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What type of property comprises land and everything attached to the land?
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Terms in this set (95)
When title to land is acquired as a result of a person's hostile use of land over a period of time, title passes through ____________.adverse possessionUnder the doctrine of accession, who owns the calves born to a cow?the owner of the cowA landowner purchased a shrub at a nursery and planted it in front of her home. What type of property is the shrub?real propertyWhat is the term for when all rights of ownership in a piece of property are held by one person?SeveraltyWhat form of tenancy exists when two or more owners have equal shares and an undivided interest in property?joint tenancyRights to land generally include airspace __________________.to indefinite heightTrue or false: Once they are recorded, an easement may be sold.falseWhat is the general term used to identify the interest or the right a person has in real property?estateWhat is the term for property interest that is absolute?fee simpleWhat is the term for an instrument that conveys an interest in real property?deedWhat is the term for the document that transfers whatever interest a grantor has in real property, without asserting that they have title?quitclaim deedFor title to land to pass through an adverse possession, which of the following must be proven?- Actual possession or use - Continuous possession or use - Possession or use without the owner's permissionThe signed deed must be delivered to the grantee to bring about a legally enforceable transfer of ________________.ownershipWhich of the following would be considered real property?- Buildings - Underground minerals - Airspace above the groundIf a landowner chops down a tree and takes the wood, what type of property is the wood?personal propertyWhich of the following are examples of intangible personal property?- patents - copyrightsWhich of the following are examples of personal property?Service marks Furniture ClothingTrue or false: The saying "Finders keepers, losers weepers" has no basis in law.trueTitle to abandoned property is transferred to the _______________.first person to control itHow much consideration is required for a valid gift?no considerationWhat is the term for a transaction in which the owner of tangible personal property transfers it to another while still retaining ownership?bailmentTrue or false: A thief can become a bailor and create a bailment relationship.trueIn a valid bailment agreement, who must actually accept the goods?the baileeGenerally speaking, the bailee must return ______________ goods.the identicalIf no term is specified in a bailment agreement, when will the agreement end?-When the purpose of the bailment agreement is satisfied -When the bailee acts inconsistently with the terms of the bailmentWhat is the minimum duty of care a bailee has for the bailor's property?Ensure the safety of the goodsWhat is the term for the right of a bailee to hold and potentially sell the property if the bailor fails to pay for the services or work done?Bailee's lienIn a bailment agreement, the bailor is the owner of the _____________.tangible personal propertyA constructive bailment is a(n) ________________ bailment.involuntaryWhat type of bailment is one in which only the bailee receives any benefit from the relationship?Bailment for the sole benefit of the baileeIn a bailment for the sole benefit of the bailor, the bailee is generally expected to exercise _________ care while in possession of the article.slightWhat is required for an individual to create a bailment?Possession of the goodsIn ___________ types of bailments, the bailee has a minimum duty of care.allWhat type of bailment is created when goods are thrust upon a bailee who does not have any choice about whether he or she wishes to serve as bailee?constructive bailmentIn a bailment for the sole benefit of the bailee, the bailee is generally expected to exercise _________ care while in possession of the article.greatIf the bailee does not intend to possess the goods, ______________.no bailment existsAn exception to the rule that the bailee must return the identical goods is when ________ goods, such as grain or fuel oil, are stored.fungibleWhat is the term for a claim against the property of another as security for a debt?lienTrue or false: A license gives a person the right to use real property for a specific purpose and can be canceled at the will of the landowner.trueWhat is the term for the owner of real property who gives up his or her right of possession in a lease?landlordWhat is the term for a possession interest in which no specific time of lease is agreed upon and the lease continues indefinitely until one of the parties notifies the other of a desire to terminate the lease?Tenancy at willWhich of the following are essential elements of the landlord-tenant relationship?- The tenant can only occupy the landlord's property with the landlord's consent. - The parties agree the tenant has the right to immediate possession.When a landlord promises to make certain repairs to the property, which is an example of a ______________.covenantA periodic tenancy is somewhat open-ended because it is _____________ at the end of the period.automatically renewedIf the landlord fails to make a reasonable effort to find a new tenant for the abandoned premises, then the tenant _______________________.does not have to pay rent for the remaining time on the leaseWhich is the most common type of possession interest?Tenancy for yearsWhat is the term applied when a tenant wrongfully extends his or her tenancy beyond the term agreed upon?Tenancy at sufferanceIf the tenant fails to pay rent, then the lease could be terminated for contractual __________.breachWhat is the term for a transfer of the tenant's interest in the entire premises for the remaining length of the term of the lease?Assignment of leaseUnder the warranty of habitability, the landlord assures the tenant that there are no defects that would impair the _________________ of the occupants.safety health well-beingA landlord generally has the right to evict a tenant for which of the following?Nonpayment of rent Illegal use of the premisesWho gets to keep any personal property added to a leased property that is deemed a fixture?the landlordWhile most written leases provide covenants of quiet enjoyment, this is ___________ in many states.an implied rightIf the landlord evicts the tenant without a(n) _________________ of eviction, the tenant has the right to terminate the lease.court orderWhat is the most common reason for the termination of a lease?lease expirationIf a tenant abandons the property, who is responsible to pay the agreed-upon rent?the tenant___________ generally remains in control of common areas, such as hallways, stairways, and laundry rooms.The landlordWhat type of agreement creates an estate in real property and gives the individual the right to possess that property for a period of time?leaseMost state statutes provide that the ___________ must give a specified minimum number of days' notice of their intent to terminate a tenancy at will.landlordThe tenant's breach must be ____________ (involve an important matter) to terminate the lease.materialThe landlord of a property has what type of interest in a leased property?They are the possessorAt the termination of the lease, the property must _______ (be returned) to the landlord.revertWhat is the term for a possession interest in which the lease continues for successive periods for the same length of time?periodic tenancyIn an assignment of lease, the tenant transfers their interest in the entire premises to _________.third partyIf the landlord violates their duty to provide the tenant with quiet enjoyment, the tenant may abandon the premises and terminate the lease under the doctrine of ______________.constructive evictionIn most states, there are no age requirements for witnesses but they must be legally ___________.competentWhat determines the disposition of property if a decedent dies intestate?State law where the deceased person livedWhat is a legal term for a deceased person?DecedentTrue or false: All people are legally obligated to make a will.falseWhat is the term for a gift of money under a will?legacyFor a holographic will to be considered valid, which of the following must be handwritten?Signature Material portionsIn most states, the age of majority for the purpose of executing a will is ____.18One benefit of a trust is that it allows the legal title of property to be separated from the benefits of _____________.ownershipWhen does a testamentary trust become effective?Upon the death of the testatorWhich of the following will result in automatic revocation of a will by operation of law?Birth of children Divorce of the testator Marriage of the testatorWho has the power to manage the trust property but must keep appropriate records and use sound investment strategy?TrusteeTrue or false: Undue influence can only be proven if there were threats of harm to the testator.falseWhat is the term for a document, separate from a will, in which a person can make legal changes to their will?CodicilThe witnesses must _________ the testator sign(ed) the will.seeThe law reflects an attempt by the state to protect the ____________ of the decedent, even if the decedent failed to do so.familyWhat is the term for a person who makes a will?TestatorWhich of the following are types of gifts under wills?Legacies BequestsWhat form of trust is created by a will?Testamentary trustWhat is the term for the pressure applied to a testator to change their true wishes for the disposition of property?Undue influenceWhat is the term for a device or mechanism that permits personal or real property to be held by one party for the benefit of another?trust