Question

1. Which of the following is not considered personal property in legal terms? A) Intangible property or chose in action B) A claim against someone that has value C) Intellectual property (ideas and creative work) D) Chattels E) A good affixed to real property Answer: : An option agreement is A) a contract transferring the fee simple to a new owner. B) a contract by which the offeror of property promises to hold his offer open for a period of time during which the offeree can accept the offer and the property can't be sold to another. C) a contract by which an offeree promises to buy the property offered at a later date set in the contract. D) a contract that provides that a seller will retain the title in the property until the buyer has made all of the required payments. E) a contract that provides that a debtor will transfer title in the property to a creditor as security for repayment of the debt. Answer: Which of the following is true with regard to real property A) The essential characteristic of an estate in land is that the owner of the estate, whether it is a fee simple, life estate, or leasehold, has exclusive possession. B) A true interest less than estate, whether properly registered or not, runs with the land and therefore is an exception to the privity of contract rule. C) A profir a prendre is a type of restrictive covenant attaching to all the properties within a particular development plan. D) An casement acquired by prescription must be restrictive in nature to be binding on subsequent purchasers of land. E) A contract for land in which a person sells the property with a restriction that the new owner not sell to any person of a certain race cannot be challenged by the courts because it is a restrictive covenant that runs with the land. Answer: It is common today for a _ needing more funds, to transfer the equity of redemption to another creditor as security for a further loan. A) debtor B) mortgagee C) landlord D) mortgagor E) remainderman Answer: After a default and pursuant to an application by a mortgagee, the court will issue a preliminary order of setting a time limit within which time the mortgage must be redeemed by paying what is in arrears, rectifying any other mortgage defaults, and in some cases, COSES. A) foreclosure B) debt

Answer 1

1. E) A good affixed to real property.

Personal property in legal terms includes the goods that are not affixed with the real property. This includes the goods which are movable.

Intangible property includes the ones that cannot be touched or moved, but has a value.

A claim against anyone that has a value is considered as a personal property even though it is intangible.

Intellectual property is also considered as a personal property as it is one's own creative ideas

Chattels refer to the movable properties which are not attached to real property.