LEGL 2700 ROESSING TEST 2 EXAM 2025
property - Answer the legal right to exclude others from resources that are originally possessed or are
acquired without force, theft, or fraud
private property - Answer protects private persons and allows them to exclude others from interfering
with resources that are acquired without force, theft, or fraud
public property - Answer state's right under various circumstances to exclude people from state
monuments, buildings, equipment, land, and other public resources
common property - Answer right we all have to common resources like the air, rivers, or oceans; private
ownership by two or more people of a specific resource such as a piece of land
mortgage - Answer put up your house to secure a loan
real property - Answer -law applies ownership to land and interests in land such as mining rights or
leases
-bundle of rights
personal property - Answer applies to movable resources, those things that people do not annex to the
land
tangible personal property - Answer personal property that one can touch
intangible personal property - Answer personal property to non physical things
Coastal Oil & Gas Corp. v. Garza Energy Trust Et Al. - Answer -Salinas claimed that Coastal was drilling on
the neighboring land instead of Salinas' land to avoid paying Salinas
-According to Salinas, this constituted a trespass
,-The court refused to hold Coastal liable for a technical trespass under Salinas' land
-The nature of subsurface rights required a showing of some injury
-The court argued that any losses from gas captured from neighboring land could be addressed by
increased drilling on one's own land
The "Drone Slayer" - Answer -David was flying his drone to his friend's house when it got shot down once
it crossed Willie's house
-Willie claimed David was trespassing and looking at his daughters
-David said Willie destroyed his personal and intellectual property
-Willie won
fixture - Answer an object that formerly was personal property but has become real property
estate - Answer the bundle of rights and powers of land ownership
fee simple - Answer the maximum estate allowed under law, the owner having the fullest legal rights and
powers to possess, use, and transfer the land
life estate - Answer grants ownership in land for the lifetime of a specified person
leasehold estate - Answer -the property right granted to tenants by a landlord
-own property for a specific time
joint tenancy - Answer a form of concurrent ownership, where the joint tenants must have equal
ownership share; can have the right of survivorship
partition - Answer force the separation of concurrent ownerships
tenancy in common - Answer A form of concurrent ownership where two or more persons hold separate
titles in the same estate. May have equal or unequal shares. Right of partition.
,easement - Answer right to cross over land
Duke Energy Carolinas v. Gray - Answer -part of Gray's house was built on Duke Energy's power line
easement
-Duke wanted Gray to move his house, but Gray argued that Duke did not act quickly enough to reclaim
its right to the easement
-reversed the decision of the Court of Appeals
-easement is entitled to the same legal respect as other forms of real property
-one may acquire another's real property by claiming the property and occupying it for a long period of
time so long as the original owner does not take action to evict
-time period required to acquire ownership in real property through adverse possession is typically
longer than the time period to be free of liability in a trespass case
bailment - Answer the transfer of possession but not the title of personal property by one party to
another, under agreement
bailor - Answer The owner of property in a bailment.
bailee - Answer A person who receives personal property from another as a bailment.
ownership - Answer legal right that makes resources exclusive
contract - Answer rules under which people exchange resources in a property system
rule of first possession - Answer the first person to reduce previously unowned things to possession
becomes their owner
adverse possession - Answer gives you ownership of land under state statute when the possession is:
-open and notorious: put the true owner of the land on notice
-actual and exclusive: possessor must physically occupy the land; building a fence
, -continuous: possession must not be interrupted
-wrongful: possessor must not have the owner's permission to be on the land
-for a prescribed period of time: 10 to 20 years
ownership through confusion - Answer fungible goods that are mixed together
doctrine of accession - Answer when something added on to your property, the final product belongs to
you; Ex. airplane engine to an airplane
gift - Answer way of acquiring ownership
title - Answer ownership
deed - Answer document of title that transfers ownership of land
security interests - Answer making loans by securing types of property interest in something usually
possessed by the buyer
deeds of trust - Answer a borrower signs a note, which shows the borrower's debt to the lender, and
then signs it, which grants the lender a security interest in the building and land put up to secure the
loan
land sales contract - Answer the owner of land sells it by contract subject to the condition that the seller
retains title to the land until the buyer pays the purchase price
mortgagees - Answer creditors
mortgagors - Answer debtors
foreclosure - Answer The seizure of property from borrowers who are unable to repay their loans
property - Answer the legal right to exclude others from resources that are originally possessed or are
acquired without force, theft, or fraud
private property - Answer protects private persons and allows them to exclude others from interfering
with resources that are acquired without force, theft, or fraud
public property - Answer state's right under various circumstances to exclude people from state
monuments, buildings, equipment, land, and other public resources
common property - Answer right we all have to common resources like the air, rivers, or oceans; private
ownership by two or more people of a specific resource such as a piece of land
mortgage - Answer put up your house to secure a loan
real property - Answer -law applies ownership to land and interests in land such as mining rights or
leases
-bundle of rights
personal property - Answer applies to movable resources, those things that people do not annex to the
land
tangible personal property - Answer personal property that one can touch
intangible personal property - Answer personal property to non physical things
Coastal Oil & Gas Corp. v. Garza Energy Trust Et Al. - Answer -Salinas claimed that Coastal was drilling on
the neighboring land instead of Salinas' land to avoid paying Salinas
-According to Salinas, this constituted a trespass
,-The court refused to hold Coastal liable for a technical trespass under Salinas' land
-The nature of subsurface rights required a showing of some injury
-The court argued that any losses from gas captured from neighboring land could be addressed by
increased drilling on one's own land
The "Drone Slayer" - Answer -David was flying his drone to his friend's house when it got shot down once
it crossed Willie's house
-Willie claimed David was trespassing and looking at his daughters
-David said Willie destroyed his personal and intellectual property
-Willie won
fixture - Answer an object that formerly was personal property but has become real property
estate - Answer the bundle of rights and powers of land ownership
fee simple - Answer the maximum estate allowed under law, the owner having the fullest legal rights and
powers to possess, use, and transfer the land
life estate - Answer grants ownership in land for the lifetime of a specified person
leasehold estate - Answer -the property right granted to tenants by a landlord
-own property for a specific time
joint tenancy - Answer a form of concurrent ownership, where the joint tenants must have equal
ownership share; can have the right of survivorship
partition - Answer force the separation of concurrent ownerships
tenancy in common - Answer A form of concurrent ownership where two or more persons hold separate
titles in the same estate. May have equal or unequal shares. Right of partition.
,easement - Answer right to cross over land
Duke Energy Carolinas v. Gray - Answer -part of Gray's house was built on Duke Energy's power line
easement
-Duke wanted Gray to move his house, but Gray argued that Duke did not act quickly enough to reclaim
its right to the easement
-reversed the decision of the Court of Appeals
-easement is entitled to the same legal respect as other forms of real property
-one may acquire another's real property by claiming the property and occupying it for a long period of
time so long as the original owner does not take action to evict
-time period required to acquire ownership in real property through adverse possession is typically
longer than the time period to be free of liability in a trespass case
bailment - Answer the transfer of possession but not the title of personal property by one party to
another, under agreement
bailor - Answer The owner of property in a bailment.
bailee - Answer A person who receives personal property from another as a bailment.
ownership - Answer legal right that makes resources exclusive
contract - Answer rules under which people exchange resources in a property system
rule of first possession - Answer the first person to reduce previously unowned things to possession
becomes their owner
adverse possession - Answer gives you ownership of land under state statute when the possession is:
-open and notorious: put the true owner of the land on notice
-actual and exclusive: possessor must physically occupy the land; building a fence
, -continuous: possession must not be interrupted
-wrongful: possessor must not have the owner's permission to be on the land
-for a prescribed period of time: 10 to 20 years
ownership through confusion - Answer fungible goods that are mixed together
doctrine of accession - Answer when something added on to your property, the final product belongs to
you; Ex. airplane engine to an airplane
gift - Answer way of acquiring ownership
title - Answer ownership
deed - Answer document of title that transfers ownership of land
security interests - Answer making loans by securing types of property interest in something usually
possessed by the buyer
deeds of trust - Answer a borrower signs a note, which shows the borrower's debt to the lender, and
then signs it, which grants the lender a security interest in the building and land put up to secure the
loan
land sales contract - Answer the owner of land sells it by contract subject to the condition that the seller
retains title to the land until the buyer pays the purchase price
mortgagees - Answer creditors
mortgagors - Answer debtors
foreclosure - Answer The seizure of property from borrowers who are unable to repay their loans
