1. Approximately how much does it cost each year for a basic renters insurance policy for a student who is renting a small apartment in Seattle, which will provide liability insurance in case a visitor gets injured while visiting, and which will also provide theft insurance for all the basic contents of the apartment, up to about $20,000 in contents? You may have to call around to a couple of insurance agents to get this info or check online.

1. About $150 per year
2. About $500 per year
3. About $900 per year

2. Sunil and his brother Leandro set up an investment account with a bank, as Tenants in Common. Each puts $25,000 into the account, and they buy and sell stock together, splitting all interest and dividend income equally, and sharing any losses equally. After about thirty years of doing this, the account has grown to a total of about $200,000. Sunil got married, and had one child, Arjun. Sunils wife unfortunately died in 2015. Leandro has never married, and has no children. Sunil died in February, 2021. Leandro is claiming ownership of the entire Investment account. Result if Arjun challenges Leandro in court? Everyone lives (or lived) in the State of Washington.

1. Leandro will be awarded ownership of the entire account.
2. Arjun will be awarded half of the account.

3. Serena has a large garden on her property in Seattle, but she wants to make it bigger. She enlarges her garden to go over onto her next-door-neighbor Nels land by about ten feet, and she puts up a wooden fence to keep anyone else from using the garden area. No one objects, so Serena continues to use the enlargened garden area as her own for the next 21 years! Finally, her next-door-neighbor Nel dies, and Nels estate sells the property to a new owner. The new owner has a survey done, and finds out that Serenas fence is on Nels former property. Serena refuses to take the fence down, and the new owner takes Serena to court. Who wins?

A. The new owner will win Nel never gave Serena this land, so it should belong to the new owner!

B. Serena will win she now owns the land by eminent domain.

C. Serena will win she now owns the land by adverse possession.

D. Serena will win she now owns the land by specific performance.

4. Leilani signs a lease to take possession of a house near Greenlake, beginning April 1, 2020, and ending December 31, 2021. She will pay rent of $2,000 per month on the first day of each month. This is an example of:

A. a periodic tenancy

B. a tenancy for years C. a tenancy at will

BUS&201