Question 1

An heir of a person who dies receives title to the property of the decedent by reason of a gift.

Accepted Answer

A) True 
 B)False  False

Question 2

Dr.Olson is a board-certified ophthalmologist who constructs some specially designed examining tables to use in looking at his patient's eyes.The tables are firmly attached to the floor of the space he rents for his office.If Dr.Olson decides to move his office, which of the following is correct?

Accepted Answer

A)  The tables are fixtures that cannot be removed.
B)  The tables are trade fixtures.
C)  Dr.Olson may remove the tables if they can be removed without materially damaging the realty.
D)  Both (b)  and (c)  are correct.

Question 3

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

Accepted Answer

Five special types of bailments are or i...

Question 4

Mark wants to give Susan his car.How can he effectively "deliver" it?

Accepted Answer

A)  By giving Susan the keys.
B)  By giving her an indorsed title certificate.
C)  By making her take it for a period of time.
D)  By providing it under a bailment.
E)  Both (a)  and (b)  are correct.

Question 5

Property insurance may be either a valued policy or an open policy.

Accepted Answer

A) True 
 B)False

Question 6

Fire insurance policies are standardized in the United States, either by statute or by order of the state insurance departments, so coverage cannot be enlarged to cover any other perils.

Accepted Answer

A) True 
 B)False

Question 7

Barbara put her old clothes in a box 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 8

All bills of lading are negotiable and may be transferred like a check.

Accepted Answer

A) True 
 B)False

Question 9

An example of property that is intangible is a:

Accepted Answer

A)  song.
B)  computer.
C)  book.
D)  pencil.

Question 10

Carol took her earrings off at Marcia's beauty shop 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 the right to keep them as against anyone but Carol.

Question 11

The most frequently used documents of title are the warehouse receipts issued by warehousers and the bills of lading issued by carriers.

Accepted Answer

A) True 
 B)False

Question 12

Patent rights are considered to be personal property.

Accepted Answer

A) True 
 B)False  True

Question 13

For an insurance applicant's misrepresentation to have legal consequences:

Accepted Answer

A)  the insurer need not have relied on it as an inducement to enter the contract.
B)  the misrepresentation must be material.
C)  the applicant must have known it was false at the time the applicant made the statement.
D)  All of the above.

Question 14

The finder of lost property is entitled to possession of it, even against the true owner.

Accepted Answer

A) True 
 B)False

Question 15

Marilyn brought her $300 silk dress to University Dry Cleaners to be cleaned.On the back of the ticket she received in exchange for the dress was written, "Liability limited to ten times the cost of cleaning." Marilyn's dress was lost and University now claims it owes her only $96.50, ten times the cost of cleaning.Is that true?

Accepted Answer

A)  No, because Marilyn is not a bailor.
B)  No, because they are common carriers.
C)  No, because the limitation was not communicated to her.
D)  No, because the limitation is unconscionable. C

Question 16

Warranties in insurance contracts:

Accepted Answer

A)  are of great importance.
B)  may be expressly included in the contract, be clearly incorporated by reference, or be implied.
C)  may be used to avoid liability in all states, whether or not the breach of warranty is material.
D)  are becoming increasingly easy to use as a basis for an insurer to avoid liability on a policy when an insured breaches.

Question 17

The regulation of insurance has, under federal legislation, been left to the states.

Accepted Answer

A) True 
 B)False

Question 18

Land and interests in land are considered "real property."

Accepted Answer

A) True 
 B)False

Question 19

An example of a bailment for the bailor's sole benefit is when Sherri, without compensation, lends her Cappuccino maker to Ed for Ed's party.

Accepted Answer

A) True 
 B)False

Question 20

Albert offers his nephew, Tom, his 1976 car which would only need about $1,000 in repairs to put it in running order.Tom has no right to reject the car.

Accepted Answer

A) True 
 B)False

Exam 48: Introduction to Property, Property Insurance, Bailments, and Documents of Title

An heir of a person who dies receives title to the property of the decedent by reason of a gift.

Correct Answer
verified
False

Dr.Olson is a board-certified ophthalmologist who constructs some specially designed examining tables to use in looking at his patient's eyes.The tables are firmly attached to the floor of the space he rents for his office.If Dr.Olson decides to move his office, which of the following is correct?

Correct Answer
verified

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

Correct Answer
verified
Five special types of bailments are or i...
View Answer

Mark wants to give Susan his car.How can he effectively "deliver" it?

Correct Answer
verified

Property insurance may be either a valued policy or an open policy.

Correct Answer
verified

Fire insurance policies are standardized in the United States, either by statute or by order of the state insurance departments, so coverage cannot be enlarged to cover any other perils.

Correct Answer
verified

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

Correct Answer
verified

All bills of lading are negotiable and may be transferred like a check.

Correct Answer
verified

An example of property that is intangible is a:

Correct Answer
verified

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

Correct Answer
verified

The most frequently used documents of title are the warehouse receipts issued by warehousers and the bills of lading issued by carriers.

Correct Answer
verified

Patent rights are considered to be personal property.

Correct Answer
verified
True

For an insurance applicant's misrepresentation to have legal consequences:

Correct Answer
verified

The finder of lost property is entitled to possession of it, even against the true owner.

Correct Answer
verified

Correct Answer
verified
C

Warranties in insurance contracts:

Correct Answer
verified

The regulation of insurance has, under federal legislation, been left to the states.

Correct Answer
verified

Land and interests in land are considered "real property."

Correct Answer
verified

An example of a bailment for the bailor's sole benefit is when Sherri, without compensation, lends her Cappuccino maker to Ed for Ed's party.

Correct Answer
verified

Albert offers his nephew, Tom, his 1976 car which would only need about $1,000 in repairs to put it in running order.Tom has no right to reject the car.

Correct Answer
verified

Exam 48: Introduction to Property, Property Insurance, Bailments, and Documents of Title

An heir of a person who dies receives title to the property of the decedent by reason of a gift.

Correct AnswerverifiedFalse

Dr.Olson is a board-certified ophthalmologist who constructs some specially designed examining tables to use in looking at his patient's eyes.The tables are firmly attached to the floor of the space he rents for his office.If Dr.Olson decides to move his office, which of the following is correct?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedFive special types of bailments are or i...View AnswerShow Answer

Mark wants to give Susan his car.How can he effectively "deliver" it?

Correct AnswerverifiedShow Answer

Property insurance may be either a valued policy or an open policy.

Correct AnswerverifiedShow Answer

Fire insurance policies are standardized in the United States, either by statute or by order of the state insurance departments, so coverage cannot be enlarged to cover any other perils.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

All bills of lading are negotiable and may be transferred like a check.

Correct AnswerverifiedShow Answer

An example of property that is intangible is a:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The most frequently used documents of title are the warehouse receipts issued by warehousers and the bills of lading issued by carriers.

Correct AnswerverifiedShow Answer

Patent rights are considered to be personal property.

Correct AnswerverifiedTrue

For an insurance applicant's misrepresentation to have legal consequences:

Correct AnswerverifiedShow Answer

The finder of lost property is entitled to possession of it, even against the true owner.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedC

Warranties in insurance contracts:

Correct AnswerverifiedShow Answer

The regulation of insurance has, under federal legislation, been left to the states.

Correct AnswerverifiedShow Answer

Land and interests in land are considered "real property."

Correct AnswerverifiedShow Answer

An example of a bailment for the bailor's sole benefit is when Sherri, without compensation, lends her Cappuccino maker to Ed for Ed's party.

Correct AnswerverifiedShow Answer

Albert offers his nephew, Tom, his 1976 car which would only need about $1,000 in repairs to put it in running order.Tom has no right to reject the car.

Correct AnswerverifiedShow Answer

Correct Answer
verified
False

Correct Answer
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Correct Answer
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Five special types of bailments are or i...
View Answer

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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True

Correct Answer
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Correct Answer
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Correct Answer
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C

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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