Deck 24: Real and Personal Property

Question 1

Rights to land include the airspace above the land to an indefinite height, subject to the rights of aircraft in flight that do not pose a hazard to persons or property on the land.

Answer 1

True

Question 2

The transfer of real property is, in many ways, simpler than the transfer of personal property.

Answer 2

False

Question 3

Personal property, such as trees or shrubbery purchased at a nursery, become:

A) real property when they are planted.
B) tangible property when they are sold.
C) real property when they are bought.
D) tangible property when they are possessed.

Answer 3

A

Question 4

A joint tenancy exists when two or more persons own equal shares of property.

Question 5

In an area that is not open to the public, the owner of the property is presumed to possess both the place itself and whatever it contains

Question 6

Patents, rights to drill for oil on someone's land, and copyrights of creative works such as books are:

A) special possessions.
B) tangible possessions.
C) inalienable possessions.
D) intangible possessions.

Question 7

A person who finds property has no legal responsibility to make an effort to return the property to its rightful owner.

Question 8

The term _________ includes, in addition to land, both tangible and intangible personal property.

A) intestacy
B) property
C) patent
D) joint tenancy

Question 9

The right to extract minerals, such as oil or coal, from land is known as subterranean rights.

Question 10

In a tenancy in common, joint ownership must be in equal interests. .

Question 11

In the context of a life estate, if real property is transferred from A to B for B's lifetime, and B dies, the property is then returned to A, if he or she is still alive, or to A's heirs.

Question 12

A property that comprises land and everything attached to the land, including minerals such as oil, iron ore, and others, is known as:

A) transient property.
B) personal property.
C) public property.
D) real property.

Question 13

Legally, property other than land, including both tangible property and intangible property, is considered:

A) real property.
B) personal property.
C) static property.
D) transient property.

Question 14

Personal property, such as trees or shrubbery purchased at a nursery, become real property when they are planted.

Question 15

Under common law, ownership of real property extended from the center of the earth to the highest point ________.

A) on the land.
B) in the county
C) in the sky
D) in the state

Question 16

Items of personal property added to real property are fixtures.

Question 17

In states that have enacted community property statutes, property acquired by a member of a designated community belongs to that entire community.

Question 18

For title to pass through adverse possession it need not be proved that there was actual and exclusive continuous possession or use of the property.

Question 19

Automobiles, furniture, clothing, and pets are not considered tangible goods.

Question 20

A leasehold estate is an ownership, with the right to possess real property, subject to the provisions of a lease.

Question 21

Ownership is held in ________ when all the rights of ownership in a particular piece of property are held by one person.

A) severalty
B) tenancy
C) defiance
D) accession

Question 22

Briefly discuss the differences between "tenancy by the entirety" and "tenancy in common."

Question 23

What provides the holder with certain rights during the period covered by the lease?

A) Leasehold estate.
B) Accession estate.
C) Conversion estate.
D) Administrator's estates.

Question 24

A right or interest in land granted to a party to make beneficial use of the land owned by another is a(n):

A) accession.
B) precession.
C) easement.
D) subterranean right.

Question 25

________ is the right of an owner of property such as plants or animals to increase in the property. The owner of a cow, for example, owns the calves born to the cow.

A) Inheritance
B) Accession
C) Freeholding
D) Possession

Question 26

Property is considered to be mislaid, rather than lost, when the property is intentionally:

A) left in a certain place and then forgotten.
B) given to a third party.
C) offered to an agent.
D) discarded and then forgotten.

Question 27

A gift given by a living person who expects to die from a known cause is called a(n):

A) inter vivos gift.
B) causa mortis gift.
C) intestate gift.
D) anticipatory gift.

Question 28

Title to land also can be acquired as a result of a person's use of land over a period of time though __________.

A) a warranty deed
B) a leasehold interest
C) adverse possession
D) adhesion

Question 29

The voluntary transfer of property by one person to another without consideration or payment of any kind is a(n):

A) informal transfer.
B) will. nullity.
C) statutory transfer.
D) gift.

Question 30

A form of joint ownership of property by two or more persons in which the ownership interest of any one of the owners can be sold, transferred or inherited is known as:

A) tenancy by the entirety.
B) tenancy in common.
C) joint tenancy.
D) co-ownership.

Question 31

The owner of a freehold estate who holds the estate absolutely is said to hold it in:

A) accession.
B) easements.
C) life estates.
D) fee simple.

Question 32

A person who finds property has a(n) _________ responsibility to make reasonable efforts to return the property to its rightful owner.

A) ethical
B) moral
C) religious
D) legal

Question 33

A person who holds a freehold estate (ownership interest) only for his or her lifetime is said to hold a(n) _________ in the property.

A) leasehold interest
B) quite title
C) life estate
D) indispensable interest

Question 34

A deed in which the grantor asserts that he or she has title and that the property is free of the claims of others is a:

A) warranty deed.
B) quitclaim deed.
C) guarantee deed.
D) bargain and sale deed.

Question 35

When two or more persons own equal shares of a property then it is called:

A) severalty.
B) co-ownership.
C) joint tenancy.
D) accession.

Question 36

The finder of lost property has ________ rights superior to everyone except the true owner.

A) exclusive
B) limited
C) ownership
D) infinite

Question 37

The right to extract minerals, such as oil or coal, from land is known as:

A) inherited rights.
B) subterranean rights.
C) substantial rights.
D) extensive rights.

Question 38

Briefly discuss the differences between a quitclaim deed and a warranty deed.

Question 39

If the true owner does not come forward and the finder does not wish to claim ownership, title to the property transfers to the state _________.

A) after a period specified by statute.
B) immediately.
C) upon the state filing a claim to title.
D) at the owner's direction.

Question 40

A form of joint ownership of property by husband and wife in which both have the right to the entire property is a(n):

A) life estate.
B) ownership by severalty.
C) co-ownership.
D) tenancy by the entirety.

Question 41

Briefly describe how title to land can be transferred by adverse possession.