Deck 8: The Property System

Question 1

The creation of private property rights has been a contributing factor to China's strong economic growth.

Answer 1

True

Question 2

The concept of "finders keepers" is not applicable to a treasure trove.

Answer 2

False

Question 3

Property refers to tangible and intangible items that can be owned.

Answer 3

True

Question 4

Real estate is a term that refers to ownership interests.

Question 5

The primary purpose of retailers such as Wal-Mart is to sell personal property.

Question 6

Because property law is a federal law issue,the restrictions and exclusions regarding the ownership of real property are the same across all states.

Question 7

A fixture is something that used to be real property.

Question 8

Property can be classified as real or personal.

Question 9

Intangible property is not subject to ownership principles.

Question 10

A bailor is someone in the rightful possession of real property who gives the property to someone else to hold.

Question 11

The most common way that real property is acquired is through inheritance.

Question 12

A fictitious legal person cannot own property.

Question 13

Bailment is not very common in business.

Question 14

Government enforcement and recognition of private property rights is a necessary condition for economic growth.

Question 15

Real property is land,and certain things that are associated with it.

Question 16

Personal property can be private or public.

Question 17

There are no legal restrictions to the destruction of private property.

Question 18

An involuntary bailment is created when someone finds lost property.

Question 19

Generally,the donor of a gift must intend to gift the property.

Question 20

When the benefit of a bailment exists only for the benefit of a bailor,then maximum care is required.

Question 21

Ouster is the constructive eviction of a lawful tenant.

Question 22

A partition is a method of dividing real property.

Question 23

The Statute of Frauds requires all types of contracts to be in writing to be enforceable.

Question 24

Failure to warn a licensee of known defects may result in liability for the landowner.

Question 25

Buyers typically demand a quitclaim deed when they purchase property.

Question 26

Washington State has a law that requires every county and city to develop a comprehensive plan and development regulations in most of the state.

Question 27

Residential leases typically last for longer periods of time than commercial leases.

Question 28

Tenancy in common describes an ownership interest in which all owners have an undivided interest in the property and a devisable interest.

Question 29

Reversion interest is a future interest in personal property.

Question 30

A landowner has a duty not to intentionally injure a trespasser.

Question 31

Mineral rights are rights to the substances beneath the actual surface of the land.

Question 32

Water rights are granted differently,depending on whether the property is in the western or the eastern United States.

Question 33

Anyone who arrives at the invitation of an owner is an invitee.

Question 34

To be successful under the doctrine of adverse possession,the possession must be continuous.

Question 35

Leases generally must be in writing to be enforceable against the defendant.

Question 36

Government entities are prohibited from engaging in land use planning.

Question 37

The prior appropriation doctrine grants the property owner adjacent to a water source rights to use the water.

Question 38

Any ownership interest in real property may be leased.

Question 39

A bona fide purchaser is a purchaser who takes title in good faith,with no knowledge of competing claims to title.

Question 40

A covenant is an involuntary restriction on the use of land.

Question 41

A _____ is the arrangement in which when the rightful possessor of personal property gives the property to someone else to hold.

A)gift of property
B)contract of sale
C)rental
D)lease
E)bailment

Question 42

Property that is not uniquely identifiable and is subject to easy mutual substitution is called:

A)fungible property.
B)real property.
C)private property.
D)public property.
E)personal property.

Question 43

An)_____ statute is a state statutory scheme that recognizes superior rights in real property to the party who first records the interest in the property.

A)UCC
B)notice
C)FCPA
D)long arm
E)race

Question 44

An)_____ is something that used to be personal property but has become attached to the land so that it is legally a part of the land.

A)covenant
B)chattel
C)fungible
D)fixture
E)deed

Question 45

Grace is a photographer who sometimes sells her photos to friends.She has recently returned from an overseas vacation and immediately goes to the local camera store to get a couple rolls of film developed.What is the legal relationship between Grace and the camera store?

A)Trust
B)A contract of sale
C)Conversion
D)Bailment
E)Gift

Question 46

Identify the correct statement about abandoned property.

A)It is a category of personal property in which the owner has intentionally relinquished the property.
B)It occurs when the owner voluntarily puts it in a particular place,intending to retain ownership,but then fails to reclaim it.
C)It occurs when the owner involuntarily parts with it through neglect and does not know where it is.
D)It is intentional,substantial interference with the chattel of another.
E)It occurs when the owner unintentionally parts with it through inadvertence and does not know where it is.

Question 47

Which of the following statements is true of personal property?

A)It refers property that is not real property.
B)It is sometimes called immovable property.
C)It includes land and buildings.
D)It is often called realty.
E)It refers to ownership interests.

Question 48

Which of the following is an example of intangible property?

A)The right to exclude others from a patented product
B)Metals such as steel or aluminum
C)Raw undeveloped land
D)Furniture
E)Virtual real properties

Question 49

Which of the following statements is true about a deed?

A)It is a sworn statement in writing made under oath.
B)It prohibits parties from transferring the rights conveyed by a contract to another party.
C)It transfers rights conveyed by a contract to another party.
D)It is a writing that conveys title to real property.
E)It is a document that amends a previously executed will.

Question 50

_____ is a tort in which the tortfeasor unreasonably interferes with the use and quiet enjoyment of the plaintiff's real property.

A)Nuisance
B)Misappropriation
C)Tortious interference
D)Invasion of privacy
E)Abuse of process

Question 51

Which of the following is a fact related to voluntary bailment?

A)It is created when intention exists to create the bailment.
B)It is created when someone finds lost or mislaid property.
C)The finder may not destroy the property.
D)The duties that the finder owes regarding the property vary from state to state.
E)The bailee has possession of the goods without intent to do so.

Question 52

In today's world,_____ is perhaps the most common method of acquiring property.

A)lease
B)renting
C)adverse possession
D)purchase
E)inheritance

Question 53

Which of the following statements is true of private property?

A)It cannot be owned by corporations.
B)It can include real property like land.
C)It can include personal property such as buildings.
D)It can include computers owned by state governments.
E)It cannot be owned by partnerships.

Question 54

Identify the best definition of real property.

A)It is property that cannot be owned by the government.
B)It is land and certain things that are attached to it.
C)It is all tangible property including land.
D)It is intangible property and land in realized form.
E)It includes moveable personal property.

Question 55

_____ is intentional,substantial interference with the chattel of another.

A)Covenant
B)Conversion
C)Infringement
D)Escheat
E)Unjust enrichment

Question 56

Yellowstone National Park and the Gifford Pinchot National Forest are both examples of:

A)public property that is real property.
B)public property that is personal property.
C)public property that is intangible.
D)private property that is real property.
E)private property that is personal property.

Question 57

Ownership rights are transferred by:

A)title.
B)Possession.
C)deed of trust.
D)covenant.
E)novation.

Question 58

Which of the following is an example of a fungible good?

A)An office building
B)A computer
C)A farm
D)A used car
E)A currency

Question 59

Buying lumber and then building a garage with the lumber grants ownership by:

A)chattel
B)fungible
C)production
D)fixture
E)gift

Question 60

Which of the following is an example of real property?

A)iPod
B)Mineral rights
C)Virtual stores
D)Stocks
E)Patents

Question 61

_____ is a duty of care imposed on prospective buyers of real property to exercise reasonable judgment or prudence to inspect property for defects.

A)Due diligence
B)CERCLA
C)Prior appropriation
D)Procedural due process
E)Substantive due process

Question 62

A joint tenancy describes an ownership interest in which the surviving owner has:

A)separate and distinct shares of the same property.
B)the right to sell the property during their lifetime,like any other property interest.
C)the right to deal with the interest in the property during their lifetime,like any other property interest.
D)unequal interest in the property.
E)the right of survivorship.

Question 63

_____ is a clause that prohibits parties from transferring the rights conveyed by a contract to another party.

A)Noncompete clause
B)Mandatory arbitration clause
C)Voluntary restriction
D)Restriction on assignment
E)Exculpatory clause

Question 64

When the state gains ownership of property when there is no owner,such as when a decedent has property but no heirs,it is known as:

A)escheat.
B)devisable.
C)escrow.
D)easement.
E)toll.

Question 65

A legislative act by a local government entity that restricts the use of land is a:

A)zoning ordinance
B)run with the land
C)covenant
D)easement
E)riparian right

Question 66

Which of the following methods of acquiring property captures the deeply held belief that a land's value is in its use for profit?

A)Inheritance
B)Control through gift
C)Recovery
D)Adverse possession
E)Outright purchase

Question 67

Which of the following is one of the elements that must be met to be successful under the doctrine of adverse possession?

A)The possessor must be in nominal possession.
B)The possession must be hostile.
C)The possession must be anonymous and unspecified.
D)The possession must be intermittent.
E)The possessor must acquire permission from the former owner.

Question 68

An easement:

A)generally gives people the right to use another's land for a particular purpose.
B)needs to be expressly stated in writing.
C)prohibits parties from transferring the rights conveyed by a contract to another party.
D)is a possessory interest in real property.
E)is a voluntary restriction on the use of land.

Question 69

Distinguish between real property and personal property.

Question 70

A tenant may sell or transfer his or her rights without seeking permission from his or her cotenant under:

A)right of survivorship
B)tenancy in common
C)prior appropriation doctrine
D)possessory interest.
E)joint tenancy

Question 71

_____ is a tenancy that occurs when a tenant remains on the property after the right of possession has ended and without the landlord's consent.

A)Tenancy at sufferance
B)Tenancy at will
C)Tenancy for years
D)Default tenancy
E)Periodic tenancy

Question 72

Which of the following is true about the riparian water rights doctrine?

A)Under this concept,the use of water must be beneficial,but the owner of the right need not be an adjacent landowner.
B)Landowners in riparian water rights states may have no right whatsoever to use the water that runs through their land.
C)It is the right of a property owner adjacent to a water source to use the water and a duty to share that waterway with other property owners adjacent to the water.
D)It is a water allocation system that grants the water rights to the first person who uses the water.
E)This policy has led to some unnatural uses of land in western states,where water rights are highly valued due to scarcity.

Question 73

Whether a covenant or easement runs with the land depends on:

A)whether the contract was oral or written.
B)where the property is located.
C)the type of interest granted.
D)the interest holder.
E)the kind of ownership.

Question 74

_____ includes the right of survivorship,but it can only occur between a husband and wife.

A)A tenancy by the entirety
B)A joint tenancy
C)A tenancy in common
D)Community property
E)Quasi-community property

Question 75

Which of the following is commonly known as Superfund?

A)The Comprehensive Environmental Response,Compensation,and Liability Act
B)The Clean Air Act
C)The Toxic Substances Control Act
D)The Surface Mining Control and Reclamation Act
E)The Resource Conservation and Recovery Act

Question 76

_____ is a civil action used to determine title to real property.

A)Strata title
B)Quitclaim deed
C)Estoppel by deed
D)Acquisition through a deed of sale
E)Quiet title

Question 77

An)_____ is a type of mortgage that enables the seller of real property to realize the equity in the property while retaining possession until death,in exchange for ownership interest.

A)forward mortgage
B)home equity loan
C)home equity credit line
D)reverse mortgage
E)conventional mortgage

Question 78

Which of the following statements about ownership interests is true?

A)In a joint tenancy,the cotenant's consent is not required to transfer one's interests.
B)Tenancy by the entirety does not include the right of survivorship.
C)Tenancy in common describes an ownership interest in which the surviving owner has the right of survivorship.
D)Joint tenancy describes an ownership interest in which both owners have an undivided interest in the property and equal rights of possession.
E)Cotenants in a tenancy in common have the unilateral right to transfer their interests in property.

Question 79

Define the concepts of property and ownership.

Question 80

An)_____ takes title in good faith,with no knowledge of competing claims to title.

A)bona fide purchaser
B)beneficial owner
C)licensee
D)ombudsman
E)tortfeasor