BUS 311 Week 3 Quiz Chapter 022in Business (Education) by RD777DR
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BUS 311 Week 3 Quiz Chapter 022
- Automobiles, furniture, clothing, and pets are not considered tangible goods.
- Personal property, such as trees or shrubbery purchased at a nursery, become real property when they are planted.
- A person who finds property has no legal responsibility to make an effort to return the property to its rightful owner.
- An object that has not been intentionally left in the custody of someone else and then forgotten is considered lost, not mislaid.
- In an area that is open to the public, the finder can, under no circumstances, gain ownership of a found object than is the owner of the land.
- A joint tenancy exists when two or more persons own equal shares of property.
- The distinction of tenancy in common is that an owner's interest passes to the person who shares the ownership at the time of his or her death.
- Property acquired by either one of the spouses during a marriage is considered community property.
- 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.
- Items of personal property added to real property are fixtures.
- The right to extract minerals, such as oil or coal, from land is known as subterranean rights.
- A leasehold estate is an ownership, with the right to possess real property, subject to the provisions of a lease.
- 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.
- The transfer of real property is, in many ways simpler than the transfer of personal property.
- 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.
- The term _____ includes, in addition to land, both tangible and intangible personal property.
- 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.
- 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.
- Legally, property other than land, including both tangible property and intangible property, is considered:
A. real property.
B. personal property.
C. intangible property.
D. transient property.
- 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.
- The evidence of ownership does not create title to personal property. To acquire a title to property, it is necessary to have actual:
D. exclusive rights.
- The finder of lost property has ____ rights superior to everyone except the true owner.
- A person who finds property has a(n) _____ responsibility to make reasonable efforts to return the property to its rightful owner.
B. joint and several
- 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.
- If the true owner does not come forward and the finder does not wish to claim ownership, title to the property:
A. transfers to the state.
B. remains with the finder.
C. transfers to the highest bidder.
D. remains with the owner.
- The voluntary transfer of property by one person to another without consideration or payment of any kind is a(n):
A. informal transfer.
C. statutory transfer.
- A gift given by a living person who expects to die from a known cause is called a(n):
A. inter vivos gift.
B. in causa mortis gift.
C. intestate gift.
D. anticipatory gift.
- ____ 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. Statutory right
C. Legal right
- Ownership is held in ____ when all the rights of ownership in a particular piece of property are held by one person.
- When two or more persons own equal shares of a property then it is called:
C. joint tenancy.
- 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.
D. tenancy by the entirety.
- 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.
- Rights to land include all of the following, EXCEPT:
A. things that are permanently attached to it.
B. the airspace above the land to an indefinite height.
C. rights to minerals.
D. right to extract minerals.
- 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.
- A right or interest in land granted to a party to make beneficial use of the land owned by another is a(n):
D. subterranean right.
- The owner of a freehold estate who holds the estate absolutely is said to hold it in:
C. life estates.
D. fee simple.
- In a property, a person who holds a freehold estate only for his or her lifetime is said to hold a(n):
A. accession in the property.
B. precession in the property.
C. life estate in the property.
D. benefit in the property.
- The one that provides the holder with certain rights during the period covered by the lease is called a(n):
A. leasehold estate.
B. accession estate.
C. conversion estate.
D. administrator's estates.
- 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.
- Title to land can be acquired as a result of a person's use of land over a period of time. If it is proved that there was actual and exclusive continuous possession or use of the land, then such a title is a(n):
A. leased estate.
C. adverse possession.