LEGL 2700 Exam 2 UPDATED ACTUAL Questions and CORRECT
Answers
, Property Legal right to exclude others from resources that are originally possessed or are
acquired without force, theft, or fraud
Known as a legal fence
Absolute but not infinite
Boundaries can be ambiguous
Foundation of the free (private) market
Bundle of Rights
Bundle of Rights Right to exclude
Right to possess
Right to use
Right to sell
Right to control
Right to gain income
Real Property Land and interest in land, including buildings
Personal Property All movable resources
Divided into tangible and intangible
Tangible Property Physical items
Things you can touch
Intangible Property Intellectual property rights
Air Rights Owner of real property possesses the air above the land to a certain extent
To the extent that you can use and occupy that space
Can be sold to another for development
Subsurface Rights Landowner owns the liquids, gases, rocks, and minerals beneath the land
Can be separately sold to another
Rule of Capture Idea that water that is naturally flowing and starting on Property A and flows
naturally into Property B can be captured and used by the owner of Property B
Fixture Personal property that has converted into real property
Results from attaching the object or fixture to the real property
The fixture becomes one with the real property
Types of Ownership Fee Simple Estate
Life Estate
Leasehold Estate
Fee Simple Estate Maximum estate allowed under law
Fee Simple Absolute "To Juanita"
No strings attached
Fee Simple Defeasible "To Juanita AS LONG AS it is used as a manufacturing plant"
Strings attached
Answers
, Property Legal right to exclude others from resources that are originally possessed or are
acquired without force, theft, or fraud
Known as a legal fence
Absolute but not infinite
Boundaries can be ambiguous
Foundation of the free (private) market
Bundle of Rights
Bundle of Rights Right to exclude
Right to possess
Right to use
Right to sell
Right to control
Right to gain income
Real Property Land and interest in land, including buildings
Personal Property All movable resources
Divided into tangible and intangible
Tangible Property Physical items
Things you can touch
Intangible Property Intellectual property rights
Air Rights Owner of real property possesses the air above the land to a certain extent
To the extent that you can use and occupy that space
Can be sold to another for development
Subsurface Rights Landowner owns the liquids, gases, rocks, and minerals beneath the land
Can be separately sold to another
Rule of Capture Idea that water that is naturally flowing and starting on Property A and flows
naturally into Property B can be captured and used by the owner of Property B
Fixture Personal property that has converted into real property
Results from attaching the object or fixture to the real property
The fixture becomes one with the real property
Types of Ownership Fee Simple Estate
Life Estate
Leasehold Estate
Fee Simple Estate Maximum estate allowed under law
Fee Simple Absolute "To Juanita"
No strings attached
Fee Simple Defeasible "To Juanita AS LONG AS it is used as a manufacturing plant"
Strings attached
