Quiz 5 Lesson 7

How are squatter's rights to property acquired?

A squatter's rights to property also known as adverse possession are acquired when the land sits idle at the owners hand and someone else puts the land to use. The following elements must be met: -The possessor must be in actual possession. -The possession must be open and notorious, which means that it must be obvious to others (visible). -The possession must be hostile, which means that it is against the actual owner's interests. -The possession must be continuous, which means that the possessor cannot have been evicted during the statutory length of time required to obtain title through possession. -The possession must be exclusive. -The state statutory length of time must be met, and this time varies from state to state. Once all elements are met, the squatter may being a claim to quiet title. If granted, the squatter becomes the owner.

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

Certificates of deposit

Which of the following is movable tangible personal property, unlike land?

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?

Easement

Is a cutomer list an example of tangilbe peronal property or intangible personal property?

Intangible personal property

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?

Life estate

Is a homestead an example of real property or personal property?

Real property

How does real property differ from personal property?

Real property differs from personal property because real property is land and certain things attached to the land or buildings also known as real estate. Personal property is not real property and is movable and subjected to ownership. Personal property consists of tangible property known as chattel and fungible property excluding items that become fixtures.

Which of the following is a special kind of tenancy shared between a married couple that includes a right of survivorship?

Tenancy by the entirety

Which of the following is a type of personal property that has become affixed to real property?

An awning