MIE 305 FINAL EXAM STUDY GUIDE
Possession - Answer -Bundle of Right that is the right to claim title over the property,
one exerts dominion and ultimate power over it
Control - Answer -Bundle of Right that is the right to decide how the property is to be
used, or employed
Enjoyment - Answer -Bundle of Right that is the means by which the rights-holder can
decide how to use the property. Others can violate this through the law of nuisance.
Exclusion - Answer -Bundle of Right that gives the rights holder the legal ability to
determine who or what is not allowed on the property
Alienation/Disposition - Answer -Bundle of Right that is the right to dispose of any or all
of the rights one holds in property through sale, gift, or lease
Encumbrance - Answer -Bundle of Right that is the right to encumber the property
(servitudes, easements, mortgages, collateral, etc.)
Real Property - Answer -The legal interests in land and things attached to or growing
on land
Chattel Property - Answer -Personal property (car, boat, etc.)
Tenancy in Common - Answer -Most usual method of 2+ people owning property at the
same time, no formalities required. Do not require equal ownership %
Joint Tenancy - Answer -Similar to TIC, but interest of a deceased owner automatically
passes to the surviving joint owner(s)
Life Estate - Answer -Enables landowners to provide for those they desire while
reducing both income and estate taxes by will or deed
Freehold - Answer -A permanent and absolute ownership of land with freedom to
dispose of it at will
Leasehold - Answer -The holding of property by lease
Time - Answer -First unity of joint tenancy, each co-tenant's interested vested or was
acquired at the same time as the others'
Title - Answer -Second unity of joint tenancy, each co-tenant acquired his or her
interest in the same deed or will as the others'
, Interest - Answer -Third unity of joint tenancy, each must have identical interests as to
their share and quality of title
Possession - Answer -Fourth unity of joint tenancy, all co-tenants have rights to
possess the entire undivided property
Tenancy for a Stated Period - Answer -A type of lease that lasts for a specific time state
in the lease
Tenancy from Period to Period - Answer -A type of lease that can run year to year
unless terminated by the parties
Tenancy at Will - Answer -A type of lease that has no fixed period and can be
terminated by either party at any time upon giving the prescribed statutory notice
Tenancy at Sufferance - Answer -A type of lease that occurs when a tenant holds over
without consent of the landlord
Eviction - Answer -An action by a landlord to expel a tenant
Lien - Answer -The right of one person to keep possession or control of the property of
another for the purpose of satisfying a debt
Distress for Rent - Answer -The taking of personal property of a tenant in payment of
rent
Patent - Answer -A set of rights granted to an inventor that provides the inventor
exclusive ability to make, use, and sell an invention for a limited time
Utility Patent - Answer -A type of patent granted for a useful innovative item or process,
or an improvement to an existing item
20 years - Answer -How long utility patents last
Design Patent - Answer -Provide protection to the appearance of a product
14 years - Answer -How long design patents last
Plant Patent - Answer -A patent given to a person who invests or discovers and then
asexually reproduces any distinct and new variety of plant
20 years - Answer -How long plant patents last
Trademark - Answer -A distinctive word, name, symbol, or device that is not functional
itself and works to ID a particular good or service
Possession - Answer -Bundle of Right that is the right to claim title over the property,
one exerts dominion and ultimate power over it
Control - Answer -Bundle of Right that is the right to decide how the property is to be
used, or employed
Enjoyment - Answer -Bundle of Right that is the means by which the rights-holder can
decide how to use the property. Others can violate this through the law of nuisance.
Exclusion - Answer -Bundle of Right that gives the rights holder the legal ability to
determine who or what is not allowed on the property
Alienation/Disposition - Answer -Bundle of Right that is the right to dispose of any or all
of the rights one holds in property through sale, gift, or lease
Encumbrance - Answer -Bundle of Right that is the right to encumber the property
(servitudes, easements, mortgages, collateral, etc.)
Real Property - Answer -The legal interests in land and things attached to or growing
on land
Chattel Property - Answer -Personal property (car, boat, etc.)
Tenancy in Common - Answer -Most usual method of 2+ people owning property at the
same time, no formalities required. Do not require equal ownership %
Joint Tenancy - Answer -Similar to TIC, but interest of a deceased owner automatically
passes to the surviving joint owner(s)
Life Estate - Answer -Enables landowners to provide for those they desire while
reducing both income and estate taxes by will or deed
Freehold - Answer -A permanent and absolute ownership of land with freedom to
dispose of it at will
Leasehold - Answer -The holding of property by lease
Time - Answer -First unity of joint tenancy, each co-tenant's interested vested or was
acquired at the same time as the others'
Title - Answer -Second unity of joint tenancy, each co-tenant acquired his or her
interest in the same deed or will as the others'
, Interest - Answer -Third unity of joint tenancy, each must have identical interests as to
their share and quality of title
Possession - Answer -Fourth unity of joint tenancy, all co-tenants have rights to
possess the entire undivided property
Tenancy for a Stated Period - Answer -A type of lease that lasts for a specific time state
in the lease
Tenancy from Period to Period - Answer -A type of lease that can run year to year
unless terminated by the parties
Tenancy at Will - Answer -A type of lease that has no fixed period and can be
terminated by either party at any time upon giving the prescribed statutory notice
Tenancy at Sufferance - Answer -A type of lease that occurs when a tenant holds over
without consent of the landlord
Eviction - Answer -An action by a landlord to expel a tenant
Lien - Answer -The right of one person to keep possession or control of the property of
another for the purpose of satisfying a debt
Distress for Rent - Answer -The taking of personal property of a tenant in payment of
rent
Patent - Answer -A set of rights granted to an inventor that provides the inventor
exclusive ability to make, use, and sell an invention for a limited time
Utility Patent - Answer -A type of patent granted for a useful innovative item or process,
or an improvement to an existing item
20 years - Answer -How long utility patents last
Design Patent - Answer -Provide protection to the appearance of a product
14 years - Answer -How long design patents last
Plant Patent - Answer -A patent given to a person who invests or discovers and then
asexually reproduces any distinct and new variety of plant
20 years - Answer -How long plant patents last
Trademark - Answer -A distinctive word, name, symbol, or device that is not functional
itself and works to ID a particular good or service
