WorksheetsLU 7 Bus Law Real & Personal Property, Landlord & Tenant Part 1
Total questions: 38
Worksheet time: 20mins
What is accession?
The right of the owner to sell the property.
The right of the owner to decrease the property.
The right of the owner to access the property at any time.
The right of the owner to the increase in the property.
Which best describes a Reversion Estate?
The property is transferred to a third party after the Life Estate ends.
The property returns to the original owner after the Life Estate ends.
A type of estate where the property can be sold during the Life Estate.
An estate that is created through a will.
non-moveable structures
land
oil
permanent additions to a house
ore
tree
copyrights
goodwill
clothing
portable property
tangible goods
intangible goods
attached garage
patents
When does personal property become real property?
When it is sold to another person
When it is lost and then found by someone else
When trees or shrubbery purchased at a nursery are planted in the ground
When it is intentionally left somewhere and then forgotten
In Inter vivos gift, the gift or written statement of the person's intention.....
Must be promised in a will.
Must be delivered to the donee.
Must be of monetary value only.
Must be given secretly.
What is the responsibility of the finder of lost property?
To keep the property if it is unclaimed for a certain period
To sell the property and keep the proceeds
To try to return the property to the proper owner
To donate the property to charity
What happens to abandoned personal property?
It must be reported to the local authorities
It becomes the property of the state
It is considered abandoned when the owner disposes of it with the intention of disclaiming ownership
It automatically becomes real property
A (a) is an instrument that conveys an interest in real property between parties. The party to whom the property is conveyed is called the (b) and the the party who conveys the real property is termed the (c) .
What happens to abandoned personal property?
It must be reported to the local authorities
It becomes the property of the state
It is considered abandoned when the owner disposes of it with the intention of disclaiming ownership
It automatically becomes real property
Which of the following defines a gift?
A transfer of property with significant consideration
A transfer of property by one person to another with a contract
A voluntary transfer of property by one person to another with consideration
A voluntary transfer of property by one person to another without consideration
What is the difference between lost property and mislaid property?
Lost property is intentionally left somewhere, while mislaid property is forgotten
Lost property is forgotten, while mislaid property is intentionally left somewhere
Lost property is not intentionally left in the custody of someone else, while mislaid property is intentionally left.
There is no difference; both terms mean the same thing
What can happen to a Causa Mortis Gift if the donor does not die from the expected cause?
The gift is automatically transferred to the donor's next of kin.
The gift is irrevocable and remains with the donee.
The gift can be reclaimed.
The gift becomes an Inter Vivos Gift.
What is a Freehold Estate?
The right to use someone else's land temporarily
A lease agreement for real estate
The interest in real estate when a person owns the land for life
A temporary interest in another person's land
What does "Fee Simple" mean?
The owner can only lease the property, not sell it
The owner has limited rights to the property
The owner has absolute ownership and can sell, gift, or bequeath the property
The property is owned by the state, not an individual
When does personal property become real property?
When it is sold to another person
When it is lost and then found by someone else
When trees or shrubbery purchased at a nursery are planted in the ground
When it is intentionally left somewhere and then forgotten
What does the term "severalty ownership" imply?
Ownership held by several persons.
Ownership held by two persons.
Ownership held by one person.
Ownership that is divided among family members.
How does Tenancy in Common differ from Joint Tenancy?
In Tenancy in Common, the ownership interest cannot be sold.
In Tenancy in Common, the ownership interest can be sold, transferred, or bequeathed.
In Tenancy in Common, there is a Right of Survivorship.
In Tenancy in Common, owners must be husband and wife.
Which of the following is true regarding Community Property?
All states have Community Property rights.
Community Property is never relevant in a divorce situation.
Only a few states have Community Property rights.
Community Property rights are the same as Equitable Distribution rights.
If a property owner owns additional plants that grow from the original plant, what is this an example of?
Causa Mortis Gift
Accession
Inter Vivos Gift
Inheritance
What is it referred to when title to land is acquired as a result of a person's use of land over a period of time?
Eminent Domain
Adverse Possession
Bargain & Sale Deed
Quitclaim Deed
Life Estate
What is Joint Tenancy?
The ownership interest can be sold or bequeathed.
Exists when assets are owned by business partners.
Exists when when two or more persons own equal shared of personal property.
Exists when two or more persons own equal shares of real or personal property
What is the concept of Air Rights?
The right to control the air quality above one's property.
The rights of space above the exisitng buildings.
The right to broadcast signals over one's property.
The right to prevent airplanes from flying over one's property.
What happens to the property after the Life Estate ends?
It becomes a Reversion Estate or a Remainder Estate.
It is sold to the highest bidder.
It reverts to the state .
It is divided among the heirs of the Life Estate holder.
What is an easement?
A temporary right to use another person's land
A permanent interest in land for the benefit of another party
A license to use land that expires after a set time
The right to possess real property under a lease
What is the key difference between an easement and a license regarding real property?
An easement is supported by consideration, while a license is not
A license runs with the land, while an easement does not
An easement is a permanent interest, while a license is temporary
A license is a right to possess real property, while an easement is not
What does a Bargain and Sale Deed imply in terms of warranties?
It implies full warranties are given.
It implies certain implied warranties are present, according to some states' statutes.
It implies that the property is free of liens.
It implies that the property has clear title.
Which of the following best describes a Leasehold Estate?
A permanent interest in land that runs with the land
The right to possess real property under the provisions of a lease
Absolute ownership of real property
A temporary right to use another person's land without a lease
What happens to an easement when the land upon which the easement exists is transferred or sold?
A) The easement is terminated immediately
B) The easement must be renegotiated with the new owner
C) The easement continues from owner to owner
D) The easement becomes a license
What are subterranean rights?
The rights to build structures underground.
The rights to the airspace above the land.
The rights to natural resources that are underground.
The rights to water sources beneath the land.
If a tree is removed from real property it becomes personal property
True
False
What is a Life Estate?
A type of estate where the property is owned by a person only for the duration of someone else's life.
A permanent ownership of property that can be sold at any time.
A lease agreement for a fixed term.
A temporary right to use property for a specific purpose.
What must a person giving a gift (donor) intend for it to be considered an Inter Vivos Gift?
The donor must intend to receive a gift in return.
The donor must intend to give a gift.
The donor must intend to give a gift posthumously.
The donor must intend to give a gift anonymously.
Which type of deed is considered the best to be given?
Quitclaim Deed
Reversion Deed
Warranty Deed
Remainder Deed
When land is taken by the government through eminent domain, the goverments does not have to pay the owener for the land.
True
False
What is Eminent Domain?
The right of the government to take personal property for private use.
The right of the government to lease real property from the owner for public use.
The right of the government to take real property from the owner for public use.
The right of the owner to take back property from the government.
For title to pass through Adverse Possession, what must be proven?
That there was temporary use of the land.
That there was accidental use of the land.
That there was actual and exclusive continuous possession or use.
That the land was used with the owner's permission.
In this type of deed, the grantor states "I give the property to you."
Eminent Domain
Bargain & Sale Deed
Advantageous Possession
Land Lease
An Inter Vivos Gift is only giving after death.
True
False
