Chapters 41 & 42

Question 1

Personal property

Answer 1

Tangible: value is in its physical existence

Intangible: value is in what it symbolizes

Question 2

Real property

Answer 2

Interests associate with land including the land

Question 3

Fee simple

Answer 3

Property owned by a single person

Question 4

Concurrent ownership

Answer 4

Two+ persons own the same property at the same time

Question 5

Tenancy in common

Answer 5

Surviving owner doesn’t not automatically acquire the deceased owners interest in the property. (Common for business partners)

Question 6

Joint tenancy

Answer 6

Surviving owner does automatically acquire the deceased owner’s interest in the property. (Common for family members)

Question 7

Community property

Answer 7

Owned jointly by a married couple. (Generally after marriage)

Question 8

Separate property

Answer 8

Owned separately by anyone (married or single)

Acquired before marriage/separate gift/inheritance

Question 9

Purchase

Answer 9

Transfer of ownership for consideration.

Most common way to acquire ownership

Question 10

Gift

Answer 10

Transfer of ownership without consideration

Question 11

3 requirements for an effective gift

Answer 11

1. Donative intent
2. Delivery of gift
3. Acceptance of gift by recipient

Question 12

Bailment

Answer 12

Transfer of possession not ownership to property

Question 13

3 requirements for effective bailment

Answer 13

1. Personal property
2. Bailment agreement
3. Delivery of property to Bailee