Exam 31: Introduction to Property: Personal Property and Fixtures

The general rule of "accession" is that when goods are added to goods, the owner of the principal goods becomes the owner of the enhanced product.

For an object to be considered a fixture, it must be annexed or affixed to the real property.

Tangible property is something with physical reality that entitles the owner to certain benefits.

A _____ is a voluntary transfer of property without consideration or compensation, which takes effect immediately, upon preparation of the documents.

The finder who knows the owner or has reasonable means of discovering the owner's identity commits _____ if she holds on to the object with the intent that it be hers.

Which of the following is an example of an intangible property?

Transfer of real property usually takes place without any documents at all.

A tenant's fixtures cannot be transferred when the tenant's lease expires, and must always remain with the real property.