Deck 36: Personal Property

Question 1

Wild animals in their natural state belong to no one.

Answer 1

True

Question 2

When one tenant in common dies, that party's interest in the property automatically passes to the surviving owners.

Answer 2

False

Question 3

Sometimes, a person can become an owner of personal property by possessing it.

Answer 3

True

Question 4

On the death of an owner in fee simple, his or her interest in property passes to the state.

Question 5

The law defines the right to use, and to sell or dispose of it.

Question 6

Water is not considered personal property for the purpose of criminal prosecution when it is stolen or used without authorization.

Question 7

Manufacturers who produce personal property thereby acquire title to it.

Question 8

An owner in fee simple is entitled to use or possess property, but not to dispose of it as he or she chooses, during his or her lifetime.

Question 9

The concept of personal property can expand to take account of new types of ownership rights.

Question 10

Intangible personal property has no real physical existence.

Question 11

In a tenancy in common , each co-owner owns an undivided, fractional interest in the property.

Question 12

When a joint tenant dies, his or her interest in the property passes to his or her chosen heirs.

Question 13

The rights and interests a person has in anything with an established value that is subject to ownership can constitute property .

Question 14

In a joint tenancy , each co-owner owns an undivided interest in the property.

Question 15

Persons who share ownership rights simultaneously in particular property are concurrent owners.

Question 16

Stocks and bonds are intangible personal property.

Question 17

No form of property ownership entitles the owner to the entire bundle of property rights.

Question 18

Essentially, real property is moveable, while personal property is not.

Question 19

A gift is a voluntary transfer of property ownership for consideration.

Question 20

A patent is tangible personal property.

Question 21

A finder of lost property can claim title to it against the whole world, including the true owner.

Question 22

The delivery of intangible property is always accomplished by constructive delivery.

Question 23

Generally, there is no dispute about who owns the property after accession has occurred.

Question 24

Don owns factory machinery and the tools to service it, as well as office furniture, including computers. Emily owns trademarks that identify certain products, and stock in the company that sells those products. Personal property includes items owned by

A) Don and Emily.
B) Don only .
C) Emily only.
D) neither Don nor Emilio.

Question 25

Accession occurs when someone acquires title to a valuable piece of personal property by assuming a position of power.

Question 26

Heidi owns a smartphone, a tablet, and a patent on an app. Her intangible property includes

A) the phone.
B) the tablet.
C) the patent.
D) all of the choices.

Question 27

A finder of mislaid property obtains title to the goods.

Question 28

Someone who finds abandoned property acquires title to it.

Question 29

With respect to property, the law defines the right to

A) sell or dispose of it, but not prevent trespass onto it.
B) prevent trespass onto it, but not to sell or dispose of it.
C) sell or dispose of it, and prevent trespass onto it.
D) none of the choices.

Question 30

Property that has been placed somewhere by the owner voluntarily and then inadvertently forgotten is abandoned property .

Question 31

Many states require the owner of lost property to make a reasonably diligent search to locate the finder.

Question 32

A finder of mislaid property has no obligation to return the property to the true owner.

Question 33

Even if the true owner of lost property demands that it be returned, the finder of the property is not obligated to surrender it.

Question 34

Faye owns the land on which Golden Spurs Ranch is situated, plus the ranch house, barn, and other structures permanently attached to the land. Faye's brother Huey owns everything else in the ranch's operation-livestock, feed, and so on. The personal property is owned by

A) Faye and Huey.
B) Faye only .
C) Golden Spurs Ranch.
D) Huey only.

Question 35

Property that has been discarded by the true owner, who has no intention of reclaiming title to it, is abandoned property.

Question 36

The legally protected rights and interests that a person has in anything of established value subject to ownership is

A) ownership in fee simple.
B) property.
C) concurrent ownership.
D) unified ownership.

Question 37

Simply finding something gives the finder all legal rights in the property.

Question 38

Property that the owner has parted with involuntarily and then cannot find or recover is mislaid property .

Question 39

If confusion occurs as a result of agreement, the owners share ownership as joint tenants .

Question 40

A promise to make a gift tomorrow or next year is a gift .

Question 41

Emily owns Fertile Farm. Emily's only son Geraldo owns the adjacent Hillside Orchard. Emily makes a gift of the farm to Ida, a short-term employee. This gift may lack the required element of

A) acceptance.
B) delivery.
C) donative intent.
D) dominion.

Question 42

Frank owns a collection of rare musical instruments. His ownership includes the rights to use, sell, or give away the property, On Frank's death, his interest in the collection will pass to

A) the nearest repository of rare musical instruments.
B) the state.
C) Frank's heirs.
D) the community.

Question 43

Ester sells stock in Fast Food Inc. to Gayle. Ester does not hand the stock certificates to Gayle, but gives her the key to a safety-deposit box in Heartland Bank in which the certificates are locked. This is

A) incomplete delivery.
B) constructive delivery .
C) ineffective delivery.
D) temporary delivery.

Question 44

Gina buys silver to make jewelry. The finished products are sold to Hand Crafts, a shop that sells these items to customers who often present them as gifts. The most common way to acquire personal property is to

A) purchase it.
B) add value to it .
C) make it.
D) receive it as a gift.

Question 45

Rosa, a writer, has a computer in her office. She has a copyright on her most recent work, a memoir of her trip through South America. The memoir has been successful and given her much public goodwill. Her tangible personal property includes

A) the computer.
B) the copyright.
C) the trip.
D) the goodwill.

Question 46

T.J. owns a Miata. T.J. can use the car or dispose of it as he wishes. When T.J. dies, the car will descend to his son. T.J. is an owner in

A) joint tenancy.
B) tenancy in common.
C) fee simple.
D) community.

Question 47

Perry gives Rachel a phone as a gift. Rachel develops a new app for the phone, obtains intellectual property protection, and forms Quick Apps LLC to sell it. Rachel's acquisition of the app is by

A) possession.
B) accession.
C) gift.
D) production.

Question 48

Abigail and James are wheat farmers with adjacent properties. After Abigail and James harvest their wheat, they combine it by storing the wheat in a single silo. This constitutes

A) confusion.
B) delivery.
C) accession.
D) dominion.

Question 49

Edna and Flavia buy a boat that they dock in a marina near Gulfport, Mississippi. On the death of either owner, that owner's interest in the boat passes to her heirs. This is

A) a joint tenancy .
B) community property.
C) a tenancy in common.
D) ownership in fee simple.

Question 50

Marcy owns land in North Dakota under which deposits of oil shale are discovered. Marcy sells the rights to the shale to Oil Mining Inc. Once the oil in the rock is removed and refined, it will be considered

A) personal property.
B) real property.
C) intangible property.
D) intellectual property.

Question 51

Dick buys a fishing license and goes fishing. He catches a trout, cleans it, cooks it, and eats it. Dick's acquisition of the trout is by

A) possession.
B) accession.
C) confusion.
D) production.

Question 52

Angela voluntarily transfers her prize-winning horse Beaux to Cady without consideration. Provided all of the requirements are met, this is acquisition of property by

A) conversion.
B) accession.
C) possession.
D) gift.

Question 53

Mary goes hunting during elk season. While trespassing on Nate's rural land, she shoots an elk. This elk is the property of

A) Mary.
B) Nate.
C) the state.
D) Mary and Nate equally.

Question 54

Leon transfers his shares of stock in Microsoft Inc. to National University as a gift. The school, which pays nothing for the stock, is the owner of the shares in

A) joint tenancy.
B) tenancy in common.
C) fee simple.
D) community.

Question 55

Fred and Joanne are married. Joanne purchases a car. Fred and Joanne each technically own an undivided one-half interest in the car. In several states, this is

A) a joint tenancy.
B) fee simple ownership.
C) community property.
D) illegal.

Question 56

Adam promises his daughter Bev that she can have his restored 1968 Chevy Corvette when he dies. This is

A) a present, not a future, transfer .
B) a promise to make a gift .
C) a promise to make a gift, a present transfer, and a valid gift.
D) a valid gift.

Question 57

Kim and Leola own 10,000 shares of stock in My-T Gro Corporation. On the death of either owner, that owner's interest in the stock passes to the surviving owner. This is

A) a joint tenancy .
B) community property.
C) a tenancy in common.
D) ownership in fee simple.

Question 58

While trespassing on Nan's ranch land, Owen tracks, and shoots, a wolf in violation of state wild game statutes. This wolf is the property of

A) Owen.
B) Nan.
C) the state.
D) none of the choices.

Question 59

Rob steals a damaged, broken bike that is parked, unlocked, in a bike rack. He repairs, paints, and replaces parts on the bike until it is like new. The original owner, Sue, then claims it. The bike belongs to

A) Rob and Sue as co-owners.
B) Rob because he improved it substantially.
C) the state under an estray statute.
D) Sue because Rob stole it.

Question 60

Mallory's sister Naomi gives Mallory a leather working kit for Christmas. Mallory uses the kit to make a saddle. Mallory's acquisition of the saddle is by

A) gift.
B) accession.
C) confusion.
D) production.

Question 61

After shopping at a Cut-Price store, Dyan finds a smart watch in her bag of purchases that she knows she did not pay for. If Dyan fails to return the watch to the store or to pay for it, she will have committed

A) accession.
B) confusion .
C) conversion.
D) production.

Question 62

Inadvertently, Ralph leaves his phone at Sushi Café when he stops for lunch. The phone is

A) abandoned property.
B) converted property.
C) lost property.
D) mislaid property.

Question 63

James works at Kay's Breakfast Café. After work, in the parking lot, James finds a diamond ring lost by Lani. Title to the ring is possessed by

A) James.
B) Kay's.
C) Lani.
D) the state.

Question 64

Sara owns a ring. She asks Tomas, a jeweler, to add a diamond to it. Adding the diamond will increase the value of the ring. This is

A) accession.
B) acquisition .
C) conversion.
D) validation.

Question 65

During a storm in Tornado Alley, a house is destroyed, but its owner Dorothy survives. Dorothy plans to return to the site to salvage her possessions, but she delays. Meanwhile, Elliott combs through the ruins and removes all useful items. Dorothy learns of the recovery and files a suit against Elliott, claiming that the items are hers. Elliott responds that the destroyed house was abandoned and therefore he has good title to whatever he took possession of. What is the court likely to rule, and why?

Question 66

Inadvertently, Brie loses her textbook during an afternoon in City Park. She eventually gives up any attempt to find it. The textbook will then most likely be considered

A) abandoned property.
B) converted property.
C) lost property.
D) mislaid property.

Question 67

Lauren owns a 1967 Ford Mustang, which Mike customizes and details to Lauren's specifications. The car earns several awards at regional vehicle customizing competition shows. The result of Mike's efforts is

A) accession.
B) acquisition .
C) conversion.
D) requisition.

Question 68

Arnold wants to give Beth a pearl necklace that he has in his safe deposit box at Capital Bank. The bank is closed for a holiday. Arnold gives Beth a key to the box and tells her to go to the bank after the holiday and take the necklace. Beth does this. The next day, Arnold dies unexpectedly. His heirs want the necklace. Can Beth keep the necklace? Explain.

Question 69

Belle finds a tablet on the counter at Café Latte. She takes it to a police station where she is told that if it is not claimed by a certain time, she can obtain title to it. This is acquiring possession by

A) an estray statute.
B) gift.
C) confusion.
D) production.

Question 70

While hiking on Mountain Trail, Nick's camera falls from his pocket. He fails to notice its loss for a mile, and is then unable to find it. Olin finds the camera. Pete tries to take it from Olin. The party who can assert the best title to the camera is

A) Nick.
B) Olin.
C) Pete.
D) the state.

Question 71

Nero and Omar agree to buy natural gas to sell to Power Refinery and to share storage costs until the refinery can take delivery. The gas is commingled so that Nero's cannot be distinguished from Omar's. This is

A) accession.
B) confusion .
C) conversion.
D) production.

Question 72

While moving to a new apartment, Vance discards a couch near the entrance to his old residence, with no intention of recovering it. The couch is

A) abandoned property.
B) converted property.
C) lost property.
D) mislaid property.