Chap 47 Real and Personal Property

Question 1

property is classified as

Answer 1

either real property or personal property

Question 2

real property

Answer 2

consists of the land and all things permanently attached to it such as permanent structures (homes, garage,etc)

fixtures, such as electrical, plumbing etc consist of property that was originally personal property but has been incorporated into the structures on the land so as to become part thereof

uncut timber is also considered to be part of the real estate as are minerals, gas, oil etc

real property may be further clarified as tangible real property as mentioned above or intangible property such as easements and rights of way which represent legal rights in the real estate but have no physical existence

Question 3

personal property

Answer 3

if property is not real property it will be personal property such as desks, tables, chairs, cars etc

like real property, personal property may be further classified into intangible personal property as mentioned above or intangible personal property such as AR, patent or copyright

Question 4

ownership of both real and personal property may be transferred by

Answer 4

sale
gift
devise (real property) or bequest (personal property) in ones will
statutes of descent and distribution (state law) where one dies without a will
involuntarily by adverse possession or foreclosure/repossession

Question 5

the finder of lost property

Answer 5

has title against the whole world except the true owner

most states have statutes which determine the waiting period before a finder will acquire legal title to the lost item

Question 6

if property is misplaced

Answer 6

the owner of the premises has better title than the finder as the owner of the premises would have a better opportunity of returning the misplaced or forgotten property to the tune owner

Question 7

if property is abandoned

Answer 7

such as antique, washer, dryer, lawn mower that is placed on the tree lawn for collection or put on the property with a sign that states free firewood, the property belongs to whoever claims it

some municipalities have ordinances which prohibit people from picking up items that have been placed for trash collection