Acct 215 Comprehensive Exam 4
Questions With Solved Solutions.
Real Property - Answer land and everything permanently attached to it
personal property - Answer everything besides real property
fixtures - Answer once affixed to a real property, it is treated as real property
taxes - Answer why is the distinction of real property versus personal property important?
rule of capture - Answer under the common law, the first person to capture a wild animal became the
owner
percolating water - Answer water that exists under the land; absolute ownership, reasonable use
standard, correlative rights doctrine
surface water - Answer water with no natural stream or way of passage (rainwater)
common enemy doctrine (surface water) - Answer owner of land can use any means possible to divert
surface water from their property
natural servitude doctrine (surface water) - Answer landowner is considered a servant of the surface
water and cannot divert the flow of surface water by building a dam or drainage system
stream water and lake water - Answer streams have natural flow and lakes are resting body of water
acquiring ownership by creation - Answer if Y adds labor to X's property, X is still the owner
acquiring ownership by commingling fungible goods - Answer proportionate owners of the property
,mislaid property - Answer property which was intentionally placed somewhere and then forgotten,
finder does not obtain title
lost property - Answer property that was unintentionally placed somewhere; finder obtains title
against all but true owner
abandoned property - Answer property which a person relinquishes ownership of; finder obtains title
against the entire world including original owner
adverse possession - Answer allows a person to gain ownership by adversely possessing the property of
another
hostile, actual, exclusive, open and continuous manner - Answer requirements of adverse possession
(5)
donor must intend to give gift, delivery by donor or third party, acceptance by donee - Answer 3
requirements of a gift
testamentary gift - Answer gifts made as part of a will
inter vivos gift - Answer gifts made during a lifetime
causa mortis gift - Answer gifts made in contemplation of death
fee simple ownership - Answer perpetual ownership of a real property (own for any length of time)
life estate ownership - Answer ownership interest which allows a person to possess real property for
their lifetime
leasehold estate ownership - Answer gives a tenant the right to possess property for a certain period of
time (renting an apartment)
, absolute ownership - Answer ownership of personal property which lasts perpetually
trust - Answer trustee holds legal title to property held for the benefit of beneficiaries (real and
personal property)
legal title ownership - Answer ownership granted by the government and respected by a court
equitable title ownership - Answer ownership interest providing benefit to owner such as use
easement - Answer interest in land which allows another to use the land as though they are the owner
(driveway)
license - Answer right to enter the land of another temporarily
rule against perpetuities - Answer prevents a person from devising property unless legal title vests
within 21 years
tenancy in common - Answer exists when multiple owners of a distinct share of an undivided piece of
property (will)
joint tenancy with right of survivorship - Answer undivided ownership interest held by two or more
persons (married people)
tenancy by the entirety - Answer ownership interest held by a husband and wife as one person
devise - Answer transfer ownership by land by will
convey - Answer grantor transfers legal title to grantee; more general than devise
Questions With Solved Solutions.
Real Property - Answer land and everything permanently attached to it
personal property - Answer everything besides real property
fixtures - Answer once affixed to a real property, it is treated as real property
taxes - Answer why is the distinction of real property versus personal property important?
rule of capture - Answer under the common law, the first person to capture a wild animal became the
owner
percolating water - Answer water that exists under the land; absolute ownership, reasonable use
standard, correlative rights doctrine
surface water - Answer water with no natural stream or way of passage (rainwater)
common enemy doctrine (surface water) - Answer owner of land can use any means possible to divert
surface water from their property
natural servitude doctrine (surface water) - Answer landowner is considered a servant of the surface
water and cannot divert the flow of surface water by building a dam or drainage system
stream water and lake water - Answer streams have natural flow and lakes are resting body of water
acquiring ownership by creation - Answer if Y adds labor to X's property, X is still the owner
acquiring ownership by commingling fungible goods - Answer proportionate owners of the property
,mislaid property - Answer property which was intentionally placed somewhere and then forgotten,
finder does not obtain title
lost property - Answer property that was unintentionally placed somewhere; finder obtains title
against all but true owner
abandoned property - Answer property which a person relinquishes ownership of; finder obtains title
against the entire world including original owner
adverse possession - Answer allows a person to gain ownership by adversely possessing the property of
another
hostile, actual, exclusive, open and continuous manner - Answer requirements of adverse possession
(5)
donor must intend to give gift, delivery by donor or third party, acceptance by donee - Answer 3
requirements of a gift
testamentary gift - Answer gifts made as part of a will
inter vivos gift - Answer gifts made during a lifetime
causa mortis gift - Answer gifts made in contemplation of death
fee simple ownership - Answer perpetual ownership of a real property (own for any length of time)
life estate ownership - Answer ownership interest which allows a person to possess real property for
their lifetime
leasehold estate ownership - Answer gives a tenant the right to possess property for a certain period of
time (renting an apartment)
, absolute ownership - Answer ownership of personal property which lasts perpetually
trust - Answer trustee holds legal title to property held for the benefit of beneficiaries (real and
personal property)
legal title ownership - Answer ownership granted by the government and respected by a court
equitable title ownership - Answer ownership interest providing benefit to owner such as use
easement - Answer interest in land which allows another to use the land as though they are the owner
(driveway)
license - Answer right to enter the land of another temporarily
rule against perpetuities - Answer prevents a person from devising property unless legal title vests
within 21 years
tenancy in common - Answer exists when multiple owners of a distinct share of an undivided piece of
property (will)
joint tenancy with right of survivorship - Answer undivided ownership interest held by two or more
persons (married people)
tenancy by the entirety - Answer ownership interest held by a husband and wife as one person
devise - Answer transfer ownership by land by will
convey - Answer grantor transfers legal title to grantee; more general than devise
