Exam 31: Introduction to Property: Personal Property and Fixtures

Gifts under the Uniform Transfers to Minors Act are limited for the most part to money or securities, while the Uniform Gifts to Minors Act allows gifts such as real estate.

For tax purposes, fixtures are treated as personal property.

Which of the following is an example of an agricultural fixture?

The owner of personal property is entitled to the return of lost or misplaced property unless:

a(n. _____ gift is made by someone contemplating death in the near future.

A contract for sale, or for a testamentary transfer, will consider a stove bolted to the floor of a kitchen and connected to the gas lines to be a(n):

If a Tenant's fixtures are removed, they must be removed without causing substantial damage to the landlord's property.

A steamroller is an example of intangible property.

A fixture is an object that was once personal property but that has become so affixed to land or structures that it is considered legally a part of the real property.

In Bishop v Ellsworth, the money was found in a bottle on Bishop's premises (the junk yard) by two young boys. Which of the following is Court's decision and/or rationale?

The sale of personal property, but not real property, is governed by Article 2 of the Uniform Commercial Code.

A gift causa mortis can be revoked, while a gift inter vivos cannot.

Real property is movable whereas personal property is immovable.

A gift inter vivos is a gift made by someone contemplating death in the near future.

When a garage uses its paint to repaint a customer's automobile, the car owner, not the painter, is the owner of the finished product. This situation follows the general rule of:

The three types of tenant's fixtures remain personal property and may be removed by the tenant if three conditions are met. What are they?

The finder of lost property is said to be a quasi-bailee for the true owner.

To make an effective gift inter vivos or causa mortis, the law imposes three requirements. What are they?

Which of the following is an example of tangible property?

Which of the following refers to an object that was once personal property but that has become so attached to land or structures that it is considered legally a part of the real property?