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Wiley CPA Exam Review Regulation 2012 9th Edition O. Ray Whittington, Patrick R. Delaney - Solutions

On April 6, Ford purchased a warehouse from Atwood for$150,000. Atwood had executed two mortgages on the property: a purchase money mortgage given to Lang on March 2, which was not recorded; and a mortgage given to Young on March 9, which was recorded the same day. Ford was unaware of the mortgage
Wilk bought an apartment building from Dix Corp. There was a mortgage on the building securing Dix’s promissory note to Xeon Finance Co. Wilk took title subject to Xeon’s mortgage. Wilk did not make the payments on the note due Xeon and the building was sold at a foreclosure sale. If the
Gilmore borrowed $60,000 from Dix Bank. The loan was used to remodel a building owned by Gilmore as investment property and was secured by a second mortgage that Dix did not record. FCA Loan Company has a recorded first mortgage on the building. If Gilmore defaults on both mortgages, Dixa. Will not
Generally, which of the following federal acts regulate mortgage lenders?Real Estate Settlement Procedures Act (RESPA) Federal Trade Commission Acta. Yes Yesb. Yes Noc. No Yesd. No No
Rake, twenty-five years ago, put a fence around a piece of land.At the time, Rake knew that fence not only surrounded his land but also a sizable piece of Howe’s land. Every summer Rake planted a garden on this land surrounded by the fence. Howe recently sold all of his land to Cross. Cross has
Which of the following is not a necessary element for an individual to obtain title of a piece of real estate by adverse possession?a. Continuous possession.b. Possession that is to the exclusion of others.c. Possession permitted by the actual owner.d. Open and notorious possession.
Which of the following is a defect in marketable title to real property?a. Recorded zoning restrictions.b. Recorded easements referred to in the contract of sale.c. Unrecorded lawsuit for negligence against the seller.d. Unrecorded easement.K. Adverse Possession
A purchaser who obtains real estate title insurance willa. Have coverage for the title exceptions listed in the policy.b. Be insured against all defects of record other than those excepted in the policy.c. Have coverage for title defects that result from events that happen after the effective date
Why would Scott receive this amount?a. Scott knew of the Elgin mortgage.b. Scott’s mortgage was recorded before Elgin’s and before Scott knew of Elgin’s mortgage.c. Elgin’s mortgage was first in time.d. After Independent is fully paid, Elgin and Scott share the remaining proceeds equally.
What amount of the proceeds will Scott receive?a. $0b. $ 1,000c. $12,500d. $19,000
For a deed to be effective between the purchaser and seller of real estate, one of the conditions is that the deed musta. Contain the signatures of the seller and purchaser.b. Contain the actual sales price.c. Be delivered by the seller with an intent to transfer title.d. Be recorded within the
Which of the following warranties is (are) contained in a general warranty deed?I. The grantor has the right to convey the property.II. The grantee will not be disturbed in possession of the property by the grantor or some third party’s lawful claim of ownership.a. I only.b. II only.c. Both I and
Which of the following elements must be contained in a valid deed?Purchase price Description of the landa. Yes Yesb. Yes Noc. No Yesd. No No
A method of transferring ownership of real property that most likely would be considered an arm’s-length transaction is transfer bya. Inheritance.b. Eminent domain.c. Adverse possession.d. Sale.
The following contains three fact patterns involving land. In which of the following is an easement involved?I. O sells land to B in which O retains in the deed the right to use a roadway on B’s newly purchased property.II. O sells land to B in which O in the deed has the right to cut and keep
Court, Fell, and Miles own a parcel of land as joint tenants with right of survivorship. Court’s interest was sold to Plank. As a result of the sale from Court to Planka. Fell, Miles, and Plank each own one-third of the land as joint tenants.b. Fell and Miles each own one-third of the land as
Brett conveys his real property by deed to his sister, Jan, for life with the remainder to go to his friend, Randy, for his life. Brett is still living. Randy died first and Jan died second. Who has title to this real property?a. Brett.b. Brett’s heirs.c. Jan’s heirs.d. Randy’s heirs.
On July 1, Quick, Onyx, and Nash were deeded a piece of land as tenants in common. The deed provided that Quick owned 1/2 the property and Onyx and Nash owned 1/4 each. If Nash dies, the property will be owned as follows:a. Quick 1/2, Onyx 1/2.b. Quick 5/8, Onyx 3/8.c. Quick 1/3, Onyx 1/3, Nash’s
Which of the following is not an interest that a person can have in real property?a. Fee simple absolute.b. Tenancy by default.c. Life interest.d. Remainder.
Which of the following unities (elements) are required to establish a joint tenancy? Time Title Interest Possession a. Yes Yes Yes Yes b. Yes Yes No No c. No No Yes Yes d. Yes No Yes No
What interest in real property generally gives the holder of that interest the right to sell the property?a. Easement.b. Leasehold.c. License.d. Fee simple.
Long, Fall, and Pear own a building as joint tenants with the right of survivorship. Long gave Long’s interest in the building to Green by executing and delivering a deed to Green. Neither Fall nor Pear consented to this transfer. Fall and Pear subsequently died. After their deaths, Green’s
Diane Trucco recently wrote a novel which is an excellent work of art. She wishes to copyright and publish this novel. Which of the following is correct?a. Her copyright is valid for her life plus seventy years.b. She must register her copyright to receive protection under the law.c. She is
Which of the following statements is not true of the law of trademarks in the United States?a. Trademark law may protect distinctive shapes as well as distinctive packaging.b. Trademark protection can be lost if the trademark becomes so popular that its use becomes commonplace.c. Trademarks to
Intellectual property rights included in software may be protected under which of the following?a. Patent law.b. Copyright law.c. Both of the above.d. None of the above.
Professor Bell runs off fifteen copies to distribute to his accounting class using his computer from a database in some software he had purchased for his personal research. The creator of this software is claiming a copyright. Which of the following is correct?a. This is an infringement of a
Which of the following statements is correct?a. Patent law is largely based on state law.b. Accessing a digital work is protected by the fair use doctrine.c. Financial and business models used over the Internet can be patented.d. All of the above statements are incorrect.
Which of the following is not correct concerning computer software purchased by Gultch Company from Softtouch Company?Softtouch originally created this software.a. Gultch can make backup copies in case of machine failure.b. Softtouch can typically copyright its software for at least seventy-five
Multicomp Company wishes to protect software it has developed.It is concerned about others copying this software and taking away some of its profits. Which of the following is true concerning the current state of the law?a. Computer software is generally copyrightable.b. To receive protection, the
Which of the following standards of liability best characterizes the obligation of a common carrier in a bailment relationship?a. Reasonable care.b. Gross negligence.c. Shared liability.d. Strict liability.
Rand discarded an old rocking chair. Stone found the rocking chair and, realizing that it was valuable, took it home. Later, Rand learned that Stone had the rocking chair and wanted it back. Rand subsequently put a provision in his will that his married daughter Walters will get the rocking chair.
Getty owned some personal property which was later found by Morris. Both Getty and Morris are claiming title to this personal property. In which of the following cases will Getty win over Morris?I. Getty had mislaid the property and had forgotten to take it with him.II. Getty had lost the property
Which of the following factors help determine whether an item of personal property is a fixture?I. Degree of the item’s attachment to the property.II. Intent of the person who had the item installed.a. I only.b. II only.c. Both I and II.d. Neither I nor II.
What is an example of property that can be considered either personal property or real property?a. Air rights.b. Mineral rights.c. Harvested crops.d. Growing crops.B. Personal Property
Which of the following items is tangible personal property?a. Share of stock.b. Trademark.c. Promissory note.d. Oil painting.
Robinson’s pricing policies have come under attack by several of its retailers. In fact, one of those retailers, Patman, has instigated legal action against Robinson alleging that Robinson charges other favored retailers prices for its products which are lower than those charged to it. Patman’s
Loop Corp. has made a major breakthrough in the development of a micropencil. Loop has patented the product and is seeking to maximize the profit potential. In this effort, Loop can legallya. Require its retailers to sell only Loop’s products, including the micropencils, and not sell similar
Which of the following would be a horizontal agreement to fix prices and thus be illegal per se under Section 1 of the Sherman Act?I. An agreement between several sellers of lumber to no longer sell on credit to purchasers.II. An agreement between two sellers of lumber to set a maximum price for
Green, a former owner of Circle Plant, caused hazardous waste pollution at the Circle Plant site two years ago. Sason purchased the plant and caused more hazardous waste pollution. It can be shown that 20% of the problem was caused by Green and that 80% of the problem was caused by Sason. Sason
Which of the following is (are) possible when a company violates the Clean Air Act?I. The company can be assessed a criminal fine.II. Officers of the company can be imprisoned.III. The Environmental Protection Agency may assess a civil penalty equal to the savings of costs by the company for
Whenever a federal agency recommends actions or legislation that may affect the environment, the agency must prepare an environmental impact statement. Which of the following is not required in the environmental impact statement?a. A description of the source of funds to accomplish the action
The Environmental Protection Agency is an administrative agency in the federal government that aids in the protection of the environment. Which of the following is not a purpose or function of this agency?a. It adopts regulations to protect the quality of water.b. It aids private citizens to make
Under the Clean Air Act, which of the following statements is(are) correct regarding actions that may be taken against parties who violate emission standards?I. The federal government may require an automobile manufacturer to recall vehicles that violate emission standards.II. A citizens’ group
The Clean Air Act provides for the enforcement of standards for I. The emissions of radioactive particles from private nuclear power plants.II. The emissions of pollution from privately owned automobiles.III. The emissions of air pollution from factories.a. I and II only.b. I and III only.c. II and
Under the federal statutes governing water pollution, which of the following areas is (are) regulated?Dredging of coastal or freshwater wetlands Drinking water standardsa. Yes Yesb. Yes Noc. No Yesd. No No
The National Environmental Policy Act was passed to enhance and preserve the environment. Which of the following is not true?a. The Act applies to all federal agencies.b. The Act requires that an environmental impact statement be provided if any proposed federal legislation may significantly affect
Under the Comprehensive Environmental Response, Compensation and Liability Act as amended by the Superfund Amendments, which of the following is (are) true?I. The present owner of land can be held liable for cleanup of hazardous chemicals placed on the land by a previous owner.II. An employee of a
Which of the following is(are) true under the Federal Insecticide, Fungicide, and Rodenticide Act?I. Herbicides and pesticides must be certified and can be used only for applications that are approved.II. Herbicides and pesticides must be registered under the Act before companies can sell them.III.
Environmental Compliance Audits are used for which of the following purpose(s)?I. To voluntarily discover violations to avoid criminal sanctions.II. To discover violations to avoid civil litigation.III. To meet disclosure requirements to the SEC under the securities laws.a. I only.b. I and II
Which of the following activities is (are) regulated under the Federal Water Pollution Control Act (Clean Water Act)?Discharge of heated water by nuclear power plants Dredging of wetlandsa. Yes Yesb. Yes Noc. No Yesd. No No
Under the Comprehensive Environmental Response, Compensation, and Liability Act (CERCLA), commonly known as Superfund, which of the following parties would be liable to the Environmental Protection Agency (EPA) for the expense of cleaning up a hazardous waste disposal site?I. The current owner or
Under the provisions of the Employee Retirement Income Security Act of 1974 (ERISA), which of the following statements is correct?a. Employees are entitled to have an employer established pension plan.b. Employers are prevented from unduly delaying an employee’s participation in a pension plan.c.
Under the Employee Retirement Income Security Act of 1974(ERISA), which of the following areas of private employer pension plans is(are) regulated?Employee vesting Plan fundinga. Yes Yesb. Yes Noc. No Yesd. No No
Under the Federal Consolidated Budget Reconciliation Act of 1985 (COBRA), when an employee voluntarily resigns from a job, the former employee’s group health insurance coverage that was in effect during the period of employment with the companya. Automatically ceases for the former employee and
Which of the following employee benefits is(are) exempt from the provisions of the National Labor Relations Act?Sick pay Vacation paya. Yes Yesb. Yes Noc. No Yesd. No No
Under the Fair Labor Standards Act, if a covered, nonexempt employee works consecutive weeks of forty-five, forty-two, thirtyeight, and thirty-three hours, how many hours of overtime must be paid to the employee?a. 0b. 7c. 18d. 20
Under the Fair Labor Standards Act, which of the following pay bases may be used to pay covered, nonexempt employees who earn, on average, the minimum hourly wage? Hourly Weekly Monthly a. Yes Yes Yes b. Yes Yes No c. Yes No Yes d. No Yes Yes
The Family Medical Leave Act provides for I. Unpaid leave for the employee to care for a newborn baby.II. Unpaid leave for the employee to care for the serious health problem of his or her parent.III. Paid leave for the employee to care for a serious health problem of his or her spouse.a. I only.b.
Which of the following is not true under the Family and Medical Leave Act?a. An employee has a right to take a leave from work for the birth and care of her child for one month at half of her regular pay.b. An employee has a right to take a leave from work for twelve workweeks to care for his/her
The Americans With Disabilities Act has as a purpose to give remedies for discrimination to individuals with disabilities. Which of the following is (are) true of this Act?I. It protects most individuals with disabilities working for companies but only if the companies do not need to incur any
Under the Americans With Disabilities Act, which is (are) true?I. The Act requires that companies with at least ten employees set up a specified plan to hire people with disabilities.II. The Act requires companies to make reasonable accommodations for disabled persons unless this results in undue
Under the provisions of the Americans With Disabilities Act of 1990, in which of the following areas is a disabled person protected from discrimination?Public transportation Privately operated public accommodationsa. Yes Yesb. Yes Noc. No Yesd. No No
Which of the following company policies would violate the Age Discrimination in Employment Act?a. The company will not hire any accountant below twenty-five years of age.b. The office staff must retire at age sixty-five or younger.c. Both of the above.d. None of the above.
Under the Age Discrimination in Employment Act, which of the following remedies is(are) available to a covered employee?Early Retirement Back paya. Yes Yesb. Yes Noc. No Yesd. No No
Which of the following Acts prohibit(s) an employer from discriminating among employees based on sex?Equal Pay Act Title VII of the Civil Rights Acta. Yes Yesb. Yes Noc. No Yesd. No No
Under which of the following conditions is an on-site inspection of a workplace by an investigator from the Occupational Safety and Health Administration (OSHA) permissible?a. Only if OSHA obtains a search warrant after showing probable cause.b. Only if the inspection is conducted after working
Which of the following claims is (are) generally covered under workers’ compensation statutes?Occupational disease Employment aggravated preexisting diseasea. Yes Yesb. Yes Noc. No Yesd. No No
Workers’ compensation laws provide for all of the following benefits excepta. Burial expenses.b. Full pay during disability.c. The cost of prosthetic devices.d. Monthly payments to surviving dependent children.
Generally, which of the following statements concerning workers’ compensation laws is correct?a. The amount of damages recoverable is based on comparative negligence.b. Employers are strictly liable without regard to whether or not they are at fault.c. Workers’ compensation benefits are not
Workers’ Compensation Acts require an employer toa. Provide coverage for all eligible employees.b. Withhold employee contributions from the wages of eligible employees.c. Pay an employee the difference between disability payments and full salary.d. Contribute to a federal insurance fund.
Which of the following provisions is basic to all workers’compensation systems?a. The injured employee must prove the employer’s negligence.b. The employer may invoke the traditional defense of contributory negligence.c. The employer’s liability may be ameliorated by a coemployee’s
Kroll, an employee of Acorn, Inc., was injured in the course of employment while operating a forklift manufactured and sold to Acorn by Trell Corp. The forklift was defectively designed by Trell.Under the state’s mandatory workers’ compensation statute, Kroll will be successful in Obtaining
Which of the following parties generally is ineligible to collect workers’ compensation benefits?a. Minors.b. Truck drivers.c. Union employees.d. Temporary office workers.
Under the Federal Insurance Contributions Act (FICA), which of the following acts will cause an employer to be liable for penalties?Failure to supply taxpayer identification numbers Failure to make timely FICA depositsa. Yes Yesb. Yes Noc. No Yesd. No No
Which of the following types of income is subject to taxation under the provisions of the Federal Insurance Contributions Act(FICA)?a. Interest earned on municipal bonds.b. Capital gains of $3,000.c. Car received as a productivity award.d. Dividends of $2,500.
Which of the following payments are deducted from an employee’s salary?Unemployment compensation insurance Worker’s compensation insurancea. Yes Yesb. Yes Noc. No Yesd. No No
Which of the following forms of income, if in excess of the annual exempt amount, will cause a reduction in a retired person’s social security benefits?a. Annual proceeds from an annuity.b. Director’s fees.c. Pension payments.d. Closely held corporation stock dividends.
Social security benefits may include all of the following excepta. Payments to divorced spouses.b. Payments to disabled children.c. Medicare payments.d. Medicaid payments.
Syl Corp. does not withhold FICA taxes from its employees’compensation. Syl voluntarily pays the entire FICA tax for its share and the amounts that it could have withheld from the employees. The employees’ share of FICA taxes paid by Syl to the IRS isa. Deductible by Syl as additional
After serving as an active director of Lee Corp. for twenty years, Ryan was appointed an honorary director with the obligation to attend directors’ meetings with no voting power. In 2001, Ryan received an honorary director’s fee of $5,000. This fee isa. Reportable by Lee as employee
An unemployed CPA generally would receive unemployment compensation benefits if the CPAa. Was fired as a result of the employer’s business reversals.b. Refused to accept a job as an accountant while receiving extended benefits.c. Was fired for embezzling from a client.d. Left work voluntarily
Taxes payable under the Federal Unemployment Tax Act (FUTA)area. Calculated as a fixed percentage of all compensation paid to an employee.b. Deductible by the employer as a business expense for federal income tax purposes.c. Payable by employers for all employees.d. Withheld from the wages of all
Bolt Corp. dismissed Ace as its general sales agent and notified all of Ace’s known customers by letter. Young Corp., a retail outlet located outside of Ace’s previously assigned sales territory, had never dealt with Ace. Young knew of Ace as a result of various business contacts. After his
Generally, an agency relationship is terminated by operation of law in all of the following situations except thea. Principal’s death.b. Principal’s incapacity.c. Agent’s renunciation of the agency.d. Agent’s failure to acquire a necessary business license.
Thorp was a purchasing agent for Ogden, a sole proprietor, and had the express authority to place purchase orders with Ogden’s suppliers. Thorp placed an order with Datz, Inc. on Ogden’s behalf after Ogden was declared incompetent in a judicial proceeding.Thorp was aware of Ogden’s
Able, as agent for Baker, an undisclosed principal, contracted with Safe to purchase an antique car. In payment, Able issued his personal check to Safe. Able could not cover the check but expected Baker to give him cash to deposit before the check was presented for payment. Baker did not do so and
Which of the following rights will a third party be entitled to after validly contracting with an agent representing an undisclosed principal?a. Disclosure of the principal by the agent.b. Ratification of the contract by the principal.c. Performance of the contract by the agent.d. Election to void
When a valid contract is entered into by an agent on the principal’s behalf, in a nondisclosed principal situation, which of the following statements concerning the principal’s liability is correct?The principal may be held liable once disclosed The principal must ratify the contract to be held
An agent will usually be liable under a contract made with a third party when the agent is acting on behalf of a(n)Disclosed principal Undisclosed principala. Yes Yesb. Yes Noc. No Yesd. No No
Easy Corp. is a real estate developer and regularly engages real estate brokers to act on its behalf in acquiring parcels of land. The brokers are authorized to enter into such contracts, but are instructed to do so in their own names without disclosing Easy’s identity or relationship to the
Which of the following statement(s) concerning agency law is(are) true?I. A contract is needed to have an agency relationship.II. The agent owes a fiduciary duty to the principal.III. The principal owes a fiduciary duty to the agent.a. I and II only.b. I and III only.c. II only.d. I, II, and III.
Young Corp. hired Wilson as a sales representative for six months at a salary of $5,000 per month plus 6% of sales. Which of the following statements is correct?a. Young does not have the power to dismiss Wilson during the sixmonth period without cause.b. Wilson is obligated to act solely in
Beele authorized McDonald to be his agent to go to Denver and purchase some real estate that would be suitable to open up a branch office for Beele’s business. He tells McDonald not to pay more than$125,000 for the real estate. McDonald contacts York to buy some real estate she owns. York calls
Which of the following generally may ratify a contract that was agreed to by his/her agent without authority from the principal? Fully disclosed Partially disclosed Undisclosed principal principal a. Yes Yes principal Yes b. Yes Yes No c. Yes No No d. No No Yes
Ames, claiming to be an agent of Clar Corporation, makes a contract with Trimon in the name of Clar Corporation. Later, Clar Corporation, for the first time, learns what Ames has done and notifies Trimon of the truth that Ames was not an agent of Clar Corporation. Which of the following statements
Frost’s accountant and business manager has the authority toa. Mortgage Frost’s business property.b. Obtain bank loans for Frost.c. Insure Frost’s property against fire loss.d. Sell Frost’s business.
Which of the following actions requires an agent for a corporation to have a written agency agreement?a. Purchasing office supplies for the principal’s business.b. Purchasing an interest in undeveloped land for the principal.c. Hiring an independent general contractor to renovate the
Which of the following under agency law is not a type of authority that an agent might have?a. Actual express.b. Actual implied.c. Resulting.d. Apparent.
Blue, a used car dealer, appointed Gage as an agent to sell Blue’s cars. Gage was authorized by Blue to appoint subagents to assist in the sale of the cars. Vond was appointed as a subagent. To whom does Vond owe a fiduciary duty?a. Gage only.b. Blue only.c. Both Blue and Gage.d. Neither Blue nor
Trent was retained, in writing, to act as Post’s agent for the sale of Post’s memorabilia collection. Which of the following statements is correct?I. To be an agent, Trent must be at least twenty-one years of age.II. Post would be liable to Trent if the collection was destroyed before Trent

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