Question 1

Only personal property can be used in a bailment.

Accepted Answer

A) True 
 B)False

Question 2

In the bailment agreement, which of the following types of duties did Randy neglect?

Accepted Answer

A)   duty of great care
B)   duty of slight care
C)   duty of reasonable care
D)   duty of ordinary careE) B) and C)
F) A) and C)

Question 3

Which of the following is considered a constructive delivery of a gift?

Accepted Answer

A)   giving the key to a safe-deposit box where the gift is kept
B)   paying for the total value of the good being gifted in cash
C)   contracting a third party to deliver goods to the donee
D)   gifting someone in person to ensure acceptance of the giftE) A) and B)
F) A) and C)

Question 4

Only intangible property qualifies as personal property.

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) B) and D)

Question 6

Which of the following methods of acquiring ownership was more important when the United States was being developed than it is today?

Accepted Answer

A)   purchase
B)   capture
C)   gift
D)   productionE) B) and D)
F) A) and B)

Question 7

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

Accepted Answer

A)   adverse possession
B)   future interest
C)   gift
D)   purchaseE) All of the above
F) B) and D)

Question 8

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

Accepted Answer

A)   Gifting
B)   Producing
C)   Capturing
D)   PurchasingE) B) and C)
F) A) and D)

Question 9

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) A) and B)
F) A) and C)

Question 10

Title to goods cannot be acquired by confusion.

Accepted Answer

A) True 
 B)False

Question 11

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

Accepted Answer

A)   chattel
B)   fixture
C)   attachment
D)   lienE) All of the above
F) B) and C)

Question 12

The delivery of goods to a common carrier creates a bailment for the sole benefit of the bailor.

Accepted Answer

A) True 
 B)False

Question 13

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

Accepted Answer

A)   real property
B)   immovable property
C)   personal property
D)   fixturesE) All of the above
F) A) and B)

Question 14

Which of the following is considered real property?

Accepted Answer

A)   a plantation
B)   a car
C)   a piece of furniture
D)   a copyrighted songE) B) and C)
F) A) and D)

Question 15

A person can acquire ownership of unowned personal property by taking possession of it.

Accepted Answer

A) True 
 B)False

Question 16

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 17

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

Accepted Answer

A) True 
 B)False

Question 18

A gift causa mortis is an irrevocable present transfer of ownership during the donor's lifetime.

Accepted Answer

A) True 
 B)False

Question 19

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

Question 20

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) B) and C)
F) A) and C)

Exam 47: Personal Property, Real Property, and Insurance

Only intangible property qualifies as personal property.

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

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

Correct AnswerverifiedShow Answer

Which of the following is considered a constructive delivery of a gift?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

A gift causa mortis is an irrevocable present transfer of ownership during the donor's lifetime.

Correct AnswerverifiedShow Answer

Title to goods cannot be acquired by confusion.

Correct AnswerverifiedShow Answer

A person can acquire ownership of unowned personal property by taking possession of it.

Correct AnswerverifiedShow Answer

The delivery of goods to a common carrier creates a bailment for the sole benefit of the bailor.

Correct AnswerverifiedShow Answer

Real property can become personal property if it is ________.

Correct AnswerverifiedShow Answer

In the bailment agreement, which of the following types of duties did Randy neglect?

Correct AnswerverifiedShow Answer

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

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 considered real property?

Correct AnswerverifiedShow Answer

Which of the following methods of acquiring ownership was more important when the United States was being developed than it is today?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Only personal property can be used in a bailment.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

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An innkeeper is the owner of a facility ...
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