Exam 24: Real and Personal Property

In states that have enacted community property statutes, property acquired by a member of a designated community belongs to that entire community.

Title to land also can be acquired as a result of a person's use of land over a period of time though __________.

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

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

What provides the holder with certain rights during the period covered by the lease?

In the context of a life estate, 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.

For title to pass through adverse possession it need not be proved that there was actual and exclusive continuous possession or use of the property.

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

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

If the true owner does not come forward and the finder does not wish to claim ownership, title to the property transfers to the state _________.

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:

Personal property, such as trees or shrubbery purchased at a nursery, become real property when they are planted.

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

Items of personal property added to real property are fixtures.

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

When two or more persons own equal shares of a property then it is called:

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.

The transfer of real property is, in many ways, simpler than the transfer of personal property.

A form of joint ownership of property by husband and wife in which both have the right to the entire property is a(n):

Ownership is held in ________ when all the rights of ownership in a particular piece of property are held by one person.