Question 1

A negotiable electronic document of title:

Accepted Answer

A)  is not possible,since a document of title must be in tangible form. 
B)  running to the order of a named person must be indorsed in order to negotiate it. 
C)  may be delivered by voluntarily transferring control rather than by voluntarily transferring possession. 
D)  is tracked by a system of control created and set forth in Revised Article 7 of the UCC.

Question 2

Lynne took her earrings off at Marcia's beauty parlor and put them on the counter.She left the shop without remembering the earrings.Betty finds them and wants to keep them.Can she?

Accepted Answer

A)  Yes,since she is a finder 
B)  Yes,she now is the true owner 
C)  No,since the earrings were personal property 
D)  No,Marcia would have first claim if the true owner is not discovered

Question 3

A bailee has the exclusive right to possess the property for the term of the bailment.

Accepted Answer

A) True 
 B)False

Question 4

An easement is not considered to be real property.

Accepted Answer

A) True 
 B)False

Question 5

Clay in its natural form still in the ground is real property.

Accepted Answer

A) True 
 B)False

Question 6

The UCC does not cover:

Accepted Answer

A)  transfer of negotiable instruments. 
B)  investment securities. 
C)  sales of goods. 
D)  sales of copyrights.

Question 7

The same item may be the object of both tangible and intangible property rights.

Accepted Answer

A) True 
 B)False

Question 8

Tanner says in the presence of three other people that he is giving his automobile to his niece,and then hands the keys to the car to the niece.Delivery of the auto has taken place.

Accepted Answer

A) True 
 B)False

Question 9

The Uniform Commercial Code covers all the issues involving ownership and transfer of title to personal property.

Accepted Answer

A) True 
 B)False

Question 10

Lack of consideration is the basic distinction between a gift and a sale.

Accepted Answer

A) True 
 B)False

Question 11

If Jim,Ken,and Lee each deposit 10,000 bushels of wheat in a grain elevator,they would own one-third of the remaining mixture by:

Accepted Answer

A)  accession. 
B)  adverse possession. 
C)  prescription. 
D)  confusion.

Question 12

A trade fixture is not intended to become part of the realty.

Accepted Answer

A) True 
 B)False

Question 13

Farmer Brown brings his crop of wheat to the local grain elevator where it is stored along with the grain of several other farmers.Who owns the grain? Can Farmer Brown get his grain back? Explain.

Accepted Answer

The answer of Farmer Brown brings his crop of wheat...

Question 14

A bailee's duty of care:

Accepted Answer

A)  is always the degree of care necessary to prevent any loss or injury to the bailed goods. 
B)  varies depending on the nature of the bailment relationship and the character of the bailed property. 
C)  Both of these. 
D)  Neither of these.

Question 15

In insurance contracts,warranties:

Accepted Answer

A)  are of little importance. 
B)  must be expressly included in the insurance contract. 
C)  only apply to the insurer,not the insured. 
D)  operate as conditions that must exist before the contract is effective or before the insurer's promise to pay is enforceable.

Question 16

Lessees of property and holders of security interests have insurable interests in property.

Accepted Answer

A) True 
 B)False

Question 17

Clark receives a telephone call from his Aunt Mia in which Mia says she has decided to give Clark her pet python as a gift.Clark may refuse to accept,making the intended gift invalid.

Accepted Answer

A) True 
 B)False

Question 18

Shea put a box of her old clothes in the bedroom of her roommate.The roommate now owns the clothes,because they are presumed to be a gift.

Accepted Answer

A) True 
 B)False

Question 19

A type of insurance in which the insured and the insurer share the risk of a loss due to fire is:

Accepted Answer

A)  coinsurance. 
B)  non-forfeiture insurance. 
C)  no-fault insurance. 
D)  reinsurance.

Question 20

Name and briefly describe the special features or extraordinary duties of five special types of bailments.

Accepted Answer

The answer of Name and briefly describe the special features...

Exam 47: Introduction to Property,property Insurance,bailments,and Documents of Title

A negotiable electronic document of title:

Lynne took her earrings off at Marcia's beauty parlor and put them on the counter.She left the shop without remembering the earrings.Betty finds them and wants to keep them.Can she?

A bailee has the exclusive right to possess the property for the term of the bailment.

An easement is not considered to be real property.

Clay in its natural form still in the ground is real property.

The UCC does not cover:

The same item may be the object of both tangible and intangible property rights.

Tanner says in the presence of three other people that he is giving his automobile to his niece,and then hands the keys to the car to the niece.Delivery of the auto has taken place.

The Uniform Commercial Code covers all the issues involving ownership and transfer of title to personal property.

Lack of consideration is the basic distinction between a gift and a sale.

If Jim,Ken,and Lee each deposit 10,000 bushels of wheat in a grain elevator,they would own one-third of the remaining mixture by:

A trade fixture is not intended to become part of the realty.

Farmer Brown brings his crop of wheat to the local grain elevator where it is stored along with the grain of several other farmers.Who owns the grain? Can Farmer Brown get his grain back? Explain.

A bailee's duty of care:

In insurance contracts,warranties:

Lessees of property and holders of security interests have insurable interests in property.

Clark receives a telephone call from his Aunt Mia in which Mia says she has decided to give Clark her pet python as a gift.Clark may refuse to accept,making the intended gift invalid.

Shea put a box of her old clothes in the bedroom of her roommate.The roommate now owns the clothes,because they are presumed to be a gift.

A type of insurance in which the insured and the insurer share the risk of a loss due to fire is:

Name and briefly describe the special features or extraordinary duties of five special types of bailments.