BCOR 320 Exam 5

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

The term _________ includes, in addition to land, both tangible and intangible personal property. A) intestacy B) property C) patent D) real

B) property

Legally, property other than land, including both tangible property and intangible property, is considered: A) real property. B) personal property. C) intangible property. D) transient property.

C) intangible property

The voluntary transfer of property by one person to another without consideration or payment of any kind is a(n): A) informal transfer. B) will. C) statutory transfer. D) gift.

D) gift

Patents, rights to drill for oil on someone's land, and copyrights of creative works such as books are: A) special possessions. B) tangible possessions. C) inalienable possessions. D) intangible possessions.

D) intangible possessions

A property that comprises land and everything attached to the land, including minerals such as oil, iron ore, and others, is known as: A) transient property. B) personal property. C) public property. D) real property.

D) real property

A bailee in a bailment for work and services is entitled to hold and, if necessary, sell the property if the bailor does not pay for the services or work done. This provision of law is known as a(n): A) bailee's lien. B) equitable lien. C) diem lien. D) matthew lien.

a) bailee's lien

A transaction in which an owner of a tangible personal property transfers the property to another party while still retaining ownership of such property is known as a: A) bailment. B) pledge. C) hypothecation. D) lease.

a) bailment

A bailment in which only the person who borrows an article (bailee) gets the benefit is known as a: A) bailment for the sole benefit of the bailee. B) bailment for the sole benefit of the bailor. C) mutual-benefit bailment. D) constructive bailment.

a) bailment for the sole benefit of the bailee

A bailment for the sole benefit of a bailee usually results in a(n): A) borrowing/lending transactions. B) spring transactions. C) declarative transactions. D) autonomous transactions

a) borrowing / lending transactions

Withholding payment for transportation charges enables a carrier to hold goods on the basis of: A) carrier's lien. B) matthew lien. C) diem lien. D) equitable lien.

a) carrier's lien

An agreement or promise in a lease to do a particular thing is known as a: A) covenant. B) condition. C) warranty. D) codicil.

a) covenant

The tenant can occupy a landlord's property only with the consent of the: A) landlord. B) bailor. C) administrator. D) executor.

a) landlord

The one that provides the holder with certain rights during the period covered by the lease is called a(n): A) leasehold estate. B) accession estate. C) conversion estate. D) administrator's estates.

a) leasehold estate

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

A bailment is a special kind of contract that is widely used in business and in: A) personal affairs. B) cultural activities. C) academic research. D) charitable institutions.

a) personal affairs

Ownership is held in ________ when all the rights of ownership in a particular piece of property are held by one person. A) severalty B) solitary C) defiance D) accession

a) severity

If the true owner does not come forward and the finder does not wish to claim ownership, title to the property: A) transfers to the state. B) remains with the finder. C) transfers to the highest bidder. D) remains with the owner.

a) transfers to the state

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

a) warranty deed

________ 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) Statutory right B) Accession C) Legal right D) Anticipation

b) accession

The transfer of goods from a bailor to a________ must actually take place. A) landlord B) bailee C) lessee D) tenant

b) bailee

Anyone in possession of goods can create a bailment relationship and become a(n): A) bailee. B) bailor. C) executor. D) administrator.

b) bailor

The law requires that a common carrier must accept all shipments that it is authorized to: A) purchase. B) handle. C) hypothecate. D) pledge.

b) handle

A gift given by a living person who expects to die from a known cause is called a(n): A) inter vivos gift. B) in causa mortis gift. C) intestate gift. D) anticipatory gift.

b) in causa mortis gift

The type of possession interest a tenant has in real property can vary considerably depending on the agreements between the parties and the provisions of the: A) will. B) lease. C) gift. D) sale.

b) lease

A bailment in which both the bailee and bailor derive some benefit, and, as a result, each has rights and duties, is known as a: A) bailment for the sole benefits of the bailor. B) mutual-benefit bailment. C) bailment for the sole benefits of the bailee. D) constructive bailment.

b) mutual-benefit bailment

Under common law, a hotelkeeper's liability for a property of guests was near absolute, but state statutes today limit a hotel's liability to that of a(n): A) insolvent. B) ordinary bailee. C) mortgagee. D) lessee.

b) ordinary bailment

A common carrier bailment results when a person arranges for: A) manufacturing of goods. B) shipment of goods. C) insurance of goods. D) advertising of goods.

b) shipment of goods

An agreement in which a friend repairs your power drill without charging is a bailment for the: A) sole benefit of the bailee. B) sole benefit of the bailor. C) benefit of both the parties. D) benefit of bailee's heirs.

b) sole benefit of the bailor

The right to extract minerals, such as oil or coal, from land is known as: A) inherited rights. B) subterranean rights. C) substantial rights. D) extensive rights.

b) subterranean

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: A) tenancy by the entirety. B) tenancy in common. C) joint tenancy. D) co-ownership.

b) tenancy in common

The person who agrees to pay for the use of real property is known as the: A) lessor. B) warrantor. C) tenant. D) bailor.

c) Tenant

Title to land can be acquired as a result of a person's use of land over a period of time. If it is proved that there was actual and exclusive continuous possession or use of the land, then such a title is a(n): A) leased estate. B) easement. C) adverse possession. D) accession.

c) adverse possession

An agreement reached between a bailor and a bailee is a: A) mortgage. B) bailout. C) bailment. D) codicil.

c) bailment

Whenever one person turns over property to another with the understanding that certain work is to be performed on the property, a ___________ for work and services is created. A) hypothecation B) pledge C) bailment D) mortgage

c) bailment

Both individuals and businesses sometimes need to place articles in storage and they, thereby, enter into a bailment known as a: A) constructive bailment. B) common-carrier bailment. C) bailment for storage. D) parking-lot bailment.

c) bailment for storage

A right or interest in land granted to a party to make beneficial use of the land owned by another is a(n): A) accession. B) precession. C) easement. D) subterranean right.

c) easement

The landlord-tenant relationship can be created by a(n): A) contingent contract. B) statutory contract. C) express or an implied contract. D) arbitration agreement.

c) express or an implied contract

When two or more persons own equal shares of a property then it is called: A) severalty. B) co-ownership. C) joint tenancy. D) multiparty.

c) joint tenancy

The law concerning bailments provides for certain rights and duties of both bailor and bailee, depending on the: A) amount of the transactions. B) nature of the business. C) kind of bailment. D) competency in the market.

c) kind of bailment

In a property, a person who holds a freehold estate only for his or her lifetime is said to hold a(n): A) accession in the property. B) precession in the property. C) life estate in the property. D) benefit in the property.

c) life estate in the property

The evidence of ownership does not create title to personal property. To acquire a title to property, it is necessary to have actual: A) patent. B) possession. C) ownership. D) exclusive rights.

c) ownership

The finder of lost property has ________ rights superior to everyone except the true owner. A) exclusive B) limited C) ownership D) infinite

c) ownership

A guest whose stay is relatively uncertain is known as a: A) traveler. B) customer. C) transient. D) temporary.

c) transient

In general, all of the following are requirements for a bailment, EXCEPT that the: A) bailor must be in possession of goods. B) bailee must intend to possess goods. C) bailee must return identical goods. D) actual ownership of goods is necessary.

d) actual ownership of goods is necessary

An individual or firm in the business of transporting goods between certain points as allowed by the various state commissions that regulate the carriers is known as a: A) business carrier. B) government carrier. C) public carrier. D) common carrier.

d) common carrier

The kind of bailment created when a friend inadvertently leaves behind an article of jewelry in your home during a visit is a(n): A) adversarial bailment. B) declarative bailment. C) mutual-benefit bailment. D) constructive bailment.

d) constructive bailment

The owner of a freehold estate who holds the estate absolutely is said to hold it in: A) accession. B) easements. C) life estates. D) fee simple.

d) free simple

The owner of real property who gives up his or her right of possession is known as a(n): A) executor. B) bailor. C) guarantor. D) landlord.

d) landlord

A bailment allows an owner of a personal property to transfer possession of it to another individual for any one of the following purposes, EXCEPT: A) sale. B) transportation. C) storage. D) lease.

d) lease

A person who finds property has a(n)_________ responsibility to make reasonable efforts to return the property to its rightful owner. A) ethical B) joint and several C) religious D) legal

d) legal

The contractual relationship in a bailment for work and services is concerned with the kind and the quality of work done and the payment for services: A) disaffirmed. B) assigned. C) ratified. D) performed.

d) performed

Rights to land include all of the following, EXCEPT: A) things that are permanently attached to it. B) the airspace above the land to an indefinite height. C) rights to minerals. D) right to extract minerals.

d) right to extract minerals

A form of joint ownership of property by husband and wife in which both have the right to the entire property is a(n): A) life estate. B) ownership by severalty. C) co-ownership. D) tenancy by the entirety.

d) tenancy by the entirety

A bailee's lien is a claim against the property of another as security for a debt.

false

A bailment for the sole benefit of a bailor requires extraordinary care in taking care of the article by the bailee.

false

A bailment is a special kind of contract that is widely used in business and not in personal affairs.

false

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

false

A license gives a person the right of possession.

false

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

false

A warehouser is not responsible for goods left in storage.

false

Actual ownership of goods is necessary to create a bailment.

false

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

false

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.

false

In a bailment for the sole benefit of a bailee, both the bailor and the bailee get the benefit.

false

In all bailments, the bailee must return the identical goods

false

The bailor does not have the duty to warn the bailee of any defects in the property that could cause harm.

false

The distinction of tenancy in common is that an owner's interest passes to the person who shares the ownership at the time of his or her death.

false

The landlord has no obligation to reduce losses that may result from a tenant's abandonment of premises.

false

The law does not give a tenant the right to make reasonable modifications to the leased property.

false

The person who agrees to pay for the use of real property is known as the landlord.

false

The rights and duties of the parties are usually stated in the lease. These rights may not be expanded or modified by relevant laws and regulations.

false

The tenant is not responsible for injuries occurring on his or her own leased premises.

false

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

false

When a person is injured on leased premises, the question of liability does not arise.

false

A bailment is created when the parking lot attendant actually takes control of the vehicle.

true

A carrier, in most cases, has a right to hold a shipment until payment is made.

true

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

true

An object that has not been intentionally left in the custody of someone else and then forgotten is considered lost, not mislaid.

true

Conditions in a lease may specify certain restrictions on how property may be used.

true

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.

true

In an area that is open to the public, the finder can, under no circumstances, gain ownership of a found object than is the owner of the land.

true

In bailment for work and services, a bailor-bailee relationship is concerned with the care of the property.

true

In most states, a landlord has a duty to make reasonable efforts to reduce, or mitigate, his or her losses resulting from a tenant's abandonment.

true

Items of personal property added to real property are fixtures.

true

Most leases give a landlord the right to terminate the lease if the tenant fails to pay rent or violates any other material lease provision.

true

Most state statutes provide that the landlord must give the tenant a specified, minimum number of days' notice of his or her intent to terminate the lease.

true

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

true

Property acquired by either one of the spouses during a marriage is considered community property.

true

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.

true

Since leases are now viewed as contracts, commercial leases are subject to certain provisions of the Uniform Commercial Code.

true

Some courts have held that the landlord may be considered to be responsible for the actions of a tenant who denied another tenant his or her right to quiet enjoyment.

true

Taking clothes to a dry cleaner transfers possession, but not ownership of the clothes.

true

The landlord has the right to regain possession of the property in good condition at the end of the lease.

true

The law gives a tenant the right to make reasonable modifications to the leased property.

true

The person who retains ownership and transfers possession is the bailor and the person who receives the goods is the bailee.

true

The person who ships goods is known as a consignor.

true

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

true

There are instances in which goods are thrust upon a bailee who does not have any choice about whether or not he or she wishes to serve as bailee.

true