Deck 47: Personal Property, Real Property, and Insurance

Question 1

Tangible property, such as automobiles, furniture, and equipment, and intangible property, such as securities, patents, and copyrights, are collectively referred to as ________.

A) real property
B) immovable property
C) personal property
D) fixtures

Answer 1

C

Question 2

Shelton Engines has built a new model of engines that can withstand more heat than the competing engines in its class. Lokin Inc., a sports car manufacturer, ________ the equipment from Shelton Engines for $1,000,000. Shelton Engines transfers title to the engine to Lokin. Lokin is now the owner of the equipment.

A) captures
B) leases
C) purchases
D) produces

Answer 2

C

Question 3

Personal property includes land and property that is permanently attached to it.

Answer 3

False

Question 4

Give an account of the different types of property that can be owned.

Question 5

________ represent rights that cannot be reduced to physical form, such as stock certificates, certificates of deposit, bonds, and copyrights.

A) Real properties
B) Intangible properties
C) Fixtures
D) Immovable properties

Question 6

Which of the following is considered real property?

A) a plantation
B) a car
C) a piece of furniture
D) a copyrighted song

Question 7

Real property cannot be owned by more than one person.

Question 8

Personal property that is permanently affixed to land or buildings is called a(n) ________.

A) chattel
B) fixture
C) attachment
D) lien

Question 9

Personal property consists of everything that is not real property.

Question 10

The voluntary transfer of title to property without payment of consideration by the donee is known as a(n) ________.

A) adverse possession
B) future interest
C) gift
D) purchase

Question 11

Real property can become personal property if it is ________.

A) removed from the land it is situated in
B) converted to an intangible property
C) fixed permanently to a piece of land
D) owned by more than one person at a time

Question 12

Which of the following is true about real property?

A) Real property refers to personal property permanently attached to a land.
B) Real property can be either tangible or intangible property.
C) Real property cannot become personal property under any circumstance.
D) Real property includes land and property permanently attached to it.

Question 13

Personal property that is permanently affixed to land or buildings is referred to as chattel.

Question 14

Which of the following methods of acquiring ownership was more important when the United States was being developed than it is today?

A) purchase
B) capture
C) gift
D) production

Question 15

Only intangible property qualifies as personal property.

Question 16

Which of the following is a similarity between real and personal property?

A) Both properties can include intangible properties.
B) Both properties are movable properties.
C) Both properties can be owned concurrently by two or more persons.
D) Both properties are removed by a seller prior to the sale of a property.

Question 17

Which of the following is true about fixtures?

A) They are categorized as real property.
B) They are easily portable.
C) They are typically removed prior to a sale.
D) They can only have one owner at a time.

Question 18

________ is a method of acquiring ownership, when a manufacturer purchases raw materials and then manufactures a finished good.

A) Gifting
B) Producing
C) Capturing
D) Purchasing

Question 19

A building attached to a piece of land would be considered a ________ property.

A) personal
B) movable
C) chattel
D) real

Question 20

Which of the following is an example of intangible property?

A) copyrights
B) fixtures
C) minerals
D) automobiles

Question 21

The Uniform Transfers to Minors Act establishes procedures for adults to make irrevocable gifts of money and securities to minors.

Question 22

What does the Uniform Transfers to Minors Act establish?

A) rights for what a minor is allowed in case of inheritances without involving custodians
B) rights for what a minor can accept from an adult
C) procedures for adults to make irrevocable gifts of money and securities to minors
D) procedures for minors making gifts of money and securities to minors

Question 23

A gift is a voluntary transfer of property without payment of consideration by the donee.

Question 24

Confusion occurs if two or more persons commingle fungible goods.

Question 25

Which of the following is true with regard to the new engine, upholstery, and stereo player the thief installed in John's car?

A) These improvements have to be returned to the thief.
B) These improvements now rightfully belong to John.
C) The improvements have to be paid for by John if he wants to retain them.
D) The improvements will be confiscated by the police.

Question 26

What is a gift inter vivos?

A) a gift that is made in contemplation of death
B) a gift made during a person's lifetime that is an irrevocable present transfer of ownership
C) a gift that is to be shared by the donor and donee with the payment of consideration by the donee
D) a gift that requires a monetary payment at a set date in the future

Question 27

A(n) ________ is an increase in the value of personal property because it is added to or improved by natural or manufactured means.

A) arraignment
B) accession
C) lien
D) bailment

Question 28

Which of the following is true of ownership titles when confusion occurs?

A) Title to the goods can never be shared between the owners involved.
B) Title to goods commingled without permission goes to the innocent party.
C) Title to goods cannot be acquired by confusion.
D) Title to the goods can only be acquired if goods were commingled by accident.

Question 29

A gift causa mortis is an irrevocable present transfer of ownership during the donor's lifetime.

Question 30

________ occurs if two or more persons commingle fungible goods.

A) Confusion
B) Accession
C) Bailment
D) Easement

Question 31

For a gift to be considered valid, the donor must be shown to have a donative intent.

Question 32

Accession that naturally occurs to a property belongs to the owner.

Question 33

The value of John's car is said to have undergone a(n) ________.

A) accession
B) arraignment
C) bailment
D) lien

Question 34

A gift that is made in contemplation of death is known as a(n) ________.

A) inter vivos
B) estate pour autre vie
C) gift inter vicos
D) gift causa mortis

Question 35

If an accession is made wrongfully, the improver acquires title to the improved property and does not have to pay the owner for the property.

Question 36

If an accession is mistakenly made by an improver and the improvement cannot be removed from the original article, the owner owns title to the improved property without any payment.

Question 37

Which of the following is considered a constructive delivery of a gift?

A) giving the key to a safe-deposit box where the gift is kept
B) paying for the total value of the good being gifted in cash
C) contracting a third party to deliver goods to the donee
D) gifting someone in person to ensure acceptance of the gift

Question 38

For a tangible gift to be considered valid, the donor must make the delivery in person.

Question 39

Which of the following is true of a gift causa mortis?

A) It cannot be revoked before the death of the donor.
B) It does not require the actual death of the donor.
C) It represents an irrevocable present transfer of ownership.
D) It takes precedence over a prior conflicting will.

Question 40

A person can acquire ownership of unowned personal property by taking possession of it.

Question 41

In a bailment, the title to the goods passes to the bailee.

Question 42

A(n) ________ statute permits a finder of mislaid or lost property to clear title to the property if certain prescribed legal formalities are met.

A) estate
B) estray
C) lading
D) recording

Question 43

Only personal property can be used in a bailment.

Question 44

Title to goods cannot be acquired by confusion.

Question 45

The finder of an abandoned property holds title against the whole world except the owner.

Question 46

Which of the following is true of a bailment?

A) Only personal property can be used in a bailment.
B) Intangible property cannot be used in a bailment.
C) Only physical deliveries can become a bailment.
D) All bailments must be expressed in writing to be effective.

Question 47

The owner of the premises where a property is mislaid is entitled to take possession of the property against all except the rightful owner.

Question 48

Property that the owner leaves somewhere due to negligence, carelessness, or inadvertence is referred to as ________ property.

A) abandoned
B) real
C) lost
D) mislaid

Question 49

Property that an owner voluntarily places somewhere and then inadvertently forgets is known as ________ property.

A) real
B) abandoned
C) mislaid
D) lost

Question 50

Physical deliveries are made in most bailments.

Question 51

Explain the title to goods when fungible goods are commingled.

Question 52

A transaction in which an owner transfers his or her personal property to another to be held, stored, or delivered or for some other purpose is known as a(n) ________.

A) arraignment
B) easement
C) bailment
D) accession

Question 53

A finder of a mislaid property can claim title to the property if it is found within the finder's premises.

Question 54

In which of the following processes is the title of goods not transferred?

A) an adverse possession
B) a bailment
C) a sale
D) an acquisition

Question 55

If the finder of a lost property posts notices and publishes advertisements describing the lost property, he or she will be able to clear title to the property after certain requirements are met.

Question 56

Which of the following is true of mislaid property with regard to the person who finds it?

A) The finder becomes the owner of the property.
B) The finder has the right to share it with the original owner.
C) The finder is not entitled to possess the property.
D) The finder is absolved of any responsibility of the mislaid property.

Question 57

Property that an owner has discarded with the intent to relinquish his or her rights in it is known as ________.

A) real
B) lost
C) mislaid
D) abandoned

Question 58

A finder who refuses to return a lost property to the loser is liable for the tort of conversion.

Question 59

The owners share ownership in commingled goods in proportion to the amount of goods contributed by each owner.

Question 60

Which of the following is true of ownership rights of an abandoned property?

A) The finder and owner must share ownership of the property.
B) The finder acquires title to the property, even against its original owner.
C) The owner can reclaim his or her property completely from the finder.
D) The owner of the premises where property is mislaid is entitled to possession but does not acquire title.

Question 61

A bailment for a fixed term cannot be terminated before the end of the term by either party.

Question 62

Under the Statute of Frauds, a bailment agreement must be in writing if it is for more than one year.

Question 63

In a bailment for the sole benefit of the bailor, the bailee owes a duty of great care to protect the bailed property.

Question 64

A(n) ________ is a document of title issued by a common carrier stating that the bailor has title to the bailed goods.

A) bill of lading
B) accession
C) freight forwarder
D) delivery order

Question 65

A bailment at will can be terminated at any time by either party.

Question 66

A ________ is a gratuitous bailment that arises when the bailee is requested to care for the bailor's property as a favor.

A) bailment at will
B) mutual benefit bailment
C) bailment for the sole benefit of the bailee
D) bailment for the sole benefit of the bailor

Question 67

In the bailment agreement, which of the following types of duties did Randy neglect?

A) duty of great care
B) duty of slight care
C) duty of reasonable care
D) duty of ordinary care

Question 68

Under the common law, innkeepers owe a duty of ________ regarding loss caused to the personal property of transient guests.

A) negligible care
B) slight care
C) strict liability
D) ordinary care

Question 69

A bailment for the sole benefit of the bailee is an example of ordinary bailment.

Question 70

A warehouse company has a lien on the goods in its possession for necessary expenses incurred in storing and handling the goods.

Question 71

A bailment without a fixed term is called a ________.

A) bailment for the sole benefit of the bailee
B) bailment for the sole benefit of the bailor
C) bailment for a for mutual benefit
D) bailment at will

Question 72

Warehousers are subject to the rights, duties, and liability of an ordinary bailee.

Question 73

In a mutual benefit bailment, the bailee owes a duty of reasonable care to protect the bailed goods.

Question 74

The Rosberg family asked their neighbors, the Lowells, to feed their cat while they are away on a vacation. The Lowells fed the cat as they had been asked to but the cat ran away and never returned. What kind of bailment agreement existed between the Rosbergs and the Lowells?

A) bailment for the sole benefit of the bailee
B) bailment for the sole benefit of the bailor
C) mutual benefit bailment
D) bailment at will

Question 75

What kind of agreement existed between Randy and Carl over the car?

A) bailment for the sole benefit of the bailor
B) bailment for the sole benefit of the bailee
C) mutual benefit bailment
D) bailment at will

Question 76

Ordinary bailments involve warehouse companies, common carriers, and innkeepers.

Question 77

What is a warehouse receipt?

A) a receipt received by a warehouse after the bailor has retrieved the bailed goods and payment has been made
B) a document of title issued by a warehouse company stating that the bailor has title to the bailed goods
C) a certificate of authenticity issued by a warehouse stating that it is certified to hold bailed goods
D) an inventory list provided to the warehouse company by the bailor of the bailed goods

Question 78

Give an account of the duration and termination of bailments.

Question 79

What are the elements necessary to create a bailment?

Question 80

Which of the following duties is owed by the parties in a mutual benefit bailment?

A) duty of great care
B) duty of slight care
C) duty of ordinary care
D) duty of utmost care