LEV3701 FINAL PAPER SOLVED
QUESTIONS WITH VERIFIED ANSWERS
PACKAGE
●● State controlled/communism
Answer: govt controls resources and directs how they're divided
between citizens; control means of production
●● Property-based/capitals
Answer: enact laws that enable citizens to acquire, possess, use, and
transfer resources; free market
●● States generally have a mix
Answer: not purely one or the other
●● Real Property
Answer: land, interests in land, buildings (surface, air, surface,
subsurface, fixtures)
●● Personal Property
Answer: moveable resources (tangible and intangible)
intangible examples: Securities, stocks, ownership interests in businesses
,●● acquiring property (steps)
Answer: 1. exchange
2. possession
3. confusion
4. accession
5. gift
●● 1. exchange
Answer: Most Common - buying things, providing services in return for
a thing - contracts
●● 2. possession
Answer: a. unowned
b. lost
c. mislaid
d. neglected
●● a. unowned
Answer: includes abandoned; rule of first possession; something brand
new that hasn't been discovered
●● b. lost
,Answer: own it except OG owner can come back for it
●● c. mislaid
Answer: owner of premises and OG owner can come back for it; intent
to relinquish ownership of it = abandoned/un-owned
●● d. neglected
Answer: adverse possession: acquiring a property interest by use of
somebody else's property over an extended period of time; wanting to
maximize land; without consent of owner
●● 3. confusion
Answer: Fungible (replaceable) goods mixed together
●● 4. accession
Answer: a. Adding something new to/repairing something you acquired
i. If stolen, then original owner gets modified property
ii. If accidentally acquired, then acquirer gets it but must compensate
original owner
●● 5. gift
Answer: a. Remember what we learned about the promise of a gift, but
intent AND transfer means you can't take it back
, ●● Escheatment
Answer: turn over abandoned property to the state
●● Private property aids in capital formation; pre-req for a thriving
economy
Answer: Put up house on market to get a loan to start a business
●● Types of real property Ownership
Answer: fee simple, life estate, leasehold estate, concurrent ownership
●● fee simple
Answer: the biggest and best, right to acquire/possess/use/transfer; "to
Michelle forever"; can transfer to successor
●● life estate
Answer: PRESENT INTEREST: Michelle cannot then give the property
to someone else (not same as fee simple); "To Michelle for life..."; does
NOT go to successor
FUTURE INTEREST: remainder interest; "...then to Jim"; it can also
revert back to OG owner
●● Leasehold Estate
QUESTIONS WITH VERIFIED ANSWERS
PACKAGE
●● State controlled/communism
Answer: govt controls resources and directs how they're divided
between citizens; control means of production
●● Property-based/capitals
Answer: enact laws that enable citizens to acquire, possess, use, and
transfer resources; free market
●● States generally have a mix
Answer: not purely one or the other
●● Real Property
Answer: land, interests in land, buildings (surface, air, surface,
subsurface, fixtures)
●● Personal Property
Answer: moveable resources (tangible and intangible)
intangible examples: Securities, stocks, ownership interests in businesses
,●● acquiring property (steps)
Answer: 1. exchange
2. possession
3. confusion
4. accession
5. gift
●● 1. exchange
Answer: Most Common - buying things, providing services in return for
a thing - contracts
●● 2. possession
Answer: a. unowned
b. lost
c. mislaid
d. neglected
●● a. unowned
Answer: includes abandoned; rule of first possession; something brand
new that hasn't been discovered
●● b. lost
,Answer: own it except OG owner can come back for it
●● c. mislaid
Answer: owner of premises and OG owner can come back for it; intent
to relinquish ownership of it = abandoned/un-owned
●● d. neglected
Answer: adverse possession: acquiring a property interest by use of
somebody else's property over an extended period of time; wanting to
maximize land; without consent of owner
●● 3. confusion
Answer: Fungible (replaceable) goods mixed together
●● 4. accession
Answer: a. Adding something new to/repairing something you acquired
i. If stolen, then original owner gets modified property
ii. If accidentally acquired, then acquirer gets it but must compensate
original owner
●● 5. gift
Answer: a. Remember what we learned about the promise of a gift, but
intent AND transfer means you can't take it back
, ●● Escheatment
Answer: turn over abandoned property to the state
●● Private property aids in capital formation; pre-req for a thriving
economy
Answer: Put up house on market to get a loan to start a business
●● Types of real property Ownership
Answer: fee simple, life estate, leasehold estate, concurrent ownership
●● fee simple
Answer: the biggest and best, right to acquire/possess/use/transfer; "to
Michelle forever"; can transfer to successor
●● life estate
Answer: PRESENT INTEREST: Michelle cannot then give the property
to someone else (not same as fee simple); "To Michelle for life..."; does
NOT go to successor
FUTURE INTEREST: remainder interest; "...then to Jim"; it can also
revert back to OG owner
●● Leasehold Estate
