LSTD 2106 EXAM 4 CORRECTED
private property - ANSWER-owned by a single owner
Common Property - ANSWER-property that is owned by 2 or more individuals
public property - ANSWER-property owned by the government
Open-access property - ANSWER-property that is owned by no one
personal property - ANSWER-any movable or tangible object that can be owned or
leased (includes everything except real property)
title - ANSWER-legal term for ownership in property; confers on the titleholder the
exclusive use of personal property and rights to sell, lease, or prohibit another from
using the property
Bailments - ANSWER-created when the bailor entrusts a bailee to temporarily hold the
property, usually for the parties mutual benefit
The structures on real property are known as the property's ________ - ANSWER-
improvements
Use and enjoyments of the Land - ANSWER-landowners have the right to use and
enjoy the use of their property without interference from others
subsurface rights - ANSWER-landowners have rights to soil and, most importantly, to
any mineral, oil, or natural gas within the soil
mislaid - ANSWER-intentionally places the property in a certain place and later forgets
about it
lost - ANSWER-unintentionally parts with the property through carelessness or neglect
abandonded - ANSWER-owners has thrown away or voluntarily forsake the property
treasure trove - ANSWER-found property of it is verifiably antiquated and it has been
concealed for so long as to indicate that the owners are probably dead or unknown
The finder of lost or abandoned property and treasure trove acquires the right to
possess the property against the entire world except against the _______ - ANSWER-
Actual Owner: Individual who is recognized as having primary or residual title to the
property and is therefore the ultimate owner of the property
, The key to determining whether the property is lost versus mislaid is the element of
__________ - ANSWER-involuntariness
Adverse Possession (personal) - ANSWER-Every states has a specific statute based on
common law principles that applies to personal property. Once the statutory period has
elapsed, the possessor of the goods is protected from any suit to recover the property,
except by its true owner
Good Faith Purchasers - ANSWER-the general rule that if a good was stolen, the actual
owner may recover the property even from a good faith buyer
Water Rights - ANSWER-landowners have the right to reasonable use of any streams,
lakes, and groundwater that are fully or partially part of their real property (also known
as riparian rights)
Airspace Rights - ANSWER-law contemplates ownership of airspace by drawing an
imaginary line emanating from the borders of the property in to the sky
Ownership Interests - ANSWER-various forms of real property ownership. some forms
limit the rights that owners of real estate have
Heirs - ANSWER-individuals who are legally entitled to inherit a decendent's property
Fee Simple - ANSWER-broadest property interest in land, which endures until the
current holder dies without heirs
Fee Simple Absolute - ANSWER-rights are unrestricted, infinite in duration, and
inheritable by the owner's heirs
Fee Simple Defeasible - ANSWER-fee simple right with certain restrictions. If one of the
restrictions is violated, the property ownership automatically falls back to the original
owner
Continuous Possession - ANSWER-adverse possession of the property must be
continuous for a period of time set down by state statute or common law
Zoning Ordinance - ANSWER-Zoning is generally done at the local level in the form of
local ordinances passed by the county or municipal government
Eminent Domain - ANSWER-authority of state and federal governments to take a
person's private property (derived from Takings Clause)
Eminent Domain is traditionally invoke using a _________________ - ANSWER-
condemnation proceedind
private property - ANSWER-owned by a single owner
Common Property - ANSWER-property that is owned by 2 or more individuals
public property - ANSWER-property owned by the government
Open-access property - ANSWER-property that is owned by no one
personal property - ANSWER-any movable or tangible object that can be owned or
leased (includes everything except real property)
title - ANSWER-legal term for ownership in property; confers on the titleholder the
exclusive use of personal property and rights to sell, lease, or prohibit another from
using the property
Bailments - ANSWER-created when the bailor entrusts a bailee to temporarily hold the
property, usually for the parties mutual benefit
The structures on real property are known as the property's ________ - ANSWER-
improvements
Use and enjoyments of the Land - ANSWER-landowners have the right to use and
enjoy the use of their property without interference from others
subsurface rights - ANSWER-landowners have rights to soil and, most importantly, to
any mineral, oil, or natural gas within the soil
mislaid - ANSWER-intentionally places the property in a certain place and later forgets
about it
lost - ANSWER-unintentionally parts with the property through carelessness or neglect
abandonded - ANSWER-owners has thrown away or voluntarily forsake the property
treasure trove - ANSWER-found property of it is verifiably antiquated and it has been
concealed for so long as to indicate that the owners are probably dead or unknown
The finder of lost or abandoned property and treasure trove acquires the right to
possess the property against the entire world except against the _______ - ANSWER-
Actual Owner: Individual who is recognized as having primary or residual title to the
property and is therefore the ultimate owner of the property
, The key to determining whether the property is lost versus mislaid is the element of
__________ - ANSWER-involuntariness
Adverse Possession (personal) - ANSWER-Every states has a specific statute based on
common law principles that applies to personal property. Once the statutory period has
elapsed, the possessor of the goods is protected from any suit to recover the property,
except by its true owner
Good Faith Purchasers - ANSWER-the general rule that if a good was stolen, the actual
owner may recover the property even from a good faith buyer
Water Rights - ANSWER-landowners have the right to reasonable use of any streams,
lakes, and groundwater that are fully or partially part of their real property (also known
as riparian rights)
Airspace Rights - ANSWER-law contemplates ownership of airspace by drawing an
imaginary line emanating from the borders of the property in to the sky
Ownership Interests - ANSWER-various forms of real property ownership. some forms
limit the rights that owners of real estate have
Heirs - ANSWER-individuals who are legally entitled to inherit a decendent's property
Fee Simple - ANSWER-broadest property interest in land, which endures until the
current holder dies without heirs
Fee Simple Absolute - ANSWER-rights are unrestricted, infinite in duration, and
inheritable by the owner's heirs
Fee Simple Defeasible - ANSWER-fee simple right with certain restrictions. If one of the
restrictions is violated, the property ownership automatically falls back to the original
owner
Continuous Possession - ANSWER-adverse possession of the property must be
continuous for a period of time set down by state statute or common law
Zoning Ordinance - ANSWER-Zoning is generally done at the local level in the form of
local ordinances passed by the county or municipal government
Eminent Domain - ANSWER-authority of state and federal governments to take a
person's private property (derived from Takings Clause)
Eminent Domain is traditionally invoke using a _________________ - ANSWER-
condemnation proceedind
