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| The term _________ includes, in addition to land, both tangible and intangible personal property. |
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| Patents, rights to drill for oil on someone's land, and copyrights of creative works such as books are: |
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| A property that comprises land and everything attached to the land, including minerals such as oil, iron ore, and others, is known as: |
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| Legally, property other than land, including both tangible property and intangible property, is considered: |
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| Personal property, such as trees or shrubbery purchased at a nursery, become: |
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| real property when they are planted |
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| The evidence of ownership does not create title to personal property. To acquire a title to property, it is necessary to have actual: |
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| The finder of lost property has ________ rights superior to everyone except the true owner. |
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| A person who finds property has a(n) _________ responsibility to make reasonable efforts to return the property to its rightful owner. |
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| Property is considered to be mislaid, rather than lost, when the property is intentionally: |
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| left in a certain place and then forgotten |
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| If the true owner does not come forward and the finder does not wish to claim ownership, title to the property: |
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| Automobiles, furniture, clothing, and pets are not considered tangible goods. |
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| Personal property, such as trees or shrubbery purchased at a nursery, become real property when they are planted. |
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| A person who finds property has no legal responsibility to make an effort to return the property to its rightful owner. |
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| An object that has not been intentionally left in the custody of someone else and then forgotten is considered lost, not mislaid. |
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| 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. |
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| A joint tenancy exists when two or more persons own equal shares of property. |
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| 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. |
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| Property acquired by either one of the spouses during a marriage is considered community property. |
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| 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. |
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| Items of personal property added to real property are fixtures. |
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Term
| A bailment is a special kind of contract that is widely used in business and in: |
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| 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: |
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| 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: |
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| An agreement reached between a bailor and a bailee is a: |
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Term
| Anyone in possession of goods can create a bailment relationship and become a(n): |
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| In general, all of the following are requirements for a bailment, EXCEPT that the: |
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| actual ownership of goods is necessary. |
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Term
| The transfer of goods from a bailor to a________ must actually take place. |
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| The law concerning bailments provides for certain rights and duties of both bailor and bailee, depending on the: |
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Term
| A bailment for the sole benefit of a bailee usually results in a(n): |
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| borrowing/lending transactions |
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Term
| A bailment in which only the person who borrows an article (bailee) gets the benefit is known as a: |
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Definition
| bailment for the sole benefit of the bailee. |
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Term
| A bailment is a special kind of contract that is widely used in business and not in personal affairs. |
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Term
| Taking clothes to a dry cleaner transfers possession, but not ownership of the clothes. |
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| The person who retains ownership and transfers possession is the bailor and the person who receives the goods is the bailee. |
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| Actual ownership of goods is necessary to create a bailment. |
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| In all bailments, the bailee must return the identical goods. |
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| In a bailment for the sole benefit of a bailee, both the bailor and the bailee get the benefit. |
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| A bailment for the sole benefit of a bailor requires extraordinary care in taking care of the article by the bailee. |
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| A warehouser is not responsible for goods left in storage. |
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| The bailor does not have the duty to warn the bailee of any defects in the property that could cause harm. |
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| A bailment is created when the parking lot attendant actually takes control of the vehicle. |
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| The owner of real property who gives up his or her right of possession is known as a(n): |
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Term
| The person who agrees to pay for the use of real property is known as the: |
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Term
| The tenant can occupy a landlord's property only with the consent of the: |
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Term
| The landlord–tenant relationship can be created by a(n): |
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Definition
| express or implied contract |
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Term
| An agreement or promise in a lease to do a particular thing is known as a: |
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Definition
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Term
| 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: |
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Term
| A possession interest in which the lease continues for successive periods for the same length of time—weekly, monthly, or annually—and is automatically renewed at the end of the period is a: |
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| A _________ is somewhat open-ended, since it is automatically renewed at the end of the period, unless the landlord or tenant gives notice of his or her intent to not renew the lease. |
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| A possession interest that is for a specific period—weeks, months, or years—and automatically terminates on the expiration date is a: |
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| A possession interest in which no specific time of lease is agreed upon is a: |
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| A license gives a person the right of possession. |
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| he person who agrees to pay for the use of real property is known as the landlord. |
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| Conditions in a lease may specify certain restrictions on how property may be used. |
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| Since leases are now viewed as contracts, commercial leases are subject to certain provisions of the Uniform Commercial Code. |
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| 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. |
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| 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. |
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| The landlord has the right to regain possession of the property in good condition at the end of the lease. |
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| The law gives a tenant the right to make reasonable modifications to the leased property. |
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| The law does not give a tenant the right to make reasonable modifications to the leased property. |
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| The landlord has no obligation to reduce losses that may result from a tenant's abandonment of premises. |
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