LEGL 2700 Test 2 Questions and answers, rated A+| LATEST EXAM UPDATES| 2024/25 |

LEGL 2700 Test 2 Questions and answers, rated A+ property - -legal right to exclude others from resources that are originally possessed or are acquired without force, theft, or fraud -absolute, not infinite -boundaries can be ambiguous -foundation of the free market how does property help society achieve prosperity? - -promotes incentives, establishes conditions for capital formation, makes resources easily divisible real property - -land and interests in land personal property - -all moveable resources -separated further into tangible and intangible air rights - -the owner of real property also possesses the air above the land to the extent that the owner can occupy or use it in connection with the land subsurface rights - -a landowner may also own the liquids, gases, and minerals beneath the land Fixtures on land - -Object of personal property that is so essential/annexed to the land that it becomes part of the land Rule of Capture - -Landowner can pump as much water as they desire, regardless of the effect on others Coastal Oil and Gas V. Garza Energy Trust - -Rule of capture to natural gas - Coastal fraked next to leased land to avoid royalties, rule of capture held fee simple - -represents the maximum estate allowed under law fee simple absolute - -involves no limitations or conditions attached (to maximum estate allowed under law) fee simple defeasible - -may have a condition attached to its transfer (concerning maximum estate allowed under law) life estate - -grants ownership in land for the lifetime of a specified person Reversion - -Property goes to previous owner who has the future interest Remainder - -Property goes to a future owner who is specified and has future interest leasehold estate - -property rights granted to tenants by a landlord concurrent ownership - -more than one person can own the same property tenancy in common - -property interest is undivided, but tenants can own different shares of the resource joint tenancy - -property interest is undivided; tenants must have equal ownership shares; can have right of survivorship (one dies, the