Exam 24: Real and Personal 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.

A gift given by a living person who expects to die from a known cause is called a(n):

A property that comprises land and everything attached to the land,including minerals such as oil,iron ore,and others,is known as:

The term _________ includes,in addition to land,both tangible and intangible personal property.

An object that has not been intentionally left in the custody of someone else and then forgotten is considered lost,not mislaid.

The right to extract minerals,such as oil or coal,from land is known as:

A joint tenancy exists when two or more persons own equal shares of property.

Legally,property other than land,including both tangible property and intangible property,is considered:

A right or interest in land granted to a party to make beneficial use of the land owned by another is a(n):

In a property,a person who holds a freehold estate only for his or her lifetime is said to hold a(n):

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 leasehold estate is an ownership,with the right to possess real property,subject to the provisions of a lease.

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.

Property acquired by either one of the spouses during a marriage is considered community property.

What are the ways in which real property may be transferred? Discuss any one such method.

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):

Automobiles,furniture,clothing,and pets are not considered tangible goods.

If the true owner does not come forward and the finder does not wish to claim ownership,title to the property:

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 voluntary transfer of property by one person to another without consideration or payment of any kind is a(n):