Unit 4_Business Law I-BUS203_Section 503

Which of the following is movable tangible personal property, unlike land? 1. Chattel 2. Good will 3. A bank account 4. A trade secret

1. Chattel

Rhonda gave the gas company permission to enter her property in order to maintain gas lines. Which of the following has she granted the gas company? Group of answer choices 1. Easement 2. Lien 3. Partition 4. Covenant

1. Easement

Is a customer list an example of tangible personal property or intangible personal property? 1. Intangible personal property 2. Tangible personal property

1. Intangible personal property

Is a homestead an example of real property or personal property? 1. Real property 2. Personal property

1. Real property

Which of the following is a special kind of tenancy shared between a married couple that includes a right of survivorship? 1. Periodic tenancy 2. Tenancy by the entirety 3. Joint tenancy with a right of survivorship. 4. Tenancy in common

2. Tenancy by the entirety

Abigail's father deeded her property with the following wording: "To my daughter Abigail for however long her mother Pam lives". What is this conveyance called? 1. Tenancy in common 2. Fee simple 3. Life estate 4. Joint tenancy

3. Life estate

Which of the following is a type of personal property that has become affixed to real property? 1. A bed 2. A junkyard of vehicles 3. A curtain 4. An awning

4. An awning

Which of the following is an example of intangible personal property? 1. Collectibles 2. Supplies 3. Fungibles 4. Certificates of deposit

4. Certificates of deposit

How are squatter's rights to property acquired?

A squatter's rights to property, or adverse possession, are acquired when the land is unused by its original owners someone else moves in. The following elements must be met: 1. The possessor must be in actual possession. 2. The possession must visible to others 3. The possession must be against the actual owner's wishes. 4. The possession must be continuous, meaning the person living there cannot have been evicted during the length of time required to obtain title through possession. (this period varies by state. Examples 20 years in Maine and 5 years in Nevada) 5. The possession must be exclusive. If all elements are met, the squatter may file a claim to quiet title. If this is granted, the squatter becomes the owner.

How does real property differ from personal property?

Real property is land and things that are on or attached to the land like buildings and fixtures, trees, and vegetation. Personal property is items not attached to the land. For example, you own a Christmas tree farm, the farm buildings, fixtures, and the pine trees are all real property. You cut down the pine trees at Christmas for sale to families, these trees have now converted from real property to personal property.