Question 1

Under common law, ownership of real property extended from the center of the earth to the highest point ________.

Accepted Answer

A)  on the land. 
B)  in the county 
C)  in the sky 
D)  in the state 
A)  on the land. 
B)  in the county 
C)  in the sky 
D)  in the state C

Question 2

Personal property, such as trees or shrubbery purchased at a nursery, become:

Accepted Answer

A)  real property when they are planted. 
B)  tangible property when they are sold. 
C)  real property when they are bought. 
D)  tangible property when they are possessed. 
A)  real property when they are planted. 
B)  tangible property when they are sold. 
C)  real property when they are bought. 
D)  tangible property when they are possessed. A

Question 3

In a tenancy in common, joint ownership must be in equal interests. .

Accepted Answer

A) True 
 B)False  False

Question 4

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

Accepted Answer

A)  inherited rights. 
B)  subterranean rights. 
C)  substantial rights. 
D)  extensive rights. 
A)  inherited rights. 
B)  subterranean rights. 
C)  substantial rights. 
D)  extensive rights.

Question 5

Property is considered to be mislaid, rather than lost, when the property is intentionally:

Accepted Answer

A)  left in a certain place and then forgotten. 
B)  given to a third party. 
C)  offered to an agent. 
D)  discarded and then forgotten. 
A)  left in a certain place and then forgotten. 
B)  given to a third party. 
C)  offered to an agent. 
D)  discarded and then forgotten.

Question 6

A person who finds property has no legal responsibility to make an effort to return the property to its rightful owner.

Accepted Answer

A) True 
 B)False

Question 7

________ is the right of an owner of property such as plants or animals to increase in the property. The owner of a cow, for example, owns the calves born to the cow.

Accepted Answer

A)  Inheritance 
B)  Accession 
C)  Freeholding 
D)  Possession 
A)  Inheritance 
B)  Accession 
C)  Freeholding 
D)  Possession

Question 8

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

Accepted Answer

A)  inter vivos gift. 
B)  causa mortis gift. 
C)  intestate gift. 
D)  anticipatory gift. 
A)  inter vivos gift. 
B)  causa mortis gift. 
C)  intestate gift. 
D)  anticipatory gift.

Question 9

The finder of lost property has ________ rights superior to everyone except the true owner.

Accepted Answer

A)  exclusive 
B)  limited 
C)  ownership 
D)  infinite 
A)  exclusive 
B)  limited 
C)  ownership 
D)  infinite

Question 10

The right to extract minerals, such as oil or coal, from land is known as subterranean rights.

Accepted Answer

A) True 
 B)False

Question 11

Briefly discuss the differences between a quitclaim deed and a warranty deed.

Accepted Answer

A quitclaim deed transfers whatever inte

Question 12

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

Accepted Answer

A)  accession. 
B)  precession. 
C)  easement. 
D)  subterranean right. 
A)  accession. 
B)  precession. 
C)  easement. 
D)  subterranean right.

Question 13

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

Accepted Answer

A)  transient property. 
B)  personal property. 
C)  public property. 
D)  real property. 
A)  transient property. 
B)  personal property. 
C)  public property. 
D)  real property.

Question 14

In an area that is not open to the public, the owner of the property is presumed to possess both the place itself and whatever it contains

Accepted Answer

A) True 
 B)False

Question 15

Briefly describe how title to land can be transferred by adverse possession.

Accepted Answer

Title to land can be acquired as a resul

Question 16

Briefly discuss the differences between "tenancy by the entirety" and "tenancy in common."

Accepted Answer

A "tenancy by the entirety" is a form of

Question 17

A person who finds property has a(n) _________ responsibility to make reasonable efforts to return the property to its rightful owner.

Accepted Answer

A)  ethical 
B)  moral 
C)  religious 
D)  legal 
A)  ethical 
B)  moral 
C)  religious 
D)  legal

Question 18

The owner of a freehold estate who holds the estate absolutely is said to hold it in:

Accepted Answer

A)  accession. 
B)  easements. 
C)  life estates. 
D)  fee simple. 
A)  accession. 
B)  easements. 
C)  life estates. 
D)  fee simple.

Question 19

A deed in which the grantor asserts that he or she has title and that the property is free of the claims of others is a:

Accepted Answer

A)  warranty deed. 
B)  quitclaim deed. 
C)  guarantee deed. 
D)  bargain and sale deed. 
A)  warranty deed. 
B)  quitclaim deed. 
C)  guarantee deed. 
D)  bargain and sale deed.

Question 20

Patents, rights to drill for oil on someone's land, and copyrights of creative works such as books are:

Accepted Answer

A)  special possessions. 
B)  tangible possessions. 
C)  inalienable possessions. 
D)  intangible possessions. 
A)  special possessions. 
B)  tangible possessions. 
C)  inalienable possessions. 
D)  intangible possessions.

Exam 24: Real and Personal Property

Under common law, ownership of real property extended from the center of the earth to the highest point ________.

Personal property, such as trees or shrubbery purchased at a nursery, become:

In a tenancy in common, joint ownership must be in equal interests. .

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

Property is considered to be mislaid, rather than lost, when the property is intentionally:

A person who finds property has no legal responsibility to make an effort to return the property to its rightful owner.

________ is the right of an owner of property such as plants or animals to increase in the property. The owner of a cow, for example, owns the calves born to the cow.

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

The finder of lost property has ________ rights superior to everyone except the true owner.

The right to extract minerals, such as oil or coal, from land is known as subterranean rights.

Briefly discuss the differences between a quitclaim deed and a warranty deed.

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

In an area that is not open to the public, the owner of the property is presumed to possess both the place itself and whatever it contains

Briefly describe how title to land can be transferred by adverse possession.

Briefly discuss the differences between "tenancy by the entirety" and "tenancy in common."

A person who finds property has a(n) _________ responsibility to make reasonable efforts to return the property to its rightful owner.

The owner of a freehold estate who holds the estate absolutely is said to hold it in:

A deed in which the grantor asserts that he or she has title and that the property is free of the claims of others is a:

Patents, rights to drill for oil on someone's land, and copyrights of creative works such as books are:

Our System of Law

Ethics and the Law

Criminal Law

Tort Law

Constitutional Law

Administrative Law

Introduction to Contracts

Offer and Acceptance

Mutual Agreement

Consideration

Competent Parties

Legal Purpose of Contracts

Form of Contracts

Operation of Contracts

Discharge of Contracts

Transfer of Title

Sales

Warranties

Agency

Business Organizations

Bankruptcy

Introduction to Commercial Paper

Transfer and Discharge of Commercial Paper

Bailments

Landlord-Tenant Relations

Wills, Intestacy, and Trusts

Intellectual Property

Computer Privacy and Speech

Conducting Business in Cyberspace

The Employer-Employee Relationship

Employment Law

Product Liability

Professionals Liability

International Business Law

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