Question 1

Another word for real property is chattel.

Accepted Answer

A) True 
 B)False  False

Question 2

A severance:

Accepted Answer

A) occurs when personal property is transformed into real property. 
B) occurs when real property is transformed into personal property. 
C) occurs when a tenant fails to remove his trade fixtures before the expiration of the lease. 
D) occurs when personal property is annexed to real property. 
A) occurs when personal property is transformed into real property. 
B) occurs when real property is transformed into personal property. 
C) occurs when a tenant fails to remove his trade fixtures before the expiration of the lease. 
D) occurs when personal property is annexed to real property. B

Question 3

If a contract of sale calls for timber to be cut and removed by the buyer and would cause no harm to the land, the contract is considered to be a sale of goods.

Accepted Answer

A) True 
 B)False  True

Question 4

Real property can include not only the land but also the air space above the land.

Accepted Answer

A) True 
 B)False

Question 5

The law governing commercial transactions is uniform in all states but Hawaii.

Accepted Answer

A) True 
 B)False

Question 6

As a general rule fixtures pass to the purchaser when real estate is sold.

Accepted Answer

A) True 
 B)False

Question 7

The following items would probably meet the annexation test:

Accepted Answer

A) a lawn mower. 
B) a five-ton boulder placed in front of a house for decorative purposes, but not physically attached to the real estate by cement or other devices. 
C) a bird house hanging from a tree limb. 
D) a garage door opener. 
E) two of the above.(b and d) 
A) a lawn mower. 
B) a five-ton boulder placed in front of a house for decorative purposes, but not physically attached to the real estate by cement or other devices. 
C) a bird house hanging from a tree limb. 
D) a garage door opener. 
E) two of the above.(b and d)

Question 8

Both fructus naturales and fructus industriales, when unsevered, pass to the purchaser when real estate is sold.

Accepted Answer

A) True 
 B)False

Question 9

An article considered to be a tenant's fixture may be legally removed if the removal takes place within a reasonable time after termination of the tenancy.

Accepted Answer

A) True 
 B)False

Question 10

A fixture is transferred by an instrument called a bill of sale.

Accepted Answer

A) True 
 B)False

Question 11

An example of intangible personal property is a stock certificate.

Accepted Answer

A) True 
 B)False

Question 12

A construction mortgage, unless the construction mortgagee agrees to subordination, has by law priority over security interests.

Accepted Answer

A) True 
 B)False

Question 13

Fixtures are taxed as personal property.

Accepted Answer

A) True 
 B)False

Question 14

Dan owns a house that was mortgaged to First Bank.Dan purchases a central air conditioning unit in January 2011, from Bob's Appliances on credit and gives Bob's a security interest in the unit.In most states, in order to gain priority over First Bank, Bob's Appliances must:

Accepted Answer

A) perfect by a fixture filing. 
B) perfect within 20 days after the unit is installed. 
C) notify First Bank in a letter of his security interest before the unit is installed. 
D) two of the above.(a and b) 
E) none of the above. 
A) perfect by a fixture filing. 
B) perfect within 20 days after the unit is installed. 
C) notify First Bank in a letter of his security interest before the unit is installed. 
D) two of the above.(a and b) 
E) none of the above.

Question 15

The Uniform Commercial Code requires that the sale of goods must always be in writing to be enforceable.

Accepted Answer

A) True 
 B)False

Question 16

Erwin Paper Company purchased 750 acres of timber from Roscoe for $750,000.Erwin is to cut and remove the timber.

Accepted Answer

A) This is a contract for the sale of goods and it must be in writing to be enforceable. 
B) This is a contract for the sale of real estate and must be in writing. 
C) This is a contract for the sale of fructus industriales and does not have to be in writing. 
D) None of the above. 
A) This is a contract for the sale of goods and it must be in writing to be enforceable. 
B) This is a contract for the sale of real estate and must be in writing. 
C) This is a contract for the sale of fructus industriales and does not have to be in writing. 
D) None of the above.

Question 17

Carlos rented an apartment in which he installed a new gas stove.The stove is:

Accepted Answer

A) a fixture, which must remain in the apartment when the lease terminates. 
B) a trade fixture. 
C) a domestic fixture. 
D) an agricultural fixture. 
E) none of the above. 
A) a fixture, which must remain in the apartment when the lease terminates. 
B) a trade fixture. 
C) a domestic fixture. 
D) an agricultural fixture. 
E) none of the above.

Question 18

The Uniform Commercial Code is the primary source of real property law.

Accepted Answer

A) True 
 B)False

Question 19

Most American courts apply three tests to determine whether a personal property has been transformed into a fixture.Which of the following is not one of these tests?

Accepted Answer

A) Adaption. 
B) Annexation. 
C) Transfer. 
D) Intention. 
A) Adaption. 
B) Annexation. 
C) Transfer. 
D) Intention.

Question 20

The Uniform Commercial Code defines personal property as all things that are movable at the time of identification to the contract for sale.

Accepted Answer

A) True 
 B)False

Another word for real property is chattel.

A severance:

If a contract of sale calls for timber to be cut and removed by the buyer and would cause no harm to the land, the contract is considered to be a sale of goods.

Real property can include not only the land but also the air space above the land.

The law governing commercial transactions is uniform in all states but Hawaii.

As a general rule fixtures pass to the purchaser when real estate is sold.

The following items would probably meet the annexation test:

Both fructus naturales and fructus industriales, when unsevered, pass to the purchaser when real estate is sold.

An article considered to be a tenant's fixture may be legally removed if the removal takes place within a reasonable time after termination of the tenancy.

A fixture is transferred by an instrument called a bill of sale.

An example of intangible personal property is a stock certificate.

A construction mortgage, unless the construction mortgagee agrees to subordination, has by law priority over security interests.

Fixtures are taxed as personal property.

Dan owns a house that was mortgaged to First Bank.Dan purchases a central air conditioning unit in January 2011, from Bob's Appliances on credit and gives Bob's a security interest in the unit.In most states, in order to gain priority over First Bank, Bob's Appliances must:

The Uniform Commercial Code requires that the sale of goods must always be in writing to be enforceable.

Erwin Paper Company purchased 750 acres of timber from Roscoe for $750,000.Erwin is to cut and remove the timber.

Carlos rented an apartment in which he installed a new gas stove.The stove is:

The Uniform Commercial Code is the primary source of real property law.

Most American courts apply three tests to determine whether a personal property has been transformed into a fixture.Which of the following is not one of these tests?

The Uniform Commercial Code defines personal property as all things that are movable at the time of identification to the contract for sale.

The Scope of Real Property

Rights in Land of Others

Types of Ownership

The Search for Real Estate

The Real Estate Contract

Title and Insurance

Financing the Real Estate Purchase

Closings and Taxation: Other Methods of Acquisition

Landlord and Tenant

Rights and Duties of Landowners and Occupants

Legal Planning and Regulation of Land Use

Environmental Law and Regulation

Filters

Exam 2: The Nature of Property

Another word for real property is chattel.

A severance:

If a contract of sale calls for timber to be cut and removed by the buyer and would cause no harm to the land, the contract is considered to be a sale of goods.

Real property can include not only the land but also the air space above the land.

The law governing commercial transactions is uniform in all states but Hawaii.

As a general rule fixtures pass to the purchaser when real estate is sold.

The following items would probably meet the annexation test:

Both fructus naturales and fructus industriales, when unsevered, pass to the purchaser when real estate is sold.

An article considered to be a tenant's fixture may be legally removed if the removal takes place within a reasonable time after termination of the tenancy.

A fixture is transferred by an instrument called a bill of sale.

An example of intangible personal property is a stock certificate.

A construction mortgage, unless the construction mortgagee agrees to subordination, has by law priority over security interests.

Fixtures are taxed as personal property.

Dan owns a house that was mortgaged to First Bank.Dan purchases a central air conditioning unit in January 2011, from Bob's Appliances on credit and gives Bob's a security interest in the unit.In most states, in order to gain priority over First Bank, Bob's Appliances must:

The Uniform Commercial Code requires that the sale of goods must always be in writing to be enforceable.

Erwin Paper Company purchased 750 acres of timber from Roscoe for $750,000.Erwin is to cut and remove the timber.

Carlos rented an apartment in which he installed a new gas stove.The stove is:

The Uniform Commercial Code is the primary source of real property law.

Most American courts apply three tests to determine whether a personal property has been transformed into a fixture.Which of the following is not one of these tests?

The Uniform Commercial Code defines personal property as all things that are movable at the time of identification to the contract for sale.

The Scope of Real Property

Rights in Land of Others

Types of Ownership

The Search for Real Estate

The Real Estate Contract

Title and Insurance

Financing the Real Estate Purchase

Closings and Taxation: Other Methods of Acquisition

Landlord and Tenant

Rights and Duties of Landowners and Occupants

Legal Planning and Regulation of Land Use

Environmental Law and Regulation

Filters