Question 1

Which of the following is true about real property?

Accepted Answer

Real property refers to land and property permanently attached to it such as buildings, trees, and fixtures. Personal property would include movable objects such as furniture or jewelry. Real property can be both tangible (such as a building) or intangible (such as rights to use a piece of land). Real property can become personal property through a process called severance, where a fixture is removed from the land and made into personal property.

Question 2

Real property cannot be owned by more than one person.

Accepted Answer

Real property can be owned by more than one person through various forms of ownership, such as joint tenancy, tenancy in common, and community property.

Question 3

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

Accepted Answer

Tangible and intangible property are referred to as personal property. Real property refers to land and structures permanently attached to it, immovable property is a synonym for real property, and fixtures are items that were once personal property but have become permanently attached to real property.

Question 4

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

Accepted Answer

Personal property that is permanently affixed to land or buildings is called a fixture. Chattel refers to personal property that is movable, such as furniture or cars. Attachment is a general term that could refer to any item attached to something else, while a lien is a legal claim against property to secure a debt or obligation.

Question 5

Which of the following is an example of intangible property?

Accepted Answer

Intangible property refers to property that does not have a physical substance, such as copyrights, patents, trademarks, and intellectual property rights. Fixtures are physical objects attached to real property, minerals are natural resources that can be extracted from land, and automobiles are tangible personal property.

Question 6

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

Accepted Answer

Intangible properties represent rights or assets that have no physical form or substance, such as intellectual property (copyrights, trademarks), financial assets (stocks, bonds), or contractual rights. Real properties (choice A), fixtures (choice C), and immovable properties (choice D) refer to physical or tangible assets, such as land, buildings or fixtures attached to a property.

Question 7

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

Accepted Answer

A building attached to a piece of land is considered real property because it is permanently fixed to the land and cannot be easily moved or separated from it. Personal property refers to movable objects, while chattel is another term for personal property.

Question 8

Only intangible property qualifies as personal property.

Accepted Answer

Both tangible and intangible property can qualify as personal property. Tangible property refers to physical items such as furniture, vehicles, and clothing, while intangible property refers to things like patents, trademarks, and copyrights.

Question 9

Real property can become personal property if it is ________.

Accepted Answer

Real property refers to land and anything permanently attached to it, such as buildings and fixtures. If something is removed from the land, it no longer qualifies as real property and can become personal property.

Question 10

Personal property consists of everything that is not real property.

Accepted Answer

Personal property refers to movable objects, such as cars, furniture, and clothing, that are not considered to be part of the real property, which includes land, buildings, and other immovable objects.

Question 11

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

Accepted Answer

The answer of Give an account of the different types...

Question 12

Which of the following is true about fixtures?

Accepted Answer

Fixtures are categorized as real property, meaning they are permanently attached to the land and are considered part of the property. They cannot be easily removed or taken with the owner if they were to sell the property.

Question 13

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

Accepted Answer

Personal property that is permanently affixed to land or buildings is referred to as real property or real estate, not chattel. Chattel refers to movable personal property that is not permanently attached to land, such as furniture or livestock.

Question 14

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

Accepted Answer

Producing is the method of acquiring ownership when a manufacturer purchases raw materials and then manufactures a finished good. The other options - gifting, capturing, and purchasing - do not involve the process of raw material conversion into a finished good through manufacturing.

Question 15

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

Accepted Answer

A gift is a voluntary transfer of title to property without payment of consideration by the donee. Adverse possession is the acquisition of title to property by possession that is open, notorious, continuous, and under claim of right in opposition to the rights of the true owner. Future interest is a legal right that entitles its holder to receive an asset at some point in the future. Purchase is the acquisition of title to property for a valuable consideration.

Question 16

Which of the following is considered real property?

Accepted Answer

Real property refers to land, buildings, and other permanent structures attached to the land. A plantation involves a large area of land with permanent crops, making it an example of real property. Cars, pieces of furniture, and copyrighted songs are not considered real property.

Question 17

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

Accepted Answer

Both real and personal property can be owned concurrently by two or more persons, such as in joint tenancy or tenancy in common. This allows multiple parties to have ownership interests in the property simultaneously.

Question 18

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

Accepted Answer

Personal property includes moveable objects such as furniture, clothing, and electronics. Real property includes land and property that is permanently attached to it, such as a house.

Question 19

Which of the following methods of acquiring ownership is least used today?

Accepted Answer

Capture, or the acquisition of ownership through force or violence, is now largely illegal and socially unacceptable in most parts of the world. The other methods - purchase, gift, and production - are still widely used today.

Question 20

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.

Accepted Answer

The scenario describes a sale transaction where Shelton Engines transfers title (ownership) of the equipment to Lokin Inc. Purchasing refers to acquiring ownership of a product through a monetary transaction, which accurately describes this situation.

Quiz 47: Personal Property, real Property, and Insurance