LEGL 2700 Test 2 Hackleman Exam
Questions and Answers 100% Pass
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 other
becomes sole owner)
easements - ✔✔right to cross over land
Natural easements - ✔✔cross land to get to public road
negative easement - ✔✔an adjoining landowner cannot do anything that
would cause your land to cave in or collapse
easement by perscription - ✔✔arises when one person has used another's
land for a period of years (typically 20), and once this period of time has
passed, a title-holder of the land can no longer prevent the person from
continuing to use the land by crossing it
Utility easement - ✔✔Utility company has the right to access utility
Questions and Answers 100% Pass
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 other
becomes sole owner)
easements - ✔✔right to cross over land
Natural easements - ✔✔cross land to get to public road
negative easement - ✔✔an adjoining landowner cannot do anything that
would cause your land to cave in or collapse
easement by perscription - ✔✔arises when one person has used another's
land for a period of years (typically 20), and once this period of time has
passed, a title-holder of the land can no longer prevent the person from
continuing to use the land by crossing it
Utility easement - ✔✔Utility company has the right to access utility
