NAU ACC 205 Exam Prep | Final Exam
2026 Edition with Accredited Q&A.
copyright - Answer :>>> ✔✔right of author for literary or artistic work;
acquired automatically; duration is authors life+70 years; infringement s when
work is copied in substantial part; remedy includes profits made by infringer
(first sale doctrine: says that you are not infringing if you sell someone else's
book, etc)
trade mark/ trade dress/ name/ service mark - Answer :>>> ✔✔distinctive
word, name, symbol, device, or clothes that distinguishes an entity from others;
duration is unlimited as long as in use; infringement is when copied to a
substantial degree; remedy includes injunction, actual damages+profits,
destruction of articles that infringed, and costs of atty fees
trade secret - Answer :>>> ✔✔any info a business posses that gives it an
advantage over competitors; duration is forever as long as kept secret;
infringement is unauthorized disclosure; remedy includes costs and atty fees
tenancy in common - Answer :>>> ✔✔each party owns an undivided interest
that passes to heirs at death (no right of survivorship)
joint tenancy - Answer :>>> ✔✔each party owns an undivided interest that
passes to surviving tenants at death (right of survivorship)
tenancy by the entirety - Answer :>>> ✔✔joint ownership by husband and
wife; neither can transfer their interest without the consent of the other
community property (tenancy) - Answer :>>> ✔✔each spouse owns an
undivided interest in property acquired during marriage
Page 1 of 18
,NAU ACC 205 Exam Prep | Final Exam
2026 Edition with Accredited Q&A.
easement - Answer :>>> ✔✔don't posses it but have a limited right to use it
profit - Answer :>>> ✔✔limited right to go on land that you don't own and
remove something to sell it
license - Answer :>>> ✔✔limited revokable permission/ right to do something
life estate - Answer :>>> ✔✔own for your lifetime
warranty deed - Answer :>>> ✔✔proves perfect title, etc. (best protection)
special warranty/ limited warranty deed - Answer :>>> ✔✔not quite perfect
title, but almost, etc
quitclaim deed - Answer :>>> ✔✔"I'll give you everything I've got"
eminent domain - Answer :>>> ✔✔the governments right to take your land for
just compensation
duties of an agent - Answer :>>> ✔✔P-LOAN
--performance
--loyalty
Page 2 of 18
, NAU ACC 205 Exam Prep | Final Exam
2026 Edition with Accredited Q&A.
--obedience
--accounting
--notification
duties of a principal - Answer :>>> ✔✔--compensation
--reimbursement&indemnification
--cooperation
--safe working conditions
termination of agency by act of the parties - Answer :>>> ✔✔must give notice
to any third parties involved or who dealt directly with the agent
termination of agency by operation of law - Answer :>>> ✔✔no notice
required to third parties
fee simple absolute - Answer :>>> ✔✔you own property and land fully
cause-in-fact/ actual cause - Answer :>>> ✔✔"but for" test: but for this action,
the result would not have happened
proximate cause - Answer :>>> ✔✔(legal) cause of an incident
Page 3 of 18
2026 Edition with Accredited Q&A.
copyright - Answer :>>> ✔✔right of author for literary or artistic work;
acquired automatically; duration is authors life+70 years; infringement s when
work is copied in substantial part; remedy includes profits made by infringer
(first sale doctrine: says that you are not infringing if you sell someone else's
book, etc)
trade mark/ trade dress/ name/ service mark - Answer :>>> ✔✔distinctive
word, name, symbol, device, or clothes that distinguishes an entity from others;
duration is unlimited as long as in use; infringement is when copied to a
substantial degree; remedy includes injunction, actual damages+profits,
destruction of articles that infringed, and costs of atty fees
trade secret - Answer :>>> ✔✔any info a business posses that gives it an
advantage over competitors; duration is forever as long as kept secret;
infringement is unauthorized disclosure; remedy includes costs and atty fees
tenancy in common - Answer :>>> ✔✔each party owns an undivided interest
that passes to heirs at death (no right of survivorship)
joint tenancy - Answer :>>> ✔✔each party owns an undivided interest that
passes to surviving tenants at death (right of survivorship)
tenancy by the entirety - Answer :>>> ✔✔joint ownership by husband and
wife; neither can transfer their interest without the consent of the other
community property (tenancy) - Answer :>>> ✔✔each spouse owns an
undivided interest in property acquired during marriage
Page 1 of 18
,NAU ACC 205 Exam Prep | Final Exam
2026 Edition with Accredited Q&A.
easement - Answer :>>> ✔✔don't posses it but have a limited right to use it
profit - Answer :>>> ✔✔limited right to go on land that you don't own and
remove something to sell it
license - Answer :>>> ✔✔limited revokable permission/ right to do something
life estate - Answer :>>> ✔✔own for your lifetime
warranty deed - Answer :>>> ✔✔proves perfect title, etc. (best protection)
special warranty/ limited warranty deed - Answer :>>> ✔✔not quite perfect
title, but almost, etc
quitclaim deed - Answer :>>> ✔✔"I'll give you everything I've got"
eminent domain - Answer :>>> ✔✔the governments right to take your land for
just compensation
duties of an agent - Answer :>>> ✔✔P-LOAN
--performance
--loyalty
Page 2 of 18
, NAU ACC 205 Exam Prep | Final Exam
2026 Edition with Accredited Q&A.
--obedience
--accounting
--notification
duties of a principal - Answer :>>> ✔✔--compensation
--reimbursement&indemnification
--cooperation
--safe working conditions
termination of agency by act of the parties - Answer :>>> ✔✔must give notice
to any third parties involved or who dealt directly with the agent
termination of agency by operation of law - Answer :>>> ✔✔no notice
required to third parties
fee simple absolute - Answer :>>> ✔✔you own property and land fully
cause-in-fact/ actual cause - Answer :>>> ✔✔"but for" test: but for this action,
the result would not have happened
proximate cause - Answer :>>> ✔✔(legal) cause of an incident
Page 3 of 18
