms.
C. independent federal administrative agency that regulates potentially dangerous consumer products.
D. federal agency working to ensure product safety standards for food, poultry, medicines, and medical.
Question 2 of 40
The EPA standards set for toxic substances:
A. are set without regard for economic or technological feasibility.
B. are set based on the recommendation of business owners affected by the pollution.
C. require the EPA to identify all chemicals based on the NAAQS.
D. require a complete ban on all toxic substances.
Question 3 of 40
Which of the following is TRUE regarding antitrust laws?
A. Antitrust laws are fixed and unchangeable
B. Each new administration adopts a different policy for enforcing antitrust laws
C. Federal antitrust laws provide for government lawsuits and exclude private lawsuits from their purview
D. Treble damages cannot be sought in antitrust lawsuits
Question 4 of 40
The importance of the Biosafety Protocol prescribed by the UN is that it:
A. dictates the terms and conditions for the production of genetically modified food.
B. prevents people from differentiating between normal and organic food.
C. notifies people of the presence of genetically modified food in the market.
D. assures people of the quality of food by providing details of its testing process.
Question 5 of 40
The Superfund Act, administered by the EPA, gives the federal government a mandate to:
A. establish marine sanctuaries in ocean waters as far seaward as the edge of the continental shelf.
B. impose fines on buildings and offices that cause harm to their occupants due to indoor air pollution.
C. clean up hazardous wastes that have been spilled, stored, or abandoned.
D. set standards on toxic substances that can be used or sold.
Question 6 of 40
Which of the following powers allows administrative agencies to issue substantive rules?
A. Rule making
B. Executive power
C. Judicial authority
D. Licensing
Question 7 of 40
A geographical area that does not meet established air quality standards is designated as a(n) __________ area.
A. limited pollution
B. nonattainment
C. zoned ordinance
D. federal regulation
Question 8 of 40
General government regulation consists of laws that regulate:
A. the legislative branch of the federal government.
B.
government-aided organizations.
C. the executive branch of the federal government.
D. businesses and industries.
Question 9 of 40
__________ requires the respondent to be given proper and timely notice of the allegations or charges against him or her as well as an opportunity to present evidence on the matter.
A. Interpretive rule
B. Substantive due process
C. Procedural due process
D. Code of operation
Question 10 of 40
The Federal Trade Commission, which enforces federal antitrust and consumer protection laws, is an example of a(n):
A. independent federal administrative agency.
B. government-aided organization.
C. law enforcement agency.
D. cabinet-level federal department.
Question 11 of 40
The Endangered Species Act:
A. is the only federal law that protects wildlife at present.
B. empowers the Secretary of the Interior to declare a form of wildlife as endangered.
C. does not include marine species and amphibian life forms.
D. applies only to the government taking of any endangered species.
Question 12 of 40
Administrative laws are also referred to as:
A. ordinances.
B. regulatory statutes.
C. default judgments.
D. statements of policy.
Question 13 of 40
Price fixing:
A. is a reasonable violation of Section I of the Sherman Act.
B. is a process seen exclusively among sellers of goods and services.
C. is permissible as it helps consumers or protects competitors from ruinous competition.
D. also involves fixing the quantity of a product or service to be produced or provided.
Question 14 of 40
__________ laws are federal and state statutes and regulations that promote product safety and prohibit abusive, unfair, or deceptive business practices.
A. Profit-à-prendre
B. Canon
C. Consumer protection
D. Caveat emptor
Question 15 of 40
The __________ is a federal administrative agency created by Congress to coordinate the implementation and enforcement of federal environmental protection laws.
A. Ministry of Environmental Protection
B. Environmental Investigation Agency
C. Environmental Protection Agency
D. Global Environment Facility
Question 16 of 40
If a food product is released with a controversial new preservative, which of the following provisions of the NLEA would help consumers identify the banned preservative prior to consumption?
A. Condemnation of unfit food products
B. Disclosure of information on food labels
C. Inspection of storage facilities
D. Initiating legal proceedings against violators
Question 17 of 40
Which of the following is an example of a vertical restraint of trade?
A. Group boycott
B. Price fixing
C. Resale price maintenance
D. Division of markets
Question 18 of 40
__________ laws are a series of laws enacted to specifically limit anticompetitive behavior and monopolistic practices in almost all industries, businesses, and professions operating in the United States.
A. Contract
B. Antitrust
C. Laissez-faire
D. Canon
Question 19 of 40
__________ is demonstrated when an independent choice is made by one party not to deal with another party.
A. Non-price vertical restraint
B. Monopoly to deal
C. Unilateral refusal to deal
D. Conscious parallelism
Question 20 of 40
Federal administrative agencies are created by:
A. the U.S. President.
B. the U.S. Congress.
C. general public elections.
D. the U.S. judiciary.
Question 21 of 40
Which of the following is TRUE of the ownership rights of an abandoned property?
A. The finder and owner must share ownership of the property
B. The finder acquires title to the property, even against its original owner
C. The owner can reclaim his or her property completely from the finder
D. The owner of the premises where property is mislaid is entitled to possession but cannot acquire title
Question 22 of 40
A(n. __________ is an instrument that describes a person's ownership interest in a piece of real property.
A. title insurance
B. deed
C. license
D. easement
Question 23 of 40
A building attached to a piece of land would be considered a __________ property.
A. personal
B. movable
C. chattel
D. real
Question 24 of 40
A life tenant:
A. has the right to sell a life estate at will.
B. is a person who gives a life estate to another.
C. can possess a life estate to the point of rendering it worthless by permanent damage.
D. is treated as the owner of the property for the duration of a life estate.
Question 25 of 40
A given or required right to make limited use of someone else's land without owning or leasing it is called a(n):
A. zoning ordinance.
B. title insurance.
C. easement.
D. abstract of title.
Question 26 of 40
__________ is a method of acquiring ownership that involves a manufacturer purchasing raw materials and then manufacturing a finished good.
A. Gifting
B. Producing
C. Capturing
D. Purchasing
Question 27 of 40
A warehouse receipt is a(n):
A. receipt received by a warehouse after the bailor has retrieved the bailed goods and a payment has been made.
B. document of title issued by a warehouse company stating that the bailor has title to the bailed goods.
C. certificate of authenticity issued by a warehouse stating that it is certified to hold bailed goods.
D. inventory list provided to a warehouse company by the bailor of the bailed goods.
Question 28 of 40
Land, as well as buildings, trees, soil, minerals, timber, plants, and other things permanently affixed to the land, are known as:
A. chattel.
B. intangible property.
C. personal property.
D. real property.
Question 29 of 40
Property that an owner voluntarily places somewhere and then inadvertently forgets is known as __________ property.
A. real
B. abandoned
C. mislaid
D. lost
Question 30 of 40
Which of the following is a form of co-ownership that disallows the right of survivorship and allows unilateral transfer of interest?
A. Tenancy in common
B. Joint tenancy
C. Cooperatives
D. Tenancy by the entirety
Question 31 of 40
A quiet title action is a lawsuit:
A. to determine the rightful owner of a disputed property and his/her rights.
B. to enforce the right to survivorship for the holder of the title deed.
C. asking for the release of the details of a separate property from a couple.
D. to obtain reimbursement for losses caused by undiscovered defects in title
Question 32 of 40
Real property:
A. refers to personal property permanently attached to a land.
B. can be either tangible or intangible property.
C. cannot become personal property under any circumstances.
D. includes land with property permanently attached to it.
Question 33 of 40
Property that the owner leaves somewhere due to negligence, carelessness, or inadvertence is referred to as __________ property.
A. abandoned
B. real
C. lost
D. mislaid
Question 34 of 40
A __________ is a gratuitous bailment that arises when the bailee is requested to care for the bailor's property as a favor.
A. bailment at will
B. mutual benefit bailment
C. bailment for the sole benefit of the bailee
D. bailment for the sole benefit of the bailor
Question 35 of 40
Which of the following is an example of intangible property?
A. Copyrights
B. Fixtures
C. Minerals
D. Automobiles
Question 36 of 40
__________ is a form of co-ownership of real property that can be used only by married couples.
A. Cooperatives
B. Tenancy in common
C. Joint tenancy
D. Tenancy by the entirety
Question 37 of 40
__________ is a form of co-ownership that includes the right of survivorship as well as the right of tenants to unilaterally transfer their interest without the consent of co-tenants.
A. Tenancy in common
B. Joint tenancy
C. Cooperatives
D. Tenancy by the entirety
Question 38 of 40
Which of the following is TRUE of ownership titles when confusion occurs?
A. Title to the goods can never be shared between the owners involved
B. Title to goods commingled without permission goes to the innocent party
C. Title to the goods cannot be acquired by confusion
D. Title to goods can only be acquired if the goods were commingled by accident
Question 39 of 40
A __________ is a right of possession that returns to the grantor after the expiration of a limited or contingent estate.
A. reversion
B. remainder
C. quiet title action
D. nonconforming use
Question 40 of 40
__________ is a type of ownership of real property that grants the owner the fullest bundle of legal rights that a person can hold in real property.
A. Fee simple absolute
B. Life estate
C. Servient estate
D. Fee simple defeasible
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