Deck 31: Introduction to Property: Personal Property and Fixtures

Question 1

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

Answer 1

False

Question 2

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

Answer 2

True

Question 3

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.

Answer 3

False

Question 4

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

A) promise
B) will
C) grant
D) gift
E) sale

Question 5

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

Question 6

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.

Question 7

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

Question 8

A steamroller is an example of intangible property.

Question 9

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

Question 10

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

Question 11

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

Question 12

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

A) the finder actually takes the object into her possession.
B) the goods are found on private property.
C) it was lost on public land or in a public area.
D) he has intentionally abandoned it.
E) the finder has expenses in connection with returning the property.

Question 13

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.

Question 14

Which of the following is an example of tangible property?

A) Stocks
B) Bonds
C) Copyrights
D) Patents
E) Buildings

Question 15

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

A) A trademark
B) A popsicle stand
C) A hairdryer
D) A steamroller
E) A phone

Question 16

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.

A) capital theft
B) brigandage
C) embezzlement
D) fraud
E) larceny

Question 17

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

Question 18

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

Question 19

For tax purposes, fixtures are treated as personal property.

Question 20

Real property is movable whereas personal property is immovable.

Question 21

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:

A) receivership.
B) composition.
C) conversion.
D) accession..

Question 22

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?

A) Chattel
B) Fixture
C) Accession
D) Codicil
E) Lien

Question 23

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?

A) The bank gets to split the money with the Sheriff, since no true owner can be found.
B) Finders, keepers; losers, weepers -- the boys get to keep the money, because otherwise the money would have remained of no value to anyone, since Bishop (the junkyard owner) had abandoned the property.
C) Because no true owner came forward, the money is split between the boys (1/2) and the property owner (Bishop); the sheriff and the bank get nothing.
D) The trial court is reversed; Bishop gets to trial because the boys were trespassers.
E) Bishop is deemed constructive owner of the bottle and money, and may become owner if five more years goes by and no one responds to the legal advertising to run for ten successive weeks in the local paper.

Question 24

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

Question 25

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):

A) gift.
B) lien.
C) fixture.
D) confusion.
E) codicil.

Question 26

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?

Question 27

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

A) pro bono
B) inter vivos
C) causa mortis
D) ex nihilo
E) jus soli

Question 28

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

A) Milling plants
B) Book-shelves
C) Washing machines
D) Doors
E) Screens