Here is Test #5; please get back your answers to me by Thursday, May 14 at 11:59 PM. I am
required to submit your final grade on Fri., May 15. If your answers are not received by the deadline,
this test grade will be marked a 0 and will affect your final grade.
I. SHORT ANSWER QUESTIONS (10 points each)
1. Explain the difference between lost and mislaid personal property.
Lost property is when the owner accidentally forgets where he put something, while mislaid is
when the owner leaves it with the intent of recovering it but forgets its location.
2. There are 5 types of interests in real property. List and explain each one.
The first kind is land and that’s the ground obviously. The next is air and that would include
things like skyscrapers that stretch into the sky. Another is subsurface and that’s anything in the
earth like minerals and gases. Vegetation is ownership of what grows on the land like flowers
and plants. Lastly is fixtures and that’s is anything man made that is permanently on the
property.
3. What does fee simple mean?
It’s a way property can be owned and is the highest form of ownership. It gives the owner full
rights over the property.
