Management 271 Exam #2 with answers
If "property" is not a thing, what is it? - ....🔰VERIFIED ANSWERS....
✔✔Property is not a thing it is a right.
What guarantees do the 5th and 14th Amendments extend to property? - ....🔰
VERIFIED ANSWERS.... ✔✔These two amendments guarantee that no person
shall be "deprived of... property, without due process of law, nor shall private
property be taken for public use without justification.
Define "unjust enrichment." What kind of law does this reflect (sound in)?
- ....🔰VERIFIED ANSWERS.... ✔✔It is a contract implied at law requiring a
person to make restitution to the extent he has been unjustly enriched. This
reflects the Law of restitution.
What are the two general classes of property? - ....🔰VERIFIED ANSWERS....
✔✔The two general classes of property are, real property and personal
property.
What is real property? - ....🔰VERIFIED ANSWERS.... ✔✔Real property: Is
land and anything firmly affixed to it, such as crops, trees, houses, or in the
case of fixtures, things that have been attached to real property.
What is personal property? - ....🔰VERIFIED ANSWERS.... ✔✔Personal
property: Is everything else tangible, including tables, books, dogs, and
automobiles. Patents, bonds, and copyrights are intangible personal property.
,Be able to describe the difference between types of property that are tangible
and intangible. - ....🔰VERIFIED ANSWERS.... ✔✔The distinction between
tangible and intangible property is important mostly for tax and estate-
planning purposes. Tangible property is taxed where it is located, and
intangible property is taxed where the owner lives.
Identify and describe the highest ownership interest in real property and the
three specific rights it entails. - ....🔰VERIFIED ANSWERS.... ✔✔Fee Simple
absolute is the highest interest known to law. This is full ownership. The three
specific right it entails is the right to sell, give as a gift, or devise (dispose of by
will upon death).
What is a Tenancy in Common? - ....🔰VERIFIED ANSWERS.... ✔✔This is the
term referring to the relationship created when two or more people simply own
land together, when one owner dies, that person's interest passes to his or her
heirs.
What is a Joint Tenancy? - ....🔰VERIFIED ANSWERS.... ✔✔Joint tenants own
land together too, but when one dies, his or her interest passes to the other
owner.
How are tenancy in common and joint tenancy alike? - ....🔰VERIFIED
ANSWERS.... ✔✔These two are alike because they both show examples of two
different people only having a relationship due to owning land together.
How are tenancy in common and joint tenancy different? - ....🔰VERIFIED
ANSWERS.... ✔✔They are different because of what happens when one of the
owners dies.
, What is a Tenancy? - ....🔰VERIFIED ANSWERS.... ✔✔When a tenant gets to
use the land, but does not own it; the landlord has ownership right but not the
right to use that is possessed by the tenant.
Be able to define and distinguish easements, profits, and licenses. - ....🔰
VERIFIED ANSWERS.... ✔✔The holder of an easement has the right to some
non-consumptive use of another's property; a profit allows the holder the right
to remove some resource; and a license allows the holder to go upon another's
real property, such as to attend a theater or ball game.
What two general ways may real property interests be
transferred? - ....🔰VERIFIED ANSWERS.... ✔✔Real property interests can be
transferred either voluntarily or involuntarily.
What does "title" to real estate describe? - ....🔰VERIFIED ANSWERS....
✔✔Title to real estate describes a legal interest in the land legitimately
acquired from a predecessor.
Describe two ways property is voluntarily transferred. How are these transfers
formalized? - ....🔰VERIFIED ANSWERS.... ✔✔Voluntary transfers occur by
gift or sale and are formalized by a written document, the deed.
Identify two ways property is transferred on the death of its owner. - ....🔰
VERIFIED ANSWERS.... ✔✔If a death occurs property is either transferred by
will, or if there is no will the property is passed to the logical heirs by intestacy,
or intestate transfer.
If "property" is not a thing, what is it? - ....🔰VERIFIED ANSWERS....
✔✔Property is not a thing it is a right.
What guarantees do the 5th and 14th Amendments extend to property? - ....🔰
VERIFIED ANSWERS.... ✔✔These two amendments guarantee that no person
shall be "deprived of... property, without due process of law, nor shall private
property be taken for public use without justification.
Define "unjust enrichment." What kind of law does this reflect (sound in)?
- ....🔰VERIFIED ANSWERS.... ✔✔It is a contract implied at law requiring a
person to make restitution to the extent he has been unjustly enriched. This
reflects the Law of restitution.
What are the two general classes of property? - ....🔰VERIFIED ANSWERS....
✔✔The two general classes of property are, real property and personal
property.
What is real property? - ....🔰VERIFIED ANSWERS.... ✔✔Real property: Is
land and anything firmly affixed to it, such as crops, trees, houses, or in the
case of fixtures, things that have been attached to real property.
What is personal property? - ....🔰VERIFIED ANSWERS.... ✔✔Personal
property: Is everything else tangible, including tables, books, dogs, and
automobiles. Patents, bonds, and copyrights are intangible personal property.
,Be able to describe the difference between types of property that are tangible
and intangible. - ....🔰VERIFIED ANSWERS.... ✔✔The distinction between
tangible and intangible property is important mostly for tax and estate-
planning purposes. Tangible property is taxed where it is located, and
intangible property is taxed where the owner lives.
Identify and describe the highest ownership interest in real property and the
three specific rights it entails. - ....🔰VERIFIED ANSWERS.... ✔✔Fee Simple
absolute is the highest interest known to law. This is full ownership. The three
specific right it entails is the right to sell, give as a gift, or devise (dispose of by
will upon death).
What is a Tenancy in Common? - ....🔰VERIFIED ANSWERS.... ✔✔This is the
term referring to the relationship created when two or more people simply own
land together, when one owner dies, that person's interest passes to his or her
heirs.
What is a Joint Tenancy? - ....🔰VERIFIED ANSWERS.... ✔✔Joint tenants own
land together too, but when one dies, his or her interest passes to the other
owner.
How are tenancy in common and joint tenancy alike? - ....🔰VERIFIED
ANSWERS.... ✔✔These two are alike because they both show examples of two
different people only having a relationship due to owning land together.
How are tenancy in common and joint tenancy different? - ....🔰VERIFIED
ANSWERS.... ✔✔They are different because of what happens when one of the
owners dies.
, What is a Tenancy? - ....🔰VERIFIED ANSWERS.... ✔✔When a tenant gets to
use the land, but does not own it; the landlord has ownership right but not the
right to use that is possessed by the tenant.
Be able to define and distinguish easements, profits, and licenses. - ....🔰
VERIFIED ANSWERS.... ✔✔The holder of an easement has the right to some
non-consumptive use of another's property; a profit allows the holder the right
to remove some resource; and a license allows the holder to go upon another's
real property, such as to attend a theater or ball game.
What two general ways may real property interests be
transferred? - ....🔰VERIFIED ANSWERS.... ✔✔Real property interests can be
transferred either voluntarily or involuntarily.
What does "title" to real estate describe? - ....🔰VERIFIED ANSWERS....
✔✔Title to real estate describes a legal interest in the land legitimately
acquired from a predecessor.
Describe two ways property is voluntarily transferred. How are these transfers
formalized? - ....🔰VERIFIED ANSWERS.... ✔✔Voluntary transfers occur by
gift or sale and are formalized by a written document, the deed.
Identify two ways property is transferred on the death of its owner. - ....🔰
VERIFIED ANSWERS.... ✔✔If a death occurs property is either transferred by
will, or if there is no will the property is passed to the logical heirs by intestacy,
or intestate transfer.
