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FNRL 140
Exam 3 Study Guide
| Question | Answer |
|---|---|
| What document provides a summary of deeds and other documents that establish the ownership history of real property, and identifies liens or mortgages? | Title Abstract |
| A fixture is defined in property law as: | An object permanently attached to land (real property). |
| What is the purpose of Umbrella Insurance? | It protects your assets from devastating claims for damages to others on your property and can also cover claims not covered by your primary policies. |
| The Family and Medical Leave Act (FMLA) applies to employers with a minimum of how many employees? | 50 employees |
| The death or incapacity of either the principal or the agent terminates the agency relationship, unless a durable power of attorney is in effect for incapacity. | False |
| Workers' Compensation laws allow injured employees to receive benefits even if the employer was not negligent. | True |
| The Americans with Disabilities Act (ADA) applies to funeral establishments with how many or more employees? | 15 employees |
| An independent contractor is primarily distinguished from an employee by the fact that the independent contractor is: | Not controlled as to how to perform the work to be performed. |
| When an LLC has more than one member, the IRS treats it as a sole proprietorship. | False |
| The common law doctrine that allows an employer or employee to terminate the employment relationship at any time for any reason is known as: | Employment-at-Will |
| For income tax purposes, employees receive a: | W-2 wage and tax statement |
| In an agency relationship, the agent can delegate to the principal the same powers the principal themselves possess. | False |
| Apparent Authority exists when: | Third parties believe the agent has authority because of the principal's behavior. |
| Generally, an employer defines a full-time employee as someone who works between how many hours in a seven-day workweek? | 35 and 40 hours |
| The Civil Rights Act - Title VII prohibits discrimination based on all of the following EXCEPT: | Age |
| The doctrine of Employment-at-Will is applied in every state except which one? | Montana |
| A qualified employee with a disability is an individual who can perform the essential functions of the job only with a reasonable accommodation. | False |
| The Occupational Safety and Health Administration (OSHA) requires employers to provide a safe and healthy workplace. | True |
| To be eligible for FMLA leave, an employee must work at a location where the employer has at least 50 employees within a radius of: | 75 miles |
| The Age Discrimination in Employment Act (ADEA) protects applicants and employees who are how many years of age and older? | 40 years of age and older |
| An employer can be held directly liable for injury caused by an employee if the employer failed to exercise due diligence in investigating the background of an applicant. This is the doctrine of: | Negligent Employment |
| The Latin term meaning "let the master respond" and referring to the doctrine of vicarious liability is: | Respondeat Superior |
| For a sole proprietorship, the owner's personal assets are protected from business debts. | False |
| The Equal Dignity Rule requires that: | An agent's authority must be in writing if the contract they enter must be in writing. |
| An anti-lapse clause provides an insured with a grace period to pay an overdue premium before the policy is canceled. | False |
| What is the legal doctrine that requires an employment contract for a period of more than one year to be in writing? | Statute of Frauds |
| An agency relationship is that of a fiduciary, which is defined as: | A person in a relationship of trust and confidence. |
| Compensation usually for skilled and unskilled labor expressed in terms of hours, weeks, or pieces completed. | Wage |
| A legal agreement between an employer and a union representing employees. | Collective Bargaining Agreement |
| Doctrine holding an employer liable for injuries caused by employees acting within the scope of their employment. | Respondeat Superior |
| An employer's direct liability for the actions of an employee due to failure to investigate the applicant's background. | Negligent Employment |
| A promise not to engage in the same type of business for a stated time and territory. | Covenant Not to Compete |
| Besides the terms of payment, name two key factors the IRS uses to distinguish an employee from an independent contractor. | Behavioral control and the type of relationship between the parties. |
| A periodic tenancy is characterized by: | An indefinite duration that automatically renews if neither party notifies the other of intent to terminate. |
| The taxation mechanism where a partnership passes their income or loss through to the partners, who then report it on their individual tax returns, is called a: | Tax pass-through |
| Which of the following is NOT a common discharge exception to the Employment-at-Will doctrine? | Discharge based on financial need for downsizing |
| A legal document that conveys or transfers the title and ownership of real property from one person or entity to another. | Deed |
| A legal document that summarizes deeds and other documents to establish the ownership history of real property. | Title Abstract |
| A person in a relationship of trust and confidence. | Fiduciary |
| Clause allowing either an insurer or insured to demand an estimate prepared by an impartial third-party if they cannot agree on the amount of a loss. | Appraisal Clause |
| Tenancy created when a tenant remains in possession of real property beyond the duration of the lease without the landlord’s consent. | Tenancy at Sufferance |
| In property law, define "Waste" as it relates to a tenant's use of real property. | Is the misuse, damage, or neglect of real property by a tenant that diminishes its value for the landlord or future owner. |
| If an employment contract is for a time period of more than one year, it must be in writing to satisfy the Statute of Frauds. | True |
| A covenant not to compete is generally enforceable if: | The territory and time restrictions are reasonable. |
| The term periodic tenancy is one of the most common tenancy types for leasing business space. | False |
| Briefly explain why an individual who voluntarily quits a job without cause is typically ineligible for unemployment benefits. | the unemployment system is designed to support those who have lost their jobs through no fault of their own. |
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