Question 1

The finder of lost property is said to be a quasi-bailee for the true owner.

Accepted Answer

A quasi-bailee is someone who has possession of someone else's property but does not have ownership or the legal obligation to take care of the property as a true bailee. In the case of a finder of lost property, they do not have ownership, but they do have a duty of care towards the property until it can be returned to the true owner.

Question 2

Tenant's fixtures must be removable without causing substantial damage to the landlord's property.

Accepted Answer

This is a common provision in lease agreements. Tenant's fixtures can include things like shelving, lighting fixtures, or other additions that are not part of the building's structure. Typically, the tenant is responsible for the cost of removing these fixtures and repairing any damage caused during the process.

Question 3

A gift causa mortis can be revoked,while a gift inter vivos cannot.

Accepted Answer

A gift causa mortis can be revoked by the donor during their lifetime, while a gift inter vivos is irrevocable once it is made.

Question 4

For tax purposes,fixtures are treated as personal property.

Accepted Answer

For tax purposes, fixtures are generally treated as real property because they are permanently attached to a building or land, making them part of the real estate.

Question 5

A gift inter vivos is a gift made by someone contemplating death in the near future.

Accepted Answer

A gift inter vivos is a gift made during the giver's lifetime, regardless of whether they are contemplating death or not.

Question 6

Real property is movable whereas personal property is immovable.

Accepted Answer

This statement is false. Real property, also known as real estate, refers to immovable property such as land and buildings. Personal property, on the other hand, is movable and includes items like furniture, vehicles, and clothing.

Question 7

The general rule of accession is that when goods are added to goods,the owner of the principal goods becomes the owner of the enhanced product.

Accepted Answer

The principle of accession states that the owner of the principal goods has the right to the ownership of the enhanced product. This means that if there is an improvement or addition to the principal goods, the owner of the principal goods has the right to the ownership of the enhanced product.

Question 8

Which of the following is true of real and personal property?

Accepted Answer

The answer of Which of the following is true of...

Question 9

Tangible property is something without physical reality that entitles the owner to certain benefits.

Accepted Answer

This statement is false. Tangible property refers to property that has physical existence, such as land, buildings, or personal belongings. Intangible property, on the other hand, is property that does not have a physical existence but entitles the owner to certain benefits, such as patents, trademarks, or copyrights.

Question 10

Gifts under the Uniform Transfers to Minors Act are limited for the most part to money or securities,while the Uniform Gifts to Minors Act allows gifts such as real estate.

Accepted Answer

The statement is incorrect. The Uniform Gifts to Minors Act also limits gifts to money or securities. Real estate cannot be gifted under either act.

Question 11

A fixture is an object that was once personal property but that has become so affixed to land or structures that it is considered legally a part of the real property.

Accepted Answer

A fixture is indeed an object that has become affixed to land or structures and is considered legally a part of the real property.

Question 12

A steamroller is an example of a tangible property.

Accepted Answer

A steamroller is a physical, touchable object, which makes it tangible property.

Question 13

Tenant's fixtures cannot be transferred when the tenant's lease expires,and must remain with the real property.

Accepted Answer

Tenant's fixtures can be removed by the tenant before the lease expires, unless there is an agreement in the lease or other written agreement that they will remain with the real property.

Question 14

The sale of personal property,but not real property,is governed by Article 2 of the Uniform Commercial Code.

Accepted Answer

The Uniform Commercial Code's Article 2 governs the sale of goods or personal property. It does not apply to the sale of real estate or real property.

Question 15

The finder who knows the owner or has reasonable means of discovering the owner's identity commits _____ if she holds on to the object with the intent that it be hers.

Accepted Answer

This scenario fits the definition of larceny, which is the taking of someone else's property without their consent, with the intent to permanently deprive them of it. The fact that the finder knows or can reasonably discover the owner's identity makes it clear that they do not have a rightful claim to the object, and thus holding onto it with the intent of keeping it for themselves constitutes larceny.

Question 16

The owner is entitled to the return of lost or misplaced property unless:

Accepted Answer

If the owner has intentionally abandoned the property, they are no longer entitled to its return.

Question 17

Which of the following is an example of tangible property?

Accepted Answer

Tangible property refers to physical assets, such as buildings, equipment, and land. Stocks, bonds, copyrights, and patents are intangible assets.

Question 18

For an object to be considered a fixture,it must be annexed or affixed to the real property.

Accepted Answer

A fixture must be attached or affixed to real property, such as a house or land, to be considered part of it.

Question 19

Transfer of real property usually takes place without any documents at all.

Accepted Answer

Transfer of real property typically involves several documents, such as a deed, bill of sale, and transfer tax declarations. These documents are necessary to establish ownership and transfer the property title from the seller to the buyer.

Question 20

Which of the following is an example of an intangible property?

Accepted Answer

A trademark is an intangible property as it represents a brand's identity, which is a concept rather than a physical asset.

Quiz 29: Introduction to Property: Personal Property and Fixtures