LSTD 2106 Exam 4 QUESTIONS &
ANSWERS(GRADED A+)
private property - ANSWERowned by a single owner
Common Property - ANSWERproperty that is owned by 2 or more individuals
public property - ANSWERproperty owned by the government
Open-access property - ANSWERproperty that is owned by no one
personal property - ANSWERany movable or tangible object that can be owned or
leased (includes everything except real property)
title - ANSWERlegal 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
mislaid - ANSWERintentionally places the property in a certain place and later
forgets about it
lost - ANSWERunintentionally parts with the property through carelessness or
neglect
abandonded - ANSWERowners has thrown away or voluntarily forsake the property
treasure trove - ANSWERfound 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 _______ -
ANSWERActual 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
__________ - ANSWERinvoluntariness
Adverse Possession (personal) - ANSWEREvery 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 - ANSWERthe general rule that if a good was stolen, the
actual owner may recover the property even from a good faith buyer
Bailments - ANSWERcreated 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 ________ -
ANSWERimprovements
Use and enjoyments of the Land - ANSWERlandowners have the right to use and
enjoy the use of their property without interference from others
subsurface rights - ANSWERlandowners have rights to soil and, most importantly, to
any mineral, oil, or natural gas within the soil
Water Rights - ANSWERlandowners 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 - ANSWERlaw contemplates ownership of airspace by drawing an
imaginary line emanating from the borders of the property in to the sky
Ownership Interests - ANSWERvarious forms of real property ownership. some
forms limit the rights that owners of real estate have
Heirs - ANSWERindividuals who are legally entitled to inherit a decendent's property
Fee Simple - ANSWERbroadest property interest in land, which endures until the
current holder dies without heirs
Fee Simple Absolute - ANSWERrights are unrestricted, infinite in duration, and
inheritable by the owner's heirs
Fee Simple Defeasible - ANSWERfee simple right with certain restrictions. If one of
the restrictions is violated, the property ownership automatically falls back to the
original owner
Defeasible - ANSWERCapable of being canceled
Life Estate - ANSWERsimply an ownership interest that lasts for the lifetime of a
particular person
Life Estate defeasible - ANSWERlife estate with a restriction attached in some way
Leasehold estate - ANSWERThe qualified right to use real estate in an exclusive
manner for a limited period of time. The most common form is a landlord-tenant
agreement.
Easement - ANSWERthe privilege to use real estate owned by another (express
grant, implication or necessity: owner must cross through the property to gain access
to her property, prescription: privilege gained through adverse possession)
Adverse Possession (Real Property) - ANSWERthe acquiring party must
demonstrate that she has possessed it in a certain way for certain period of time
ANSWERS(GRADED A+)
private property - ANSWERowned by a single owner
Common Property - ANSWERproperty that is owned by 2 or more individuals
public property - ANSWERproperty owned by the government
Open-access property - ANSWERproperty that is owned by no one
personal property - ANSWERany movable or tangible object that can be owned or
leased (includes everything except real property)
title - ANSWERlegal 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
mislaid - ANSWERintentionally places the property in a certain place and later
forgets about it
lost - ANSWERunintentionally parts with the property through carelessness or
neglect
abandonded - ANSWERowners has thrown away or voluntarily forsake the property
treasure trove - ANSWERfound 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 _______ -
ANSWERActual 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
__________ - ANSWERinvoluntariness
Adverse Possession (personal) - ANSWEREvery 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 - ANSWERthe general rule that if a good was stolen, the
actual owner may recover the property even from a good faith buyer
Bailments - ANSWERcreated 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 ________ -
ANSWERimprovements
Use and enjoyments of the Land - ANSWERlandowners have the right to use and
enjoy the use of their property without interference from others
subsurface rights - ANSWERlandowners have rights to soil and, most importantly, to
any mineral, oil, or natural gas within the soil
Water Rights - ANSWERlandowners 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 - ANSWERlaw contemplates ownership of airspace by drawing an
imaginary line emanating from the borders of the property in to the sky
Ownership Interests - ANSWERvarious forms of real property ownership. some
forms limit the rights that owners of real estate have
Heirs - ANSWERindividuals who are legally entitled to inherit a decendent's property
Fee Simple - ANSWERbroadest property interest in land, which endures until the
current holder dies without heirs
Fee Simple Absolute - ANSWERrights are unrestricted, infinite in duration, and
inheritable by the owner's heirs
Fee Simple Defeasible - ANSWERfee simple right with certain restrictions. If one of
the restrictions is violated, the property ownership automatically falls back to the
original owner
Defeasible - ANSWERCapable of being canceled
Life Estate - ANSWERsimply an ownership interest that lasts for the lifetime of a
particular person
Life Estate defeasible - ANSWERlife estate with a restriction attached in some way
Leasehold estate - ANSWERThe qualified right to use real estate in an exclusive
manner for a limited period of time. The most common form is a landlord-tenant
agreement.
Easement - ANSWERthe privilege to use real estate owned by another (express
grant, implication or necessity: owner must cross through the property to gain access
to her property, prescription: privilege gained through adverse possession)
Adverse Possession (Real Property) - ANSWERthe acquiring party must
demonstrate that she has possessed it in a certain way for certain period of time
