Question 1

Real property can become personal property if it is ________.

Accepted Answer

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 timeE) A) and B)
F) B) and D)

Question 2

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

Accepted Answer

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 willE) A) and B)
F) C) and D)

Question 3

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

Accepted Answer

A) True 
 B)False

Question 4

Under the innkeepers' statutes,innkeepers owe a duty of strict liability regarding loss caused to the personal property of transient guests.

Accepted Answer

A) True 
 B)False

Question 5

What is a gift inter vivos?

Accepted Answer

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 futureE) B) and C)
F) None of the above

Question 6

What is the role of an innkeeper as a bailee? How does the innkeepers' statute help an innkeeper?

Accepted Answer

An innkeeper is the owner of a facility ...

Question 7

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

Accepted Answer

A) True 
 B)False

Question 8

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

Accepted Answer

A) True 
 B)False

Question 9

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

Accepted Answer

A)  abandoned
B)  real
C)  lost
D)  mislaidE) All of the above
F) None of the above

Question 10

Which of the following is true about real property?

Accepted Answer

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.E) A) and B)
F) None of the above

Question 11

________ occurs if two or more persons commingle fungible goods.

Accepted Answer

A)  Confusion
B)  Accession
C)  Bailment
D)  EasementE) All of the above
F) A) and B)

Question 12

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

Accepted Answer

A)  arraignment
B)  accession
C)  lien
D)  bailmentE) C) and D)
F) B) and D)

Question 13

Under the common law,innkeepers are not liable for lost or stolen guest property when compared to the innkeepers' statutes.

Accepted Answer

A) True 
 B)False

Question 14

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

Accepted Answer

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.E) A) and B)
F) All of the above

Question 15

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) ________.

Accepted Answer

A)  arraignment
B)  easement
C)  bailment
D)  accessionE) None of the above
F) A) and B)

Question 16

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

Accepted Answer

A)  bill of lading
B)  accession
C)  freight forwarder
D)  delivery orderE) B) and D)
F) All of the above

Question 17

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.

Accepted Answer

A) True 
 B)False

Question 18

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

Accepted Answer

A) True 
 B)False

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

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

Accepted Answer

A)  chattel
B)  fixture
C)  attachment
D)  lienE) A) and D)
F) None of the above

Exam 47: Personal Property, real Property, and Insurance

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

Correct AnswerverifiedShow Answer

Real property can become personal property if it is ________.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following is true about real property?

Correct AnswerverifiedShow Answer

Under the innkeepers' statutes,innkeepers owe a duty of strict liability regarding loss caused to the personal property of transient guests.

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

________ occurs if two or more persons commingle fungible goods.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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) ________.

Correct AnswerverifiedShow Answer

What is the role of an innkeeper as a bailee? How does the innkeepers' statute help an innkeeper?

Correct AnswerverifiedAn innkeeper is the owner of a facility ...View AnswerShow Answer

What is a gift inter vivos?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Under the common law,innkeepers are not liable for lost or stolen guest property when compared to the innkeepers' statutes.

Correct AnswerverifiedShow Answer

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An innkeeper is the owner of a facility ...
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