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The Legal Environment of Business Study Set 3

Business

Quiz 13 :

Law of Property: Real and Personal

Quiz 13 :

Law of Property: Real and Personal

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A fixture will not be considered as a part of the realty when .
Free
Multiple Choice
Answer:

Answer:

D

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What is a fixture? In a landlord-tenant relationship, who has the right to a fixture when the lease expires or the tenant otherwise leaves the leased property?
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Essay
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Answer:

An item that is initially a piece of personal property but is later attached permanently to the realty is known as a fixture and is treated as part of the realty. Thus, if a person rents another's property and installs a built-in microwave oven, the oven is a fixture and becomes part of the realty. The tenant may not remove the oven when he or she leaves. There are two exceptions to this rule. First, the parties may agree that specific fixtures will be treated as personal property. To be enforceable, such an agreement must be in writing. The second exception is for trade fixtures. A trade fixture is a piece of personal property that is affixed to realty in conjunction with the lease of a property for a business. When an entrepreneur opens an ice cream parlor in a leased building, the freezers he or she installs are trade fixtures. These are treated as personal property because of a presumption that neither party intends such fixtures to become a permanent part of the realty. The businessperson will need the freezers at any new location, and new business tenants will have different needs.

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Personal property is land and everything permanently attached to it.
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True False
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Answer:

False

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Alex leases property from Sandra for business. Alex opens a hardware repair shop in this property. He affixes welding equipment to the property. After a period of time, Alex decides to move his business to a different location. Which of the following statements is true of this scenario?
Multiple Choice
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Which of the following estates is the most complete estate?
Multiple Choice
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Water rights to land are restricted in that one cannot divert water flowing across the property in such a manner as to deprive landowners downstream of the use of water from the stream.
True False
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Which of the following is a fixture?
Multiple Choice
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Mary owns a farm. She has the right to use it for any legal purpose but must grow a certain quantity of wheat on it every year. If she fails to grow this quantity of wheat, her right to that land terminates. Which of the following interests in real property does Mary have?
Multiple Choice
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interest provides the right to own and possess land against all others, without any conditions.
Multiple Choice
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Matthew owns a ranch. He has the right to own and possess that land until his death. When he dies, the ranch will pass to his heirs. Which of the following interests in real property does Matthew have?
Multiple Choice
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Which of the following statements is true of a conditional estate?
Multiple Choice
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Ownership of land usually includes the land below the surface.
True False
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An item that is initially a piece of personal property but is later attached permanently to the realty is known as a fixture.
True False
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Discuss the various estates in land.
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Trade fixtures are treated as personal, not real, property because of a presumption that neither party intends such fixtures to become a permanent part of the realty.
True False
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Which of the following statements is true of the extent of ownership of land?
Multiple Choice
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Which of the following statements is true about fixtures?
Multiple Choice
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Property rights are static.
True False
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Discuss whether ownership of land includes the air, water and mineral rights associated with the land.
Essay
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William owns a life estate in a farm. On his death, fee simple absolute ownership of the land will pass to James. Which of the following interests in real property does James have?
Multiple Choice
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